Commerce media isn’t a channel any more – it’s how media works

The episode opens with a statement that feels deliberately destabilizing.

“All media is retail media and all retail media is media,” says Sean Crawford, managing director, North America at SMG. “As long as a media touchpoint links back to a point of purchase – whether e-commerce or a physical store – it can be classed as retail media.”

The retail media origin story

Retail media networks didn’t win by inventing new formats. They won by solving attribution.

“There is not a disconnect any more,” says Cara Pratt, president of global retail and media at Circana. “There is one connected, cohesive, intelligent ecosystem that is fueling discovery, conversion and purchase.”

That logic now shapes expectations everywhere.

For Chris Riedy, chief revenue officer at Ibotta, the implication is simple: “I want somebody to tell me – did this work? Did it meet my objective or not?”

Intent over impressions

Episode one repeatedly returns to the idea that intent is now the most valuable signal in media.

“We’re seeing social commerce, creators and platforms start to collide,” Pratt adds, pointing to TikTok Shop’s growing influence on US e-commerce. “We estimate TikTok Shop is already influencing around 1% of total retail and 3% of e-commerce.”

That data doesn’t stay at the bottom of the funnel for long.

The convergence point

As commerce logic spreads upstream, the old distinction between brand and performance begins to fracture.

“The brand-versus-performance conversation is still relevant,” says Taylor Stewart, global head of retail media, TripleLift. “But what’s really important is [to] have a strong high-level vision across both since you aren’t going to see one or the other be successful if they operate in their own tunnel.”

Episode one makes the case that media didn’t suddenly become commercial. It always was. It’s just finally being measured like it matters.

Stay tuned for episode two, launching next week, as we explore the channel collapse.

Commerce media is moving fast. The Drum Awards for Commerce Media are here to recognize the work keeping pace – and setting the standard. Join us in Miami in April as part of The Drum’s year-round Commerce Media program. Learn more and enter.