The insight: Walmart Connect led the retail media pack in impressions in Q1, according to Sensor Tower’s Q1 2024 Digital Market Index.

By the numbers: Walmart generated the most overall impressions at 11 billion, considerably outpacing its closest competitor—Target—which delivered fewer than 7 billion in the quarter.

• Walmart also led when it came to onsite impressions, a sign that its moves to grow its marketplace and expand access for non-endemic advertisers are paying significant dividends for its ad business.
• Despite the retailer’s resounding lead, over 10 companies surpassed the 1 billion impressions mark—including specialized players like Ulta, Chewy, and Home Depot—showcasing the scale that these networks can offer to brands, as well as the opportunity to attract advertisers outside their respective niches.

An important caveat: Sensor Tower’s report excludes Amazon, which per our forecast will account for 77% of retail media spending this year. Amazon made several moves of late to consolidate its dominant position, including bringing ads to Prime Video and launching its own cookieless solution.

• Like Walmart, Home Depot, and a growing assortment of RMNs, Amazon is targeting non-endemic advertisers to capture a larger slice of the ad market.
• The retailer is beta-testing Sponsored Display lead generation ads for businesses that don’t currently sell on its marketplace, enabling them to capture shopper intent across Amazon’s store as well as thousands of apps and websites.
• Such initiatives will help Amazon grow ad revenues by 24.7% this year to $41.95 billion.

Go further: Read our latest Retail Media Ad Spending Forecast and Non-Endemic Advertising Explainer reports, and check out the rest of our retail media coverage.