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Key takeaway: While traffic scale is important, our 2023 CPG Retail Media Networks Perception Benchmark found that traffic quality was the most important attribute of a RMN to CPG ad buyers.

Multi-industry players have the power to redefine the future of commerce media advertising. Unlike in the US, where retailers and FIs typically operate independently, many Latin American retailers act as financial services providers鈥攐ffering credit lines, digital wallets, and other banking products to unbanked and underbanked consumers.

Retail media will make huge gains this year in Canada. Our first-ever forecast for retail media ad spending in Canada and our joint survey of ad buyers (conducted with IAB Canada) highlight the latest developments.

But since then, advertisers have invested more heavily in private marketplaces and closed ecosystems like social media platforms and retail media networks (RMNs), which fall under programmatic direct. Direct pathways are all the rage.

From revolutionizing logistics and digital payments to capturing a major share of ecommerce and retail media ad revenues, Mercado Libre has profoundly reshaped Latin America鈥檚 digital economy.

鈥淚n 2022, retail media hit the first of many milestones when it became the fastest US ad channel to eclipse $30 billion in spending鈥攏early twice as quickly as it took social media,鈥� our analyst Max Willens said on a recent Meet the Analyst webinar. 鈥淭hat was just the start.鈥�

Consumers may be concerned about the economy, but the outlook is good for ad spend in the final months of 2024. The share of advertisers concerned about a slowing US economy dropped 11 percentage points (from 49% to 38%) between November 2023 and August 2024, according to the Interactive Advertising Bureau (IAB). Retail media鈥檚 popularity, an influx of value-based messaging, high political ad spend, and connected TV (CTV) monetization will boost the ad industry the rest of 2024.

Retail media鈥檚 positive hype is real. We expect it will disrupt the digital advertising landscape worldwide. In Canada, a handful of players鈥攍ed by Amazon, Walmart, and Loblaw鈥攈ave turned it into the fastest-growing ad segment in the country, and at scale.

Last week, retail marketplaces Thrive Market and Faire joined the growing number of retail media.

While travel media networks aren鈥檛 new鈥擬arriott has had one for years鈥攖he burgeoning commerce media landscape is ripe for travel and hospitality brands to secure their share of ad dollars.

This report is a guideline to help marketers understand retail media through market size estimates, growth projections, and analysis of the complex landscape of buyers, sellers, and intermediaries.

The rise of in-store retail media will prove that the physical store is the next major media channel for brands.

There鈥檚 no stopping the retail media juggernaut. At $45.05 billion in US spending in 2023, it鈥檚 already far ahead of connected TV and closing in on traditional TV.

This rapid growth, concentrated in China, Europe, and the US, presents largely untapped opportunities to engage affluent, tech-savvy consumers during charging sessions with brand messaging, media content, and retail product placement. Market realities temper near-term expectations. While long-term EV adoption trends remain promising, 2024 has seen more measured growth than initially projected. J.D.

The rapid growth in grocery app users could feed the retail media craze. With grocery apps growing extremely fast, they could become an even bigger part of mobile strategy for brands. The category likely will benefit from the rapidly increasing ad spend in retail media networks, which we forecast to grow by about 20% or more over the next four years.

POSSIBLE conference reveals retail media鈥檚 potential with loyalty data: Target鈥檚 strategic use of customer info enhances ad trust and multiplies engagement.

Retail media is more than just performance-based ad formats like sponsored products. Several major retail media networks in Latin America allow marketers to create branding campaigns through their suite of display and video ad formats, including on-site, off-site, and in-store.

Microsoft鈥檚 new ad network helps retailers build and maintain their own media networks, boasting 鈥渞eady-built demand, expansive ad supply, and access to high-intent shoppers.鈥� Using Microsoft鈥檚 new product can help retailers reach profitability, according to the software company.

Retail media networks are exploding. With third-party data signals dwindling, advertisers are swarming around the first-party consumer data and closed-loop attribution offered by retailers like Amazon and Walmart. Major publishers are betting on direct sales.Those with premium content, like Bloomberg, are opting to take their inventory off the open exchange.

Intermediaries like Instacart and DoorDash have a unique place in retail media. With consumers buying goods from major retailers through their platforms, intermediaries have engaged audiences and valuable first-party data. Here are three recent intermediary moves that caught our eye, and what they mean about broader retail media trends.

See our latest industry KPIs for retail media.

Retailers will work with the Media Solutions team to develop relevant deals that drive customer acquisition and sales. Customers logging onto the Chase banking app will see retailers鈥� targeted offers. Chase will only charge retailers if customers act on a deal. Why Chase wants to be a retail media network: It鈥檚 a huge opportunity for issuers to get in on.