2026年品牌商务现状：零售媒体问责时代的增长重构

NEW RESEARCH The Stateof BrandCommerce in2026 Insights from over 1,000 brands on retail media economics,performance pressure, and operating model maturity The Accountability Era of Retail Media. How Cost Pressure, Measurement Maturity, and System ArchitectureAre Redefining Competitive Growth in 2026 In many respects, 2025 appeared resilient. Onlinesales advanced. Retail media budgets expanded. AI-powered tools and new advertising formats gainedtraction. Investment remained steady. The2026 Brand Surveyidentifies threedefining shifts shaping the next phase ofretail media and commerce: Yetbeneath those indicators,the mechanicsofgrowth shifted.Monetization became moredifficult. Retail media grew more expensive toscale. Performance became harder to forecast withconfidence.Momentum softened and requiredgreater discipline to sustain. Retail media has entered anaccountability era Measurement maturity has become astrategic advantage AI delivers measurable returns onlywhere data foundations are robust This year’s Brand Survey captures an industryentering a new phase defined by accountability.Cost pressure was nearly universal, CPC inflationspread across categories. As margins compressed,scrutinyintensified. The findings that follow examine how leading brandsare re-architecting performance from the inside out.Advertising, pricing, inventory, and audience strategyare now interdependent variables. When aligned,they create stability and compound growth. Whensiloed, they magnify cost and unpredictability. The impact, however, has not been evenly distributed. The data reveals a widening performance gap.Somebrands report increasing confidence inincrementality, capital allocation, and cross-channelcoordination. Others describe mounting volatilityand rising scrutiny over performance returns. Thedifferentiator is not how much they spend, but howtheir operating model is structured. The environment has not contracted. It has tightened.Growth remains available, but it now belongs toorganizations that operate with discipline, alignment,and validated impact. Retail media is no longer a peripheral growth lever.It now sits at the center of commercial performance.And central systems require coordination. This report explores how brands are responding:recalibrating channel mix, absorbing cost pressure,structuring full-funnel activation, and strengtheningmeasurementframeworks to build durablecompetitive advantage in a market where precisionis a prerequisite. Dani Nadel President and Chief Operating Officer,Feedvisor Table of Contents Current Market Reality: Growth UnderPressure6 The Amazon Effect: Scale, Dependence,Risk10 Retail Media in a Constrained System15 Expanding the Battlefield20 The Measurement Reckoning26 The New OperatingModel and Agentic Future29 2026 Brand Snapshot The Advertising Reality Shift FULL FUNNEL: Lower Funnel Has Limits. Demand Creation is Back in2026 shift dollars offAmazon primarilyto acquire newcustomers36.7% 61.5% 70.4% 63.7% of brands expect retailmedia networks toevolve into full-funnelplatforms by 2026 of brandsare runningupper-funnelcampaigns expect incrementalbudget to flow toAmazon DSP andPrime Video COSTS: Growth is Up and Margin is Tight Budgets are increasing, but so is cost pressure.Advertising is becoming infrastructure required to defend visibility: 74.8% expectAmazon advertisingbudgets to increase 46.2% sawAmazon CPCsrise 1-10% YoY 75.8% expectoverall retailmedia budgetsto increase 31.5% saw CPCsrise more than10% YoY Meanwhile: Nearly 70% operate within a 10-20% TACoS range Implication:Retail media remains the primary growth engine, but rising CPCs and normalized TACoSlevels are compressing margin. Scale without efficiency erodes profit. BRANDS AND AI: AI is No Longer an Experiment; It’s Infrastructure. AI has moved beyond testing and into core advertising operations, and is rapidly becoming a discoveryinterface. 47.6% plan to prioritize AI-drivenoptimization for 2026 50.3% use AI foraudience building 44.8% use AIfor forecasting 52.4% expect 11-25% of product discoverytraffic to come from AI-driven interfaces 67.6% believe AI assistants will havethe greatest impact on their business © F E E DV I S O RImplication:AI is reshaping both performance optimization and how shoppers find products.Brands embedding AI into workflows today will compound advantage tomorrow. Current MarketReality: GrowthUnder Pressure Current Market Reality: Growth Under Pressure Why Retail Media Feels Harder in2026 The Macro Backdrop: Retail Growthis Flattening While retail e-commerce continues to grow inabsolute terms, beneath the surface of headlinefigures lies a more complicated reality: growththat feels slower, margins that are tighter, and aretail media landscape that is both necessary andincreasingly competitive. The broader U.S. retail context underscores thistension. According to recently released censusdata, overall U.S. retail sales growth in 2025 was amodest