“Latin America’s commerce media ecosystem is rapidly evolving as nonretail players look to monetize their own first-party data,” said Matteo Ceurvels, EMARKETER’s principal analyst for Latin America. “But unlike in the US, the convergence of retail and financial services in Latin America is giving rise to a distinct multi-industry model, shaping the next evolution of the region’s multibillion-dollar digital advertising market.”

"Advertisers are satisfied with retail media networks (RMNs), but challenges around measurement, attribution, and industry standardization persist," said EMARKETER's Matteo Ceurvels. "Retailers that address these pain points and align with advertisers’ top priorities will position themselves for success as competition for ad dollars intensifies."