Word can't merge an image from a hyperlink; it needs the actual image path. You can:
• maintain the full paths and image filenames in a field in Excel; or
• insert the path into the mailmerge main document itself, retaining just the image filenames in a field in Excel.
For more information, see
Managing Mailmerge Graphics in the
Mailmerge Tips & Tricks 'Sticky' thread at the top of this forum:
https://www.msofficeforums.com/mail-...ps-tricks.html