Our Q3/23 Digital Commerce Spend Report brings you data-driven insights and analysis on spending patterns within digital commerce to help companies identify trends, optimise investment and inform strategic decisions. Download the report here.
This has been a year of big change when it comes to ad platforms, and Q3/23 has been no different. Meta reclaimed the top spot this quarter, businesses are making huge increases in ad investment, and which platforms get a share of spend are changing quarter by quarter.
“It is interesting to see ecommerce businesses testing innovative and emerging platforms such as ChatGPT and Amazon’s advertising platform. In challenging times, trying new tactics and channels can help drive performance,” Samir El-Sabini, CEO & Co-Founder of Juni said.
Businesses spent 49.24% more on average on ads in Q3/23 compared to the same period last year. There’s also been a 31% increase QoQ.
Digging into these numbers deeper, Digital agencies grew their YoY spend by 59.25% and Mid-market digital commerce by 48.46%, pointing to an investment in growth. SMB digital
commerce, who are feeling the impact of the current macroeconomic climate most keenly, has a more cautious increase of 13.14% YoY. Swedish businesses grew their spend by 175% and UK business by 57% YoY, with a heavy focus on promoting sales over the summer months.
Although Google reigned supreme for the first half of the year, this quarter, Meta reclaimed its position as the preferred ad network, with a 49.2% share of ad budgets. Google came a close second, with a 41.8% share. Although budgets spent on TikTok remained at similar levels to last quarter, the platform lost its spot thanks to a surprise increase in investment in Amazon.
Businesses allocated 3.79% of advertising spend to the ecommerce platform, a significant jump from 0.7% in Q2/23. We’re seeing budgets become more concentrated towards big players this quarter, with more than 97% placed in four ad networks, showing businesses are taking a
tried-and-tested approach during times of uncertainty.
After losing its status as the preferred ad platform in Q1/23, Meta has retaken the top spot, with businesses allocating 49.2% of their budgets to Facebook and Instagram Reels. Digital agencies saw a considerable change, from 29.3% in Q2/23 to 50.7%. Mid-market digital spent the majority here, with 49.3% dedicated to Meta. SMB digital commerce spent 42.6% here, a slight increase from 40.7% in Q2/23.
Google Ads was knocked down to second position, with 41.8% of budgets. Digital agencies decreased their investment here significantly this quarter, from 63.1% last quarter to 42.3%.
Mid-market spending dropped from 44% in Q2/23 to 40.5% this quarter. Meanwhile, SMB digital commerce still prefers Google Ads to Meta, spending 46% on the platform.
Amazon made a surprise appearance as the third preferred platform with 3.79% of budgets.
Mid-market made a large increase, from 1.2% in Q2/23 to 6.2% this quarter. Meanwhile, SMB digital commerce spent 4.4% on Amazon. Digital agencies also allocated some spend here, with 1.6% of budgets.
Despite falling to fourth position, budget spent on TikTok remained at similar levels to last quarter, at 2.5% in Q3/23 compared to 3.7% in Q2/23. SMB digital commerce reduced their spend from 3.4% to 2.9% this quarter. Digital agencies follow this trend with a decrease of 3.7% to 3%. In comparison, meanwhile Mid-market digital commerce increased their investment in TikTok from 1% last quarter to 1.9%.
Microsoft advertising fell to fifth position this quarter, getting 0.7% of ad budgets. Mid-market digital commerce, reduced their spend from 2.8% in Q2/23 to 1% this quarter.
Digital commerce businesses in the UK and Sweden have massively grown their ad budgets with a focus on promoting sales over the summer months. Average spend on advertising in Sweden was 175% higher this quarter than in Q3/22 and 29.3% higher than in Q2/23. The UK saw increases of 67.08% YoY and 27.85% QoQ.
It’s still a challenging macroeconomic climate, and businesses are investing in advertising to maximise their sales. With an unpredictable peak season around the corner, ad spend is scaling, and businesses are placing their bets on which platforms will pay off.
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Insights in this report come from analysing thousands of aggregated and anonymised transactions on Juni cards. SMB digital commerce represents companies with <50 employees. Mid-market digital commerce represents companies with >50 employees. Digital agencies reference both digital marketing and advertising agencies as well as affiliate marketing companies. Quarter-over-quarter comparisons consist of customers who have been active with Juni over the two quarters. Year-over-year comparisons consist of customers who have been active with Juni over that entire 12-month period of time. Numbers were compiled and analysed on a quarterly basis.
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