Latin America Marketing and Retail Media Trends Survey 2023

How 18 Retail Media Networks Stack Up Among Ad Buyers in Latin America

Retail media is quickly becoming an integral part of ad buyers’ digital advertising strategies in Latin America. Our first-ever regional survey delves into retail media’s emerging role as a leading marketing touchpoint and advertising destination, the key players in Latin America, and how the regional landscape will evolve over the next 12 months.

Key Question: What impact will retail media have on ad buyers’ paid media mixes in Latin America?

KEY STAT: More than half of ad buyers in Latin America said they will use retail media networks to place digital ads in the next 12 months. Mercado Libre and Amazon stand to benefit the most thanks to their robust advertising solutions and greater brand awareness among regional ad buyers.

Executive Summary

As the need to prioritize revenue-generating activities intensifies, retail media is quickly becoming a force to reckon with in Latin America’s advertising ecosystem.

  • Social rules, but retail media's influence is rising in