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Global retail media ad market nears $200bn but its gold-rush era wanes as search gives way to display

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WARC

WARC releases The Future of Commerce Media 2025 examining trends, advertising investment and the impact of AI on retail media

4 November 2025 – The global retail media market retains significant momentum, with ad investment projected to surpass $200bn by 2027, per WARC Media. However, underlying this growth is an evolving industry. As brands consolidate their ad spend across fewer retail media networks and sponsored search growth slows, retailers must reinvent themselves as ‘full-funnel’ platforms offering granular display and off-site solutions, whilst preparing for the impacts of agentic commerce and AI.

Alex Brownsell, Head of Content, WARC Media, says: “Retail media has evolved from a US and China-driven trend into a global phenomenon, with European spend now growing at double the rate of the broader digital advertising market. As the sector expands beyond traditional sponsored search into visual display, audio, social, and television partnerships, it has never been more important for advertisers to have clarity on the scale and the suitability of the commerce media opportunity.”

The Future of Commerce Media 2025 examines key trends, ad investment and the impact of AI that will drive the future of retail media

Retail Media ad market nears $200bn

According to the latest WARC Media forecast, worldwide investment with retail media networks (RMNs) is set to reach $174.9bn this year, up 13.7% year-on-year, before rising a further 12.4% in 2026 to reach $196.7bn, representing 16% of all ad spend.

However, topline growth rates are steadily slowing towards single-digit levels – from 38.6% in 2021 to a forecast growth rate of 11.6% in 2027.

James McDonald, Director of Data, Intelligence & Forecasting, WARC, says: “Retail media is rapidly evolving from a lower-funnel, search-dominated channel into a full-funnel proposition. Display advertising currently represents less than 30% of total on-site retail media spend, however, this balance is poised to shift as retail media becomes more integrated with brand digital budgets. Much may depend on the adoption of agentic AI, which threatens the high human traffic volumes that have monetised the retail media networks to date.”

A closer look at the retail media ad spend shows that:

Retail media ad investment is forecast to overtake combined linear and connected TV spend in 2026.
Spending growth from endemic brands (i.e. advertised products which are sold directly by a retailer) is decelerating.
Retail media ad spend for technology and electronics brands, the largest category, is forecast to reach $32.2bn globally in 2026, up 15.4% year-on-year.
Future growth is likely to come from display and off-site. In the first half of 2025, UK advertiser investment with display retail media increased 41.6% year-on-year, compared to a 35.6% rise in search retail media ad spend.
Quick-commerce (q-commerce) is a key area of expansion, especially in Asian markets. Instacart, Uber, Delivery Hero and DoorDash each boast annual ad businesses worth more than $1bn.
Scale will be a major determinant of retail media networks (RMN) viability in a decelerating market, as brands become more discerning about where to place commerce media investments.
Tariff concerns boosted retail media spend in H1 2025, particularly in Europe, as brands pulled budgets forward in fear of disruptions.

Commerce media is emerging as a full-funnel proposition

Commerce media is emerging as a full-funnel solution, with more ad formats and channels to complement granular first-party data. A recent survey by ad-tech company Infillion found that two in five (40%) of agency-side executives who buy retail media see it as a full-funnel solution, and another 7% agreed it is an upper-funnel opportunity.

But new strategies and definitions of success will be needed to help this channel escape from a tight focus on narrow, lower-funnel conversion and from relying on siloed metrics like ROAS.

There are a growing number of retail media channels and ad formats that can support truly full-funnel strategies. CTV, off-site, digital out-of-home, and in-store advertising can enable brands to execute full-funnel strategies that bridge digital and physical shopping experiences.

Best practices from other channels, especially around the need to use more media options and run longer campaigns, also apply to retail media.

Amazon aspires to dominate open web advertising

Amazon, the world’s largest commerce media seller, continues to dominate the commerce media landscape, maintaining 15% year-on-year growth, per WARC Media, through its full-funnel expansion and strategic demand-side-platform (DSP) partnerships.

Inventory partners now include Roku, enabling advertisers to reach an estimated 80m US connected TV households, and big hitters like Disney, Netflix, Spotify and Microsoft. Amazon claims its ad-supported monthly reach in the US has tipped over 300 million, while eight in 10 UK households can be reached with Amazon DSP.

