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WARC upgrades retail media advertising investment 2024 to $153.3bn worldwide

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WARC

Amazon’s ad revenue is forecast to reach $52.7bn (+24.4%) in 2024 and $68.0bn in 2025 (+18.9%)
AI-enabled e-commerce is projected to reach $16.8bn by 2030

WARC releases The Future of Digital Commerce 2024 report highlighting e-commerce trends in four key areas: retail media, omnichannel marketing, AI, and cloud-based data clean rooms

4 June 2024 – Retail media advertising spend is forecast to reach $153.3bn worldwide in 2024, according to WARC’s latest analysis. The continued growth is fuelled by advances in off-site targeting as commerce data infuses into non-retail environments. All the while, Amazon continues to tighten its grip on the retail media market.

WARC Digital Commerce has today published its annual report looking at the trends having an outsized impact on the future of this dynamic and hyper-competitive space.

Gregory Grudzinski, Reports Editor, WARC Digital Commerce, and author of the study, says: “Following the explosion of digital commerce onto the advertising landscape, this report looks at trends in four areas that are having a profound impact on the future of this fast-growing and complex space to provide an overarching view of what the future holds and what marketers need to do today to prepare for it.”

Key insights outlined in WARC’s Future of Digital Commerce 2024 are:

Retail media ad investment maintains double-digit growth fuelled by off-site targeting

Investment in retail media continues to grow at a rapid pace. According to WARC’s latest analysis, global retail media advertising spend will reach $153.3bn in 2024, up 13.7% year-on-year. This marks a slight acceleration on the 13.0% growth recorded last year but falls short of the +14.3% forecast for social media.

Amazon’s dominance continues, and is set to maintain near 25% growth in 2024, to reach $52.7bn, per WARC forecasts, bringing its global share of retail media spend to 37.3%. Excluding China, this equates to 62.3% of all retail media ad spend.

Chinese platform Pinduoduo, which also owns e-commerce platform Temu, is set for a +31.3% expansion this year to earn $28.2bn, accounting for 45.9% of all retail media spend in China. Walmart reported a 26% year-on-year rise in e-commerce ad revenue in its latest earnings.

However, retail media spend growth is forecast to slow to 10.6% in 2025, with spend reaching $169.5bn, as trade marketing budgets are steadily exhausted.

AI is revolutionizing marketing. By 2030, the AI-enabled e-commerce market is projected to reach $16.8bn

Artificial Intelligence (AI) presents an opportunity for brands to personalize products, promotions, and marketing efforts at an unprecedented level, vastly exceeding prior customization attempts.

AI-driven tools can be used to identify meaningful commonalities among shoppers and create activations targeting these commonalities, such as customized product detail pages, social media posts, and loyalty program solicitations.

The ability to quickly render realistic or hyper-realistic images of people, products, and packages will be a powerful tool for creatives allowing more time for strategic planning and creative thinking.

Mert Damlapinar, Managing Principal, EPAM Systems, says: “AI is not an optional technology but a core component of e-commerce strategy, empowering brands to seamlessly integrate personalized experiences, optimize operations, and drive business growth.”

By 2030, the AI-enabled e-commerce market size is projected to reach $16.8bn, growing at a compound annual growth rate (CAGR) of 15.7% in the next seven years, according to InsightAce Analytic’s data.

Changes in consumer behavior and advancements in digital technology are shaping the omnichannel landscape

As the omnichannel space becomes increasingly complex, direct-to-consumer (DTC) brands are seeing significant growth fueled by increased consumer acceptance of online subscription offerings. DTC sales are expected to reach $161.2bn in 2024, and $591.3bn by 2032 at a CAGR of 15.4%, according to Shopify.

Brands with effective omnichannel customer engagement strategies retain on average 89% of their customers, compared to a rate of 33% for companies with weak omnichannel customer engagement, according to Invesp.

At Kroger’s Q4 and fiscal 2024 earnings call in March this year, Rodney McMullen, Chairman and CEO of the US retail company, said: “Customers value the ability to shop on their own terms with zero compromises, and we are increasing the number of omnichannel households in our ecosystem. Customers who shop both in-store and online spend three to four times more compared to in-store-only shoppers.”

As more time is spent on social media (averaging 2.5 hours/day globally), social commerce, and increasingly gaming commerce, are helping shoppers discover new brands and products.

Over the next 12-24 months, many challenges for omnichannel marketers will center around measurement and optimization. Research published in WARC’s Future of Measurement 2024 report, revealed that only a small percentage of marketers are following measurement best practices; 22% say they don’t do any attribution modelling at all.

Measurement and privacy will continue driving ‘clean room’ adoption

Data clean rooms, such as the Amazon Marketing Cloud, is an environment where brands access anonymized shopper data. They allow retailers and brands to work together to create and target high-value customer segments. This provides a more complete view of the customer journey and enables accurate attribution of marketing investments to tangible business results.

According to a survey by the CMO Council, 54% of marketers in North America cited the ability to measure campaign results as a leading driver for their data clean room strategies.

Data governance is crucial for clean room adopters to ensure the ethical and compliant use of consumer data within these environments, essential to maintain consumer trust and reduce concerns of regulatory bodies.

Brands without extensive first-party data may need to limit clean room functions to media attribution.

Read a sample report of The Future of Digital Commerce here. WARC Digital Commerce subscribers can read the report in full. A podcast is available from today.

The Future of Digital Commerce report is based on a combination of exclusive interviews with leading brands, agencies and tech companies, as well as data and case studies from WARC, external research studies and reports. It is part of WARC’s Evolution of Marketing, a content programme of in-depth forward-looking reports focusing on the future of the marketing discipline by drawing on the latest evidence, emerging trends, technologies, media, social influences and other drivers of change.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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