Pioneers Tell All: Defining the Leaders of the Next Phase of Commerce Media

At SMG, we have been building commerce media networks for more than 18 years. That has given us a deep understanding of what it takes to build retail media within a retailer, balancing commercial objectives with retailer priorities, brand expectations, and increasingly sophisticated technology.

We do not simply build technology or advise from the sidelines. We work closely with our partners to create commerce media networks that are commercially successful and built to last. As the industry enters its next phase of growth, there are four areas that will define the networks that lead.

1. The audience is changing

Historically, commerce media networks have primarily served endemic brands. Today, demand is growing from non-endemic brands and media agencies, both of which expect a different experience.

These audiences are used to operating in the wider digital media landscape. They expect programmatic capability, access to retailer first-party data, stronger measurement, and simpler ways to buy. Networks will need to evolve to meet these expectations if they want to unlock the next wave of investment.

2. More inventory is not the answer

The next phase of growth is not simply about adding more inventory or launching another format. It is about transforming how commerce media is bought and operated.

As more advertisers enter the space, networks must make it easier to buy, easier to optimize, and easier to scale. The opportunity is not just to create more touchpoints, but to build an operating model that makes those touchpoints more accessible and effective.

3. Simplification will unlock growth

Commerce media is becoming increasingly complex for retailers and advertisers alike. Removing that complexity will be one of the industry’s biggest opportunities.

Networks that streamline their processes, create more flexible buying routes, and make measurement easier to understand will be better placed to attract new investment. Simplification is not about reducing ambition. It is about making the full value of commerce media easier for more advertisers to access.

4. The leaders will be the quickest to adapt

The next 12 to 18 months will be a major inflection point for commerce media. The networks that succeed will not necessarily be those with the most inventory. They will be the ones that are easiest to work with, simplest to buy from, and quickest to adapt.

For commerce media leaders, the advice is clear: challenge the model you have built. Lean into change, experiment, and build around what advertisers need today, rather than how the industry has operated in the past.