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China’s example would suggest that retail media has enormous headroom for growth in the US. Companies like Amazon have been growing their ad revenues by leaps and bounds, and yet ecommerce channel ad spending will still only represent 14.6% of the US digital ad market this year. In China, the share will be 38.1%.

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In China, ecommerce channel ad spending represents over 38% of total digital ad spending, and ecommerce search spending accounts for 64.0% of total search. Could the US figures reach similar heights?