Innovid (NYSE:CTV), a leading software platform for the creation, delivery, measurement, and optimization of advertising across connected TV (CTV), linear TV, and digital, today announced the release of “CTV x Commerce 2024: Data-Driven Insights to Reach Shoppers with CTV Advertising.” The report, a collaboration between Innovid and Target’s retail media network, Roundel, looks at how shopper behaviors and advertising trends are changing along with the rapid growth of streaming.
“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:
- 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 of 40% vs. the year prior. With 57% 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.
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