Carousell Media Group, the online marketplace’s advertising arm, has launched a digital ad service to support brands.
Photo credit: Carousell
Called Shopping Ads, the feature also gives users more relevant ads through a curated feed based on their search queries on Carousell’s marketplaces. The new feature also allows advertisers to effectively boost traffic to their stores and increase sales.
JJ Eastwood, managing director of Carousell Media Group, said the launch comes as the company sees more than 150 million product searches on its marketplaces every month.
The advertising unit offers its services across all of Carousell’s marketplaces, including Mudah.my, Cho Tot, OneKyat, and Ox Street.
Citing data from GroupM, Carousell said that retail media is the fastest-growing ad marketplace in the world. It is also poised to generate more than US$1.3 trillion in enterprise value in the US, according to a McKinsey & Company report.
Nevertheless, TikTok has reportedly slashed its outlook for advertising revenue this year because of the global economic slowdown.
See also: How Southeast Asia’s booming recommerce market can reach the next level
Editing by Eileen C. Ang
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