蘑菇AV

To keep pace in a complex landscape and meet increasing demands from advertisers, commerce media players need to invest in fresh channels, tools, and innovation.

GenAI and social are set to heavily influence the UK commerce and advertising landscape in 2025, while thrifty consumer behaviors persist and video viewing shifts to mostly digital.

Travel companies leveraging first-party data to power proprietary ad networks are establishing a presence in the commerce media landscape. Advertisers can enhance their digital strategies by incorporating travel into the commerce media mix.

FMNs are a small but burgeoning part of commerce media, offering valuable first-party transaction data. Despite their promise, FMNs face scale limits due to data sensitivity and must find ways to shift audiences toward commerce-focused behaviors.

Digital commerce platforms are leaning heavily into payment processing to grow revenues and enhance customer engagement. But it鈥檚 still early innings: They are ripe for payment provider partnerships that can evolve as the platforms grow.

Retail media is not just for retailers anymore. US commerce media ad spending is projected to hit $118.4 billion by 2029, growing at a 15.3% compound annual growth rate (CAGR), per a May 蘑菇AV forecast.

"It's going to be a learning curve and a balancing act, but I think AI is going to be the biggest shakeup in digital commerce since social media.鈥�. What it means for advertisers: Walking this messaging tight rope will likely take a great deal of testing before best practices emerge. Experimentation, A/B testing, focus groups, and robust measurement will be vital to advertisers in this mission.

Ad spending on US commerce intermediaries is set to approach $4 billion by 2027, outpacing other nonretail media cohorts. Key players like DoorDash and Instacart are evolving from delivery apps into full-scale media networks, driving performance and reshaping the commerce media landscape.

Snap posted 9% YoY revenue growth in Q2 2025, reaching $1.35 billion, but fell short of expectations due to a technical ad platform error that temporarily underpriced inventory. DAUs rose 9% to 469 million and Spotlight engagement surged, yet global ARPU remained flat and margins tightened. Snap鈥檚 performance contrasted sharply with stronger ad results from Meta, Google, and Reddit, raising concerns about its ability to monetize growing usage鈥攅specially in fast-expanding but low-yield regions. Snap did see promising gains in subscription revenue and AI-driven commerce ads, but must execute better on monetization to remain competitive in a rebounding ad market.

In today鈥檚 episode, 鈥媤e talk about the promise and challenges financial media networks face in the burgeoning commerce media network landscape.鈥� Join the discussion with host and Head of Business Development Rob Rubin, 鈥婸rincipal Analyst Sarah Marzano, and Senior Analyst Max Willens.

Only 40% of US retail media networks (RMNs) offer self-service sales data, according to Q2 data from Mars United Commerce.

The news: WPP Media launched a 鈥渇irst-of-its-kind activation鈥� with ad-tech company Criteo, marking the first big advancement in WPP鈥檚 鈥淥pen Intelligence鈥� data platform for connected TV (CTV). The activation, built to offer 鈥渕ore value for advertisers," is currently being tested with Samsung, Roku, and Scripps. While more specific details were not provided, WPP Media stated in a press release that the pilot provides 鈥減remium supply with real-time commerce signals鈥� from Criteo. Our take: WPP Media and Criteo鈥檚 partnership solidifies CTV as a performance-centric channel, giving advertisers new tools to target high-intent shoppers and drive measurable outcomes at scale.

US ad spend with financial media will reach over $600 millions this year, according to 蘑菇AV forecasts, but still represent a small fraction of the commerce media landscape. "This is a really nascent space. There aren't many players that make up this cohort of financial media networks (FMNs), and they represent a really diverse array of types of financial companies," said our analyst Sarah Marzano during a recent episode of "Behind the Numbers."

The insight: Nearly half of US and UK consumers admit to abusing retailers鈥� returns policies in the past 12 months, according to a survey conducted by The Harris Poll for digital commerce platform Forter. That shows some restraint, considering over two-thirds say that retailers make it easy to do so.

The number of retail media networks (RMNs) worldwide offering competitive conquesting (the ability to target campaigns to competitors鈥� shoppers) has risen from 10 in Q2 2024 to 15 in Q2 2025, a 50% increase, according to data from Mars United Commerce.

The news: A US TikTok ban will take effect if a sale isn鈥檛 completed by the September 17 deadline, per comments from US Commerce Secretary Howard Lutnick. Lutnick said on CNBC that TikTok will 鈥済o dark鈥� if China does not agree to sell to a US owner. He also noted that any deal would require the US gaining control over both the app and its algorithms. Our take: Whether or not a full TikTok ban comes to pass, Lutnick鈥檚 comments reinforce a troubling trend: Advertisers are increasingly wary of the platform鈥檚 stability, accelerating the shift toward cross-platform strategies.

The news: The Trade Desk CRO Jed Dederick likened Amazon鈥檚 advertising approach to Google鈥檚, accusing it of bundling and self-preferencing practices that threaten market competition. In an interview at Cannes Lions, Dederick urged Amazon to adopt a more open model like Meta鈥檚, warning that closed systems could draw regulatory scrutiny. Our take: By framing Amazon as the next Google, The Trade Desk is angling to become the preferred neutral alternative for marketers. As Amazon expands in CTV and commerce media, regulatory pressure may follow. If it does, The Trade Desk is well-positioned to gain from any shift toward more transparent platforms.

Key stat: The number of retail media networks (RMNs) worldwide offering competitive conquesting (the ability to target campaigns to competitors鈥� shoppers) has risen from 10 in Q2 2024 to 15 in Q2 2025, a 50% increase, according to data from Mars United Commerce.

The commerce media space is growing fast, and as it gets more crowded, it鈥檚 becoming harder to keep up with the retail media giants. But by teaming up, smaller players can more easily scale their networks to achieve the reach to stay competitive.