Amazon and Walmart Shift Ad Spending Onsite

Earnings
โดย GuruFocus·US·Read original
Summary · why it matters

Amazon and Walmart are shifting more of their retail-media advertising onto their own digital storefronts, placing sponsored products directly in front of shoppers close to buying. Amazon generated 56% of its retail-media impressions onsite during the first half of 2026, compared with 44% offsite, while Walmart increased its onsite share to 44%, up 27 percentage points from a year earlier. This contrasts with rivals like Best Buy and Target, which placed 93% and 92% of impressions offsite, respectively. The shift comes as total impressions across 32 U.S. networks fell 17% year over year to 223 billion, yet Amazon still controlled roughly 60% of those impressions. Amazon's second-quarter advertising-services revenue reached $19.8 billion, up about 26% from $15.7 billion a year earlier, while Walmart's global advertising business grew 38% last quarter, with Walmart Connect excluding Vizio jumping 43%. Investors should watch advertising revenue growth alongside e-commerce traffic and operating margins, but the risk is saturation from too many sponsored placements.

Impact on stocks 5

Consumer Staples± Mixed · 2 stocks
Walmart Inc.
WMT
▲ PositiveDemandrelevance

Walmart's increased onsite ad share and 38% ad business growth indicate strong demand for its advertising services.

Target Corporation
TGT
▼ NegativeCompetitionrelevance

Target's offsite-heavy ad strategy contrasts with Amazon and Walmart's onsite shift, potentially losing ad relevance.

Artificial Intelligence▲ · 1 stocks
Amazon.com Inc
AMZN
▲ PositiveDemandrelevance

Amazon's onsite retail-media shift and 26% ad revenue growth indicate strong demand for its advertising services.

Consumer Discretionary▼ · 1 stocks
Best Buy Co. Inc
BBY
▼ NegativeCompetitionrelevance

Best Buy's offsite-heavy ad strategy contrasts with Amazon and Walmart's onsite shift, potentially losing ad relevance.

Cloud & Digital Infrastructure▲ · 1 stocks
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