A leading software platform for creating, delivering, measuring, and optimizing advertising across connected TV (CTV), linear TV, and digital, has announced the release of “CTV x Commerce 2024: Data-Driven Insights to Reach Shoppers with CTV Advertising.” This report, a collaboration between Innovid and Target’s retail media network, Roundel, examines how shopper behaviors and advertising trends are evolving alongside the rapid growth of streaming.
“CTV x Commerce 2024” features findings from a February 2024 Roundel survey of 2,876 Target guests. The survey explores how they watch and stream content, their CTV purchase preferences, and their interactions with advertising. It also includes an analysis of billions of video advertising impressions from CPG advertisers on Innovid’s platform in 2023, providing a global snapshot of how these brands are adapting their media and creative strategies in a transitioning market.
Key highlights from the “CTV x Commerce 2024” report include:
- Shoppers are streamers who take action: 91% of surveyed Target guests subscribe to streaming services, spending an average of 22 hours a week on them—a 40% increase from the previous year. With 57% using ad-supported services, almost half (49%) are likely to search for an item after seeing it on TV, and more than a third (33%) will scan a QR code on their TV if it leads to a familiar site.
- CPGs are leaning into CTV for reach and engagement: CTV has become an essential part of the CPG video mix, accounting for almost half (49%) of total video impressions over the past two years. CPGs also have the highest average CTV campaign reach (25.24%) among all measured verticals and are experiencing strong performance with interactive ads, which see engagement rates 10 times higher than standard video formats.
- CTAs and timing are crucial for shoppable ads: Action-oriented calls to action (CTAs) like “Scan to Shop” or “Scan to Add to Cart” create a sense of urgency and drive consumer engagement with shoppable ads. Reducing the number of clicks to achieve a desired action and maximizing the display time of QR codes are also critical components for successful interactive campaigns.
To capitalize on consumers’ digital shopping habits, advertisers are increasingly turning to CTV for its ability to reach and engage consumers with relevant, interactive advertising formats,” said Dan Mouradian, SVP, Global Client Solutions at Innovid. “CTV is playing a powerful role in driving both awareness and outcomes throughout the purchase funnel. It is an important and growing channel for advertisers when it comes to influencing consumer decisions and enabling shoppable experiences.
