蘑菇AV

The result: Mercado Libre鈥檚 ad business is gaining speed鈥攁nd shows no signs of slowing. Retail media revenues jumped 59% YoY on a currency-neutral basis in Q2. Our take: Mercado Libre鈥檚 retail media engine is firing on all cylinders, providing high-margin fuel to support key growth levers like free shipping and brand marketing. But while advertising can help offset those costs, it can鈥檛 carry the full weight鈥攅specially as broader profitability shows signs of strain. 鈥淢ercado Libre鈥檚 first-mover advantage laid the foundation for its retail media dominance in Latin America, but its real edge lies in continued ad innovation,鈥� said 蘑菇AV principal analyst Matteo Ceurvels, pointing to new offsite offerings like the Display Extended Network and a deeper push into CTV.

Retail media鈥檚 rapid growth has spurred nonretail verticals to harness their first-party data to fuel their own commerce media networks. Retail media spending still dominates the commerce media landscape, but distinct challenger cohorts are finding their footing.

The news: Walmart鈥檚 $2.3 billion Vizio acquisition may have only closed last December, but the retailer is already unlocking outsize value from the deal. Our take: Walmart is squeezing every drop of value from its Vizio deal by fusing hardware, software, data, and retail media into a self-reinforcing flywheel. Making Vizio a Walmart-exclusive private label gives the retailer tighter control over pricing and distribution, while Vizio鈥檚 OS and shoppable-TV features unlock new streams of nonendemic ad revenues. By combining its in-house ad network with ONN TVs powered by Vizio software, Walmart is positioning itself to own the entire living-room stack鈥攆rom screen to checkout. The result is a powerful closed-loop media system that can rival Amazon鈥檚 Fire TV ecosystem. The retailer鈥檚 timing couldn鈥檛 be better: We expect retail media CTV ad spending to surge 47.4% this year to $4.84 billion, and to more than double to $10.72 billion by 2029.

Currys expands retail media network into stores: The electronics retailer is betting that its unique access to 80% of UK households and extensive network of digital screens will appeal to advertisers.

The National Retail Federation (NRF)鈥檚 Big Show is happening in New York City this weekend, and will offer an opportunity for retail media networks (RMNs) to pitch themselves to advertisers. Even though retail media is huge鈥攅xceeding $62 billion in US ad spend this year per our forecast, most of those ad dollars will go to the biggest RMNs. The remaining players are vying over the same $8.58 billion that isn't scooped up by Amazon, Walmart, or Target.

In the increasingly crowded retail media space, hiring could be one strategy for networks to differentiate themselves from competitors.

Retailers are forging closer relationships with creators. Retail media networks (RMNs) have partnered with creator networks and social platforms to satisfy advertiser demands for incrementality and stay relevant as shopping becomes more social.

Consumers typically buy consumer packaged goods (CPG) more frequently and often in-store, making those purchases different from general merchandise. Nonetheless, ad-buying on retail media networks (RMNs) is somewhat more established with more sophisticated options for CPG than for general merchandise because retail media has been a staple of CPG ad-buying for longer. That means CPG ad-buying habits could be a model for future trends in retail media.

Even an influx of new retail media networks (RMNs) will not chip away at the share of ad spending allocated to the top two powerhouses.

Walmart鈥檚 acquisition of Vizio was partially motivated by the desire to make its retail media network (RMN) more attractive to big advertisers like Ford. 鈥淲e鈥檒l probably never sell an F-150 pickup truck on our website, but we can certainly advertise it through our streaming channels,鈥� CFO John David Rainey said in June.

DoorDash is strengthening its media network through new ad products and the acquisition of tech company Symbiosys, aiming to help brands reach consumers both on and off its platform.

Two-thirds of US retail media buyers expect to spend more on video advertising over the next 12 months, according to March 2025 data from Koddi. Nearly as many (63%) will up their investments in social media.

Last November, our analysts made some predictions about how the retail category would fare in 2025. Now that we鈥檙e halfway through the year, it鈥檚 time to check back in on what has (or hasn鈥檛) happened. "We're seeing many of our predicted trends playing out, though not always in the ways we anticipated," said our analyst Suzy Davidkhanian on a recent episode of the "Behind the Numbers" podcast. "The retail landscape is evolving rapidly, with some developments accelerating faster than expected while others face unexpected headwinds."

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.

As advertisers navigate Google鈥檚 recent search changes that favor its emerging AI models, retail media strategies could offer them heightened visibility and control.

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."

Retail media has swallowed up the shopper and trade marketing budgets of CPG brands. Incrementality is the top KPI for RMN advertisers, but it鈥檚 not the only one.

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.

The news: Dick鈥檚 Sporting Goods鈥� retail media arm, Dick鈥檚 Media, is partnering with Roku to bring its shopper data to connected TV, per Adweek. Our take: Dick鈥檚 sees retail media as a long-term growth engine, and its partnership with Roku should enhance its ability to compete with larger players by combining rich loyalty data with precise streaming insights. While Dick鈥檚 Media already offered brands a robust mix of in-store and digital ad opportunities, the expanded Roku partnership enables more targeted, measurable, and high-impact campaigns鈥攅specially as connected TV becomes a core pillar in the modern advertising mix.

Walmart and Target reported their Q3 earnings last week. Despite varying retail success, both reported strong growth in their retail media networks鈥擶almart Connect鈥檚 US business grew 26% while Roundel鈥檚 growth was in the mid-teens, per CEO Brian Cornell.

Dollar General Media Network (DGMN) has partnered with experiential retail media platform Recess on a sampling program that reaches consumers outside of the store, in their communities.