And the new ad platform will focus on consumer packaged goods brands.
Insider Intelligence analyzes this industry and several others to provide in-depth analyst reports, proprietary forecasts, customizable charts, and more.CVS Pharmacy has launched a new advertising platform for CPG brands to reach shoppers in-store and on CVS' site, as well as across other digital properties. CVS Media Exchange offers managed ad placements and caters to the pharmacy's CPG suppliers.
Retail media sellers have been able to tap into shopper marketing budgets that traditionally might go to in-store placements like endcaps or store circulars. We estimate that CPG advertisers will increase their digital ad spending by 5.2% this year, about three times the rate of digital ad spending growth overall .
According to media buying technology provider Kenshoo, its CPG advertiser clients increased their ecommerce ad spending by 50% year over year in Q2. For comparison, Kenshoo's CPG advertisers also increased their search spending by 24% but decreased their social ad outlays by 5%.Join other Insider Intelligence clients who receive this Briefing, along with other Media, Advertising, & Marketing forecasts, briefings, charts, and research reports to their inboxes each day.
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