Research by Skai found that more than 20% of all ad investment with Amazon is now allocated to its demand-side-platform (DSP) – double the share recorded two years ago – as advertisers look for greater efficiency.

Agentic AI commerce arrives

Agentic AI commerce – shopping powered by AI agents – is generating significant hype as the future of online shopping. The total addressable market for agentic commerce has an estimated value of $136bn in 2025 and has been forecast to grow to hit a potential $1.7trn by 2030, according to Edgar, Dunn & Company.

Test-and-learn strategies could be useful, but it will be essential to meet real consumer needs, not just develop new tech tools with no strategic purpose. The lessons of adapting to past innovations can be put to good use in thinking about how, when and where to potentially deploy agentic commerce

When using agentic tools, it is important to view results in a holistic way. Narrow metrics are not reliable success indicators. Whilst it could be tempting to over-credit AI tools for sales, many inputs, from brand equity to emotion-led creative and seasonality, also have a role.

The Future of Commerce Media 2025 is based on data and insights from WARC and external research. WARC members can read the full report. A deep-dive podcast into the report will follow.

 

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Port Community Systems (PCS) as the crisis backbone: how trade disruption makes digital port infrastructure non-negotiable (By Alioune Ciss)

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Port Community Systems

With PCS, ports can dynamically allocate resources, adjust workflows, and reprioritize cargo flows using real-time data and coordinated processes

DUBAI, United Arab Emirates, May 19, 2026/APO Group/ —By Alioune Ciss, Chief Executive Officer, Webb Fontaine (https://WebbFontaine.com).

When global trade flows normally, Port Community Systems (PCS) are often viewed as efficiency tools. They digitize paperwork, connect stakeholders, reduce delays, and improve visibility across port ecosystems. However, the true impact and strategic importance of PCS become most apparent when a crisis hits.

Whether caused by geopolitical conflict, canal restrictions, rerouted shipping lanes, cyber risk, labor disruption, or sudden regulatory shifts, modern supply chain shocks remind us that ports without strong digital coordination struggle to adapt, whereas ports with robust PCS infrastructure are better positioned to keep cargo moving. In today’s environment, PCS has become a critical infrastructure.

Disruption is not an exception anymore

Global maritime trade has entered a more volatile era where disruption is structural. Let’s review the recent events to understand the scale of impact:

  • Around 2,000 ships were reportedly stranded during the recent Strait of Hormuz (https://apo-opa.co/4dii0lb) crisis.
  • The Red Sea crisis (https://apo-opa.co/4dz5gFA) led to more than 190 attacks on vessels by late 2024, forcing widespread rerouting and increasing transit times by up to two weeks.
  • The Suez-linked corridor (https://apo-opa.co/4dz5gFA), which carries roughly 10–12% of global maritime trade, experienced sharp volume declines during the disruption.
  • Supply chains across the Middle East, Africa, and Europe faced cascading effects, including congestion, cost increases, and schedule instability.

At the same time, the global port industry itself is undergoing rapid transformation. According to the International Association of Ports and Harbors (IAPH), ports are accelerating digitalization and strengthening resilience capabilities in response to geopolitical and operational uncertainty. This is the new reality: routes shift, volumes spike, and conditions change faster than traditional systems can handle.

Why PCS matters most during a crisis

When vessel schedules collapse, or cargo volumes suddenly spike, physical infrastructure alone is not enough. Cranes, berths, gates and yards also need coordination. That is where PCS becomes the backbone of resilience.

A PCS is not just a digital tool; rather, it’s a shared operational layer. It connects shipping lines, terminals, customs, freight forwarders, transport operators, and authorities through a single data environment, enabling synchronized decision-making across the ecosystem.

Instead of exchanges through emails, phone calls, Excel files, or siloed systems that generate delays and errors, the PCS enables seamless and real-time coordination.

1. Real-time visibility across the ecosystem

When vessels are delayed or rerouted, fragmented communication becomes a liability.

PCS enables real-time visibility across:

  • vessel arrivals and berth planning
  • cargo status and documentation
  • customs readiness and inspections
  • gate operations and inland logistics

Instead of fragmented updates, stakeholders operate from a shared, trusted data environment.

