商业媒体网络的演变：驾驭广告新时代

Advertising isthe industrythat won’t sit still. Over the past three decades, the industry hasmorphed again and again. Brands once reached people primarily through mass media like TV,print, and radio, gaining precious few consumer insights. The internet changed all that withtargeted and interactive campaigns online. More recently,retail media networks(RMNs) helpedretailers enter the media business. Leveraging shopper and transaction data, RMNs help brandsreach prospective customers through their websites, apps, and even off-site channels.Commerce media networks(CMNs) are the latest shift poised for tremendous growth. CMNs areadvertising ecosystems that have expanded beyond retail. For industries as varied as financialservices, travel, and even healthcare, CMNs integrate ads directly into the customer experienceacross multiple online and offline channels. Many CMNs use first-party data from transactions,customer behaviors, and loyalty programs to deliver targeted ads, boosting relevance and sales.CMNs are also experiencing extraordinary growth, with a CAGR from 2023 to 2027 expected tobe more than 21 percent, outpacing display, connected television, and even search.1Based onour triangulated market forecast, we project that by 2027, the US commerce media market willreach more than $100 billion (Exhibit 1).To gain deeper insights into this dynamic market, we surveyed 150 advertisers with decision-making roles at brands and agencies of all sizes across more than ten industries in the UnitedStates. We asked questions to assess commerce media penetration, budget trends, operations,and the most important factors driving the decision to use CMNs. In addition to the survey, ouranalysis draws from conversations we’ve had with people at nearly 100 companies, with abouthalf from advertisers on the demand side and half from CMNs on the supply side.Our research shows that commerce media continues shifting beyond consumer packaged goods(CPG) into other advertiser categories, and that innovation is spurring competition. Nearly half ofadvertisers plan to increase their spending in commerce media in areas beyond retail media.They are also diversifying their strategies by focusing more on performance, off-site audiences,and new ad products.In this article, we dive into our survey results to explore the increasingly complex CMNlandscape. We then suggest a multipronged approach for CMNs to meet buyer demand. Thisincludes delivering comprehensive offerings such as product innovation, ad placement,partnerships, self-service options, and operational tools such as yield management and AI.The growth of commerce mediaCMNs have gained momentum in recent years as a key source of new revenue and consumerengagement. According to market research company eMarketer, commerce media has alreadysurpassed connected TV in ad spending and is quickly approaching spending levels fortraditional TV.2Media networks provide access to rich audience insights and privacy-safetargeting opportunities unavailable through traditional media.1According to eMarketer, the CAGR from 2023 to 2027 for commerce media is 21 percent. In comparison, the CAGR during thatsame time period is 15 percent for connected TV and 10 percent for search ads, while display advertising is expected to shrink by5 percent.2Paul Verna, “Retail media ad spending is on track to surpass TV,” eMarketer, February 22, 2023.The evolution of commerce media: Navigating a new era in advertising Exhibit1As a result, budgets allocated to CMNs are large and continue to grow. Fifty-five percent of oursurvey respondents say they will increase their overall CMN budget in the next 12 months(Exhibit 2).They’ll do so primarily by reallocating their ad spend, with 21 percent shifting their budget fromsocial media, 18 percent from digital display, and 17 percent from search ads (Exhibit 3).According to Nielsen, 54 percent of marketers plan to reduce total ad spend in 2025, while 74percent of marketers say they want retail media networks to play a bigger role in their overallmedia strategies.3“The NewFronts tariff budget shuffle” AdExchanger, May 8, 2025. 3The evolution of commerce media: Navigating a new era in advertising3 Exhibit2Exhibit 3 The evolution of commerce media: Navigating a new era in advertising As media networks have proliferated, the market has become increasingly competitive. Asmentioned earlier, nonretail companies are launching media networks as part of a broader trendto expand revenue streams, unlock more value from customer data, and build more directrelationships with advertisers. While established RMNs like Amazon Ads, Walmart Connect, andKroger Precision Marketing have been around for over five years, newer players from nonretailsectors are beginning to make their mark. For example, in recent years, several new CMNs havebeen launched by companies such as Uber (with UberMedia), United Airlines (with KinectiveMedia by United Airlines), DoorDash (with DoorDash Marketing), and PayPal