Innovid Releases “CTV x Commerce 2024” Report on the State of Interactive Creatives & Shoppable Advertising
Innovid (NYSE:CTV) announced the release of the “CTV x Commerce 2024” report, a collaboration with Roundel, Target's retail media network. The report examines changing shopper behaviors and advertising trends with the rise of streaming. Findings include insights from a February 2024 survey of 2,876 Target guests and analysis of billions of CPG video ad impressions on Innovid's platform in 2023. Key points: 91% of surveyed Target guests subscribe to streaming services, spending 22 hours weekly, up 40% from last year. Nearly half (49%) are likely to search for an item seen on TV, and 33% will scan a QR code on their TV if it leads to a familiar site. CTV constitutes 49% of total video impressions for CPGs and boasts high engagement with interactive ads. Effective CTAs like “Scan to Shop” can significantly drive consumer engagement.
- 91% of surveyed Target guests subscribe to streaming services, indicating a large market for CTV advertising.
- Target guests spend 22 hours weekly on streaming services, a 40% increase from last year.
- 49% of surveyed users are likely to search for an item seen on TV.
- 33% of respondents will scan a QR code if it leads to a familiar site.
- CTV accounts for 49% of total video impressions for CPGs over the last two years.
- Interactive ads on CTV have engagement rates 10x higher than standard video formats.
- The report could indicate increasing competition in the CTV advertising space.
- High dependency on survey data, which may not always translate to actual consumer behavior.
- Potential saturation risk as CTV becomes a major advertising channel.
Report Includes Findings from Roundel’s Target Shopper Survey & Innovid’s CPG Advertising Benchmarks
“CTV x Commerce 2024” features findings from a February 2024 Roundel survey of 2,876 Target guests to uncover how they watch and stream content, CTV purchase preferences, and how they interact with advertising. It also includes an analysis of billions of video advertising impressions from CPG advertisers served on Innovid’s platform in 2023, providing a global snapshot of how these brands are evolving media and creative strategies for a market in transition.
Highlights from “CTV x Commerce 2024” include:
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Shoppers are streamers who take action:
91% of surveyed Target guests subscribe to streaming services and devote 22 hours a week to them – an increase of40% vs. the year prior. With57% using services supported by ads, almost half (49% ) report being likely to search for an item after seeing it on TV, and more than a third (33% ) say they will scan a QR code on their TV if they know it will take them to a familiar site. -
CPGs are leaning into CTV for reach and engagement: CTV has established itself as an integral part of the CPG video mix, accounting for almost half (
49% ) of total video impressions for the last two years. CPGs also have the highest average CTV campaign reach (25.24% ) among all measured verticals, and are experiencing strong performance with the use of interactive ads, which see engagement rates 10x higher than standard video formats. - CTAs and timing are crucial for shortening the path to purchase for shoppable ads: Creative elements, including action-oriented calls to action (CTAs) like “Scan to Shop” or “Scan to Add to Cart,” are shown to create a sense of urgency and drive consumers to engage with shoppable ads. Shortening the number of “clicks” it takes to get to a desired action and maximizing QR codes’ time on screen were also found to be important components in creating successful interactive campaign experiences.
“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 up and down the purchase funnel. It is an important and growing channel for advertisers when it comes to influencing consumer decisions and enabling shoppable experiences.”
To download the full report, click here.
About Innovid
Innovid (NYSE:CTV) is an independent software platform for the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear, and digital. Through a global infrastructure that enables cross-platform ad serving, data-driven creative, and measurement, Innovid offers its clients always-on intelligence to optimize advertising investment across channels, platforms, screens, and devices. Innovid is an independent platform that leads the market in converged TV innovation, through proprietary technology and exclusive partnerships designed to reimagine TV advertising. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240617613107/en/
Megan Garnett Coyle
megan@innovid.com
Source: Innovid
FAQ
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