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The news: China is outpacing the US in retail media鈥檚 global rise, with nearly half of its digital ad spending now flowing through retail platforms. While Amazon still leads globally, its growth is slowing鈥攅xpected to rise just 18.6% in 2025. Meanwhile, players like Uber Eats, Meijer, and Albertsons are growing ad revenues at triple-digit rates. Our take: Retail media is becoming more fragmented and competitive. Success now requires portfolio diversification, especially as new channels鈥攍ike last-mile delivery and in-store signage鈥攇ain momentum. What began as an Amazon-centric, US-led trend is now a worldwide shift reshaping how consumers discover, consider, and buy.

Ad revenues per gross merchandise volume (GMV) rose across all countries, with Argentina narrowing the gap with Brazil and Mexico. Advertising鈥檚 share of GMV was 2.6% in Q2, up from 2.4% in Q1, based on our estimates. Mercado Libre expects that share to accelerate in Q3, and we project its retail media arm will capture 6.9% of digital ad spending in Latin America this year, up from 5.1% in 2024.

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Trump鈥檚 April tariff announcement prompted Shein and Temu to slash their US digital ad spending and divert resources to European expansion. TikTok, meanwhile, accelerated plans to launch TikTok Shop in Mexico and Brazil. But while their US prospects have dimmed, China鈥檚 ecommerce players will continue to significantly outpace the 5% growth rate for overall US ecommerce in 2025.

But its dominance in digital spending is decreasing, peaking at 71.4% in 2018 and falling to 62.9% in 2025. This is due in part to Amazon鈥檚 increasing share, but domestic publishers are also claiming a greater piece of digital as advertisers see the value of supporting the country鈥檚 media ecosystem.