When shipping lanes shift overnight, policies change, and when uncertainty increases, the strongest ports are the ones that are the most ‘connected’

In a crisis, the speed of information becomes the speed of recovery.

2. Faster decision-making under pressure

Sudden disruptions create immediate operational stress:

  • surges in transshipment volumes
  • yard congestion risks
  • inspection bottlenecks
  • inland transport delays

Without digital coordination, responses are reactive and slow.

With PCS, ports can dynamically allocate resources, adjust workflows, and reprioritize cargo flows using real-time data and coordinated processes.

3. Customs and border continuity

Cargo cannot move if border agencies cannot move.

According to joint guidance from the World Customs Organization (WCO) and International Association of Ports and Harbors (IAPH), interoperability between Customs systems and PCS is essential for coordinated border management, risk control, and secure data exchange (https://apo-opa.co/3PLcs9P).

In crisis conditions, this becomes critical. Governments must introduce new controls, risk filters, or emergency procedures quickly, without disrupting trade flows. PCS enables this  balance.

4. Trust and transparency for the market

Importers, exporters, and carriers can tolerate disruption more than uncertainty. What they need is visibility.

PCS provides transparency across the supply chain, allowing stakeholders to track cargo status, anticipate delays, and plan accordingly. This transparency builds trust and reduces the systemic risk of panic-driven inefficiencies.

Operational resilience is the key

As we all know, the classic PCS discussions focus on key KPIs such as:

  • reduced turnaround time
  • fewer documents
  • lower administrative cost
  • faster truck processing

But today, the most important KPI is “readiness”: If a major trade corridor shifts tomorrow, can your port ecosystem adapt in real time?

To answer “Yes” to this question, a future-ready PCS should include:

  • real-time event management
  • integrated stakeholder communication
  • predictive congestion alerts
  • interoperability with customs and regulatory systems
  • scalable architecture for demand spikes

“For years, ‘efficiency’ was key when it comes to PCS. However, today, the key is ‘resilience’… When shipping lanes shift overnight, policies change, and when uncertainty increases, the strongest ports are the ones that are the most ‘connected’… Therefore, we should treat PCS as a crisis backbone of trade, not an IT efficiency initiative.
[Alioune Ciss, CEO, Webb Fontaine]

The Next Evolution: Intelligent PCS

PCS is now entering a new phase. Next-generation systems are evolving into data-driven platforms that support predictive analytics, AI-enabled decision-making, and proactive risk management (https://apo-opa.co/4eQ93Rg).

In other words, today, ports need systems that help orchestrate responses. Solutions such as Webb Ports (https://apo-opa.co/42F3gqq) from Webb Fontaine reflect this shift. By connecting all port stakeholders through a unified platform, anticipating congestion before it happens, simulating operational scenarios, and optimizing resource allocation dynamically, we enable faster coordination, better visibility and more agile responses when disruptions occur.

Distributed by APO Group on behalf of Webb Fontaine.

 

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Rand Refinery Joins African Mining Week (AMW) as Silver Sponsor Amid Regional Market Expansion Strategy

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Energy Capital

African Mining Week 2026 will showcase lucrative investment, partnership, and knowledge-exchange opportunities across Africa’s gold downstream sector, as Rand Refinery intensifies its investment and expansion strategy across the continent

CAPE TOWN, South Africa, May 19, 2026/APO Group/ –Amid a strategy to expand from a South Africa-focused refiner into a pan-African downstream leader, Rand Refinery has joined African Mining Week (AMW), an Influential African Mining Conference, scheduled for October 14-16, 2026 in Cape Town, as a silver sponsor.

Rand Refinery’s participation reflects a broader strategic alignment between the company’s expansion agenda and AMW’s focus on supporting and enabling local beneficiation and promoting artisanal and small-scale mining (ASM) responsible sourcing frameworks.

 

In terms of volumes, the latest market information indicates that Africa produces 1000tpa of mined gold (more than any other continent), with large-scale mining (LSM) and ASM being almost evenly balanced (500tpa production each). On its current trajectory, African ASM volumes are expected to eclipse those of LSM.

 

The focus on ASM as a transformational imperative is valid, and Rand Refinery is an active participant in the precious metals supply chain, working alongside other upstream and downstream actors to ensure that the communities and countries with gold resources benefit in a sustainable manner.

