Key Insights
Retail Media Is Hitting a Ceiling. Commerce Media Might Be the Way Through.
Retail media networks have grown incredibly fast… but many are now running into the same wall
You can only monetize your own shelf for so long.
That’s why I sat down with Danilo Tauro (ex-P&G, Amazon Ads, Uber Eats Ads; now at Cardigraphy AI) to break down where the next wave of growth will actually come from — and the real differences between Retail Media Networks (RMNs) and Commerce Media Networks (CMNs).
Here are a few insights that stayed with me:
1. RMNs are a profitable subset of CMNs — but not the whole story.
Retail media works because it’s anchored in a marketplace: high intent, auctions, and measurable outcomes.
Commerce media is broader — travel, hospitality, delivery, marketplaces without a “digital shelf” — and differentiation comes from creating new commerce-native experiences, not just repackaging banner ads.
2. ROAS is one of the most misleading metrics in this space.
You can “win” at ROAS while destroying incrementality and margin:
• Over-retargeting
• Overspending on branded keywords
• Discount-driven revenue
RMNs need a balance of efficiency (ROAS) and effectiveness (incrementality, LTV, new demand).
3. Growth after the first plateau requires going beyond your own site/app.
Once merchant penetration and on-site inventory max out, the next chapter looks like:
• Off-site + CTV
• Influencer/creator commerce
• Sponsorships (on-site and real-world)
• Data products that help brands activate insights across contexts
4. Data clean rooms → data partnerships, not data sales.
The real power is combining first-party data sets (retailer + brand + partner) into privacy-safe insights and activations.
This unlocks value far beyond classic “audience segments.”
5. Build the differentiation. Partner for the rest.
Danilo’s rule: optionality is a strategy.
Build what only you can uniquely own.
Partner where specialists will always move faster (measurement, clean rooms, creative tech, off-site pipes).