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List of potential TikTok buyers grows while ban looms: The platform is drawing interest from new parties who could keep the key marketing channel afloat for millions of US companies.

Amazon鈥攖he largest driver of spending in this channel鈥攈as recently seen modest retail media revenue growth relative to its past performance. As a result, we have revised our retail media forecast down from where it was in H1 2024.

Our first-ever worldwide forecast for retail media ad spending shows enduring momentum and lots of good news for Amazon and other ecommerce platforms around the world.

On-site display ad spending鈥攚hat we refer to as ecommerce channel display ad spending in our forecasts鈥攚ill climb to $9.98 billion in 2024, then grow at least 24% YoY every year through 2028. But off-site display ad outlays will grow faster. Until now, retail media display ad spending has largely been concentrated on retailer sites.

Examples of websites or apps primarily engaged in retail ecommerce include Amazon, Walmart, and Mercado Libre; examples of retail media networks (RMNs) include Amazon's DSP and Mercado Libre鈥檚 Audience Deals; includes ads purchased through RMNs that may not appear on ecommerce sites or apps. Latin America鈥檚 multibillion-dollar retail media revolution marches on.

What鈥檚 next for retail media? The rapidly expanding ad channel is facing growing pains as the majority of RMNs struggle to keep pace with Amazon and Walmart.

The ecommerce giant is expected to maintain its control over RMN ad dollars, capturing more than three-quarters of all RMN spending through 2027, per our forecast. But as Amazon鈥檚 retail media business has grown in maturity, its pace has inevitably slowed, giving way to a landscape that has room for more than one winner. Walmart鈥檚 retail media counteroffensive is paying off.

With consumers increasingly shopping across multiple channels, Roundel, Target鈥檚 media network, offers comprehensive media solutions that connect brands with customers at every stage. By combining on-site and off-site strategies, advertisers can maximize their return on ad spend and strengthen customer relationships.

Nearly 7 in 10 (68%) advertisers said that the No. 1 factor that would influence a spending increase on retail media is a higher ROI relative to other channels, according to September 2024 survey data from Quartile. Meanwhile, fewer than 1 in 5 (18%) pointed to channel standardization as a reason to spend more.

The digital ad channel is hugely dominant in the UK, so there is increasingly less room for growth. But in the broader digital category, retail media is the main driver.

France鈥檚 relative digital immaturity is shifting, with digital advertising growth leaving traditional channels behind. Retail media is leading the way, and Amazon is benefiting the most, with the creation of the new triopoly.

Retail media is the fastest-growing digital ad channel (19.7% growth in 2025), driven mostly by search and display. Search will account for 64.0% of retail media next year, as it is heavily tied to product discovery on ecommerce sites. Display will make up 25.0% of retail media ad spending, 11.0% of which will be video. In-store advertising makes up a small but growing share of dollars spent.

The retail industry commits by far the most dollars to digital advertising in the US. It has accelerated ad spending with above-average growth every year since 2020, fueled by the rising importance of ecommerce and digital channels in the consumer journey. By comparison, online ad spending by most other industries we track has seen far greater fluctuations from year to year over the same period. Retail鈥檚 ad spending growth will see sustained growth this year and next before other industries start to catch up on spending in 2025.

This is the Q1 2025 installment of our quarterly 鈥淎d Spending Benchmarks鈥� series, which helps ad buyers and sellers calibrate their spending and revenue mix against the market.

Brazil鈥檚 digital advertising economy continues to thrive, driven by retail media investment, growing video ad spend, and slower social ad spending. This report explores trends shaping Brazil鈥檚 digital advertising landscape in 2025.鈥