In this article
You might like
No items found.
See the latest spending trends for 25k+ companies on Ramp

Benchmark your company's expenses with Ramp's data.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Spending made smarter
Easy-to-use cards, spend limits, approval flows, vendor payments —plus an average savings of 5%.1
|
4.8 Rating 4.8 rating
Error Message
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Get fresh finance insights, monthly
Time and money-saving tips,
straight to your inbox
|
4.8 Rating 4.8 rating
Thanks for signing up
Oops! Something went wrong while submitting the form.
Ready to partner with Ramp?
Time is money. Save both.
Ready to partner with Ramp?
Time is money. Save both.
Ready to partner with Ramp?
Time is money. Save both.
Table of contents

This week, we’re highlighting the most interesting trends from our newly released Fall 2024 Spending Report. See our stories on the latest AI software that companies are buying and business travel spending trends

Retailers are competing for $1.59 trillion in holiday retail sales this year, according to Deloitte—an increase of up to 3.3% over last year thanks to rising disposable income and declining unemployment. 

How are they positioning themselves to come out on top? Ramp’s spending data for thousands of B2C businesses show retailers experimenting with new tactics—from leaning into non-traditional channels to testing new AI software—as they ramp up for Black Friday and Cyber Monday. 

Retailers on track to exceed 2023 ad spend

If year-to-date card expenses are any indication, companies will spend more on their end-of-year advertising on platforms like Amazon Ads and Facebook Ads than they did in 2023. In Q3, B2C businesses spent an average of $121k on advertising, compared to $110k during the same time last year, representing a growth of 9%.  ​​

However, we see a notable slide in retailer ad spending as the 2024 presidential election nears and consumer attention shifts to campaign ads. 

2023 vs. 2024 B2C spending on advertising channels

Brands grow Amazon, TikTok, and other social ad spend

Major platforms like Facebook, Google, TikTok, Microsoft, and Amazon remain dominant in ad budgets, but changes in how consumers discover products are influencing exactly how those dollars are spent.

Top 5 ad channels for retail companies

  • Amazon ad spend soars: Average spending on Amazon Ads grew 192% year over year, propelling the retail giant into the #1 spot by mean card spend. Retailers are following in the footsteps of consumers, as research shows more people starting their buying journey on the e-commerce platform.  
  • TikTok is trending: With a 135% year-over-year increase in mean ad spend on the platform, retailers appear eager to tap into TikTok’s highly-engaged user base and younger consumers.
  • Fewer Google searches: Google’s recent payment policy changes may be accelerating retailers’ declining card spend on the platform. Businesses are shifting from traditional search ads as buyers gravitate towards AI and social media for product recommendations.

More surprising is the growth of X ads among retailers. Despite persistent headlines about advertisers exiting the platform, our data show that, by customer count, it’s the fastest-growing platform this year. The number of retailers spending on the platform grew 58% year over year and spending soared even more. Retailers are also betting on Reddit: its advertiser count grew 29% year over year and average spending on the forum 3xed. While spending on these platforms pales in comparison to spending on the top 5, their rise underscores the impact of social media advertising for media, where brands can engage passionate, niche audiences.

Beyond advertising: strategic investments in AI 

Retailers are also making strategic AI investments to speed up ad creation, enhance customer interactions, and create new digital experiences.

Anthropic saw an incredible 914% increase in retail customer count this past year. That growth comes on the heels of its Claude 3 launch, suggesting companies are putting new AI models to the test for everything from predicting consumer demand to enhancing product pages with customer reviews, and auto-generating product descriptions.

They are experimenting with new design tools that help accelerate ad creation. Year-over-year customer count jumped for video generation tool (and Tiktok subsidiary) Capcut (380%), music-for-ads service Artlist (114%), and ad workflow solution Foreplay (100%). 

Unity’s impressive 304% growth in mean card spend indicates B2C businesses may be exploring virtual experiences, such as 3D showrooms and fitting rooms, as a means of differentiation. 

Customer support investments round out the list. Chatbot platform ManyChat saw a 69% increase in customer count and phone support tool OpenPhone saw average spending grow 71%. These purchases underscore how retailers are improving their ability to interact with customers at scale and at a low cost.

Explore more spending trends

Our newly released Fall Spending Report contains even more insights on how businesses are transforming their operations with cutting-edge software. Grab your copy today

Try Ramp for free
Error Message
 
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Content Lead, Ramp
Fiona writes about B2B growth strategies and digital marketing. Prior to Ramp, she led content teams at Google and Intercom. Fiona graduated from UC Berkeley with a degree in English. Outside of work, she spends time dreaming about hiking the Pacific Crest Trail one day.
Ramp is dedicated to helping businesses of all sizes make informed decisions. We adhere to strict editorial guidelines to ensure that our content meets and maintains our high standards.

FAQs

How Evans Hotels saved time and gained spend visibility with Ramp

“Ramp has been a big win for us when it comes to transparency and visibility. If the executive team wants to dig into spend at a property or review purchases the teams are making, we can have that information really quickly and are confident it’s accurate.”
Caryn Fink, Director of Accounting, Evans Hotels

How Ramp became KIPP Nashville’s biggest financial win

"There was no fire drill for the beginning of the school year this year, because the schools had a process. Ramp will ingest the line items automatically, so no more manual import. It’s made the process so much easier."
Carey Peek, CFO, KIPP Nashville Public Schools

How SAMGI saved time, reduced fraud, and improved employee experience with Ramp

"We transitioned to Ramp without a hitch—our vendors didn’t even notice. Plus, we were able to switch to suppliers with better pricing, thanks to Ramp’s automated receipts and controlled budgets."
Kathleen Cole, Corporate Controller, Surgical Affiliates Management Group

How Ramp made life easier for Adrift Hospitality

“Before Ramp it was more complicated and tedious to do expenses. Honestly it used to be my least favorite tasks- reconciling and coding charges at the end of each month. There are so many more impactful places I can spend my time.”
Beck Blasko, COO, Adrift Hospitality

How Precision Neuroscience streamlined systems and slashed data entry with Ramp

"Ramp’s OCR has been so useful on the procurement side. It automatically takes all the information from the quote and saves all the data entry that we would have otherwise had to type into a purchase order.”
Brian Lautenbach, Financial Controller, Precision Neuroscience

How Liquid Measurement Systems reduced fraud, improved UX, and drove efficiency with Ramp

“Because people can do their own receipts so easily and code in real-time, our accountant has minimal work to do at the end of the month."
Sarah Paxman-Bean, Director of Finance & IT, Liquid Measurement Systems

How Pair Eyewear consolidated systems, enhanced efficiency, and refocused resources with Ramp

“We love NetSuite and Ramp together. It’s like they’re long lost cousins and they’ve come back together. It’s like they were built for each other.”
Staci Robinson, AP Manager, Pair Eyewear