 

Under the theme Mining the Future: Unearthing Africa’s Full Mineral Value Chain, AMW 2026 offers a critical interface between refiners, miners, regulators, and financial institutions, as African countries intensify efforts to capture more value from responsible mineral production.

 

A key pillar of Rand Refinery’s 2026 strategy is its expansion into high-growth gold markets beyond South Africa. In January 2026, the company partnered with Ghana’s Gold Coast Refinery (GCR) to support the Ghana Gold Board to locally refine artisanal and small-scale (ASM) gold and elevate responsible sourcing standards in West Africa. The partnership also positions Rand Refinery in a rapidly growing and historically fragmented supply segment: ASM operations, enabling the company to enhance traceability and strengthen compliance with global standards for ethical sourcing and anti-money laundering.

 

The partnership potentially allows the monetization of ASM supply streams in the formal gold ecosystem, complementing Rand Refinery’s established role in refining output from responsible large-scale producers. AMW 2026 represents a timely platform for the company to provide an update on its projects and contribution to Africa’s gold sector.

 

As demand for regional refining capacity expands, along with central bank buying programs, companies such as Rand Refinery will be crucial.

 

Central bank gold purchases are projected to average around 585 tons per quarter in 2026, underscoring sustained global demand. In Africa, gold now accounts for approximately 17% of total reserves – up from less than 10% in 2022–2023 – while physical holdings increased from 663 tons in 2022 to an estimated 738 tons in 2025.

 

This upward trajectory is driving demand for trusted refining and value addition services, positioning Rand Refinery as a key partner in the region. Against this backdrop, AMW provides a strategic platform for central banks and gold buyers to engage directly with one of the world’s largest integrated single-site precious metals refining and smelting complexes and strengthen regional beneficiation and national reserve strategies.

 

At AMW, Rand Refinery executives will participate in panel discussions and networking sessions, engaging stakeholders on partnership opportunities that support a more integrated, transparent and value-driven African gold ecosystem.

Distributed by APO Group on behalf of Energy Capital & Power.

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Applications open for the 2027 Meltwater Entrepreneurial School of Technology (MEST) Africa AI Startup Program

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Meltwater

Join a global community of AI entrepreneurs

ACCRA, Ghana, May 19, 2026/APO Group/ –The Meltwater Entrepreneurial School of Technology (MEST) (https://Meltwater.org), has opened applications for the second edition of the MEST AI Startup Program, a fully-funded, immersive experience designed to equip Africa’s most promising AI entrepreneurs with the technical, business, product, and leadership skills to build and scale globally competitive AI startups.

Over a seven-month training phase, the MEST AI Startup program will provide founders with hands-on instruction, technical mentorship, and business coaching from global experts to develop AI-powered solutions. The top startups will then advance to a four-month incubation period to refine products, sharpen go-to-market strategies, and secure market traction. At the end of incubation, startups have the opportunity to pitch for pre-seed investment of up to $100,000 and join the MEST Portfolio.

We are excited to support the next generation of African AI founders through training delivered by some of the most knowledgeable experts in the industry

The inaugural cohort brought together founders from seven African countries who are already building transformative AI solutions across industries. Building on the momentum of the first edition, the 2027 intake reflects MEST Africa’s continued commitment to ensuring African entrepreneurs play a defining role in the future of artificial intelligence.

According to Emily Fiagbedzi, AI Startup Program Director, the urgency of investing in African AI talent has never been greater.

“AI technology is advancing at an extraordinary pace, and meaningful participation in the global AI economy requires more than access to tools, it requires the ability to build,” she said. “This program is designed to help talented African founders develop solutions to real challenges while positioning them to compete globally. We are excited to support the next generation of African AI founders through training delivered by some of the most knowledgeable experts in the industry from organizations including OpenAI, Perplexity, Google, and Meltwater”

For the 2027 intake, the program is open to African founders based in Ghana, Nigeria, Senegal, and Kenya aged 21–35 with software development experience who want to start their own AI startup.

Apply now at https://apo-opa.co/3ReIQSI

Distributed by APO Group on behalf of The Meltwater Entrepreneurial School of Technology (MEST Africa).

 

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