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Recent earnings reports from Amazon, Alphabet and Facebook (now known as Meta) confirm what everyone knows: We, as a society, are increasingly online.
During the third quarter of 2021, Alphabet’s year-over-year revenue increased 41% to $65.1 billion, while Facebook’s climbed 35% to $29 billion. Amazon’s business unit mainly consisting of its advertising services grew 50% to $8.09 billion.
Although brands from Ruffles potato chips to Dawn dish soap have used digital channels to help raise awareness and spread specific messages for years, recent developments are making the internet more attractive for advertisers looking to turn consumers into customers.
And more than other categories, the consumer packaged goods (CPG) industry is pouring money into the medium.