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"The name of the game today seems to be incrementality," said Jonathan Fasano, business development director at Walmart Connect Mexico and Central America, during a recent Ä¢¹½AV Summit on commerce media.

Many TikTok Shop sellers are also China-based or ship from China. The tariffs could weaken consumer spending power. As of this writing, the de minimis exemption remains in effect. But some tariffs, including those on steel and aluminum, have been implemented and expanded to include more countries than China, Mexico, and Canada.

However, the Indian ecommerce market faces its own challenges: a large segment of the population struggles to afford even basic necessities, let alone discretionary purchases.

Dig deeper: To learn more about how tariffs will roil the retail landscape, read our Retail & Ecommerce Briefing’s analysts’ take.

Go further: Read our Beauty Ecommerce 2025 report.

Inflation could rise even higher if Trump makes good on his threat to impose tariffs on Mexico, Canada, and the EU, which could hurt retailers like Levi Strauss that have supplier facilities around the globe. Consumer sentiment is falling. Confidence hit a seven-month low in early February, as shoppers across the political spectrum brace for higher prices, per the University of Michigan.

Most of the growth is tied to ever-rising retail ecommerce. Retail media’s valuable first-party data is now being used for ads targeted in-store and in nonendemic channels like CTV. Google, Meta, and Amazon still dominate the ad spending landscape. The triopoly’s share in Canada is among the highest in the world.