- 1
Commerce media turns a retailer’s touchpoints with shoppers into media that brands pay to use.
- 2
In Latin America, retail media spending is growing at double digits and is projected to triple between 2024 and 2029.
- 3
Success is defined not by the screen or the platform but by data quality and the ability to prove results to the advertiser.
From the shelf to the media network
For years, a retailer’s space was sold by the meter: end caps, displays and trade negotiations with brands. Commerce media changes the unit of sale. The retailer offers identified audiences, purchase moments and results measurement on its own channels (website, app, in-store screens, loyalty program) and beyond them.
The opportunity is not exclusive to the large players: it belongs to whoever has a direct relationship with the shopper.
McKinsey estimated that US retail media network spending could reach USD 100 billion in 2026 and that these networks operate at margins of 50% to 70% (McKinsey). For a retailer living on single-digit margins, that contrast explains why the topic reached boardrooms.
What changes in Latin America
eMarketer projects that retail media spending in Latin America will triple between 2024 and 2029, to USD 6.02 billion (eMarketer), with sustained double-digit growth in Brazil and Mexico (eMarketer). The regional market remains concentrated in a few e-commerce platforms, but brand demand is broader: they want to reach shoppers close to the decision and know what return they get.
That is the new look. The opportunity is not exclusive to the large players. A regional supermarket chain, a family compensation fund with a benefits program or a distributor serving thousands of shopkeepers have something brands value: a direct relationship with shoppers in territories where the large platforms have less presence.
The conditions to capture the value
In our work with retailers and loyalty programs in the region, commerce media conversations usually start with technology: which screens to install, which platform to hire. Experience shows the order is different. Data first: how many purchases are linked to an identified customer? How reliable is the product classification? Then the offer: which audiences, formats and measurement are sold to the advertiser. Technology comes last.
- Identified, consented data, ideally through a loyalty program that gives customers a reason to identify themselves.
- Measurement the advertiser can verify: incremental sales against a control group, not just impressions.
- Governance between the commercial and media teams, so the media network does not compete with traditional trade negotiations with brands.
- Sufficient scale, owned or through alliances with other retailers, so a brand finds value in buying the inventory.
What can leaders do?
- Treat commerce media as a business, with its own P&L, targets and owner.
- Start with advertisers who are already partners and design the first measurable pilots with them.
- Invest in data and measurement first, and in screens and platforms afterwards.
- Protect the shopper experience: a relevant message at the moment of purchase adds value; saturation takes it away.
Sources
Practice article Commerce Media and Retail Media Networks.
