Inside Walmart and Target's Biggest Year Yet in Retail Media

Retail Media Continued to Grow at Walmart & Target

In 2024, for the second straight year, both Walmart and Target expanded their Retail Media Networks (RMNs), solidifying their leadership in the industry. Walmart led the charge with 57B impressions in 2024, representing +32% YoY increase. At Target, annual impressions climbed +21% YoY, reaching a total of 27B in 2024. Notably, Target’s momentum remained strong throughout the year, with only December seeing a slight YoY decline.

Channel Strategies were Strikingly Similar

Despite competing for ad dollars, Walmart and Target took remarkably similar approaches to their media strategies. OnSite Display, which consists of ads placed directly on their owned properties, drove the most impressions at both retailers. TikTok made a statement by claiming the #2 spot on both RMNs, outperforming all other social media platforms. As one notable difference, Walmart demonstrated a greater reliance on OffSite Display, where 17% of impressions were generated.

TikTok was the Breakout Channel of 2024

If one platform shaped retail media’s growth in 2024, it was TikTok. Both Walmart and Target tripled their TikTok impressions YoY, making it their fastest-growing channel. Following TikTok’s surge, Walmart and Target also demonstrated a growing preference for OffSite Display and Instagram in 2024. Despite showing signs of softening, OnSite Display remained the largest channel for both retailers in terms of total impressions.

Walmart & Target Attracted a Different Set of Top Advertisers

While Walmart and Target shared similar channel strategies, their top advertisers varied, including a mix of CPG, tech, toys, beauty, and more. At Walmart, Purina PetCare led with 424M impressions, while Bluey and Squishmallows helped drive a +70% YoY increase in toy-related advertising. At Target, Meta Quest earned the top spot with 273M impressions. Purina Petcare was the only brand to appear on both retailers’ top 10 lists.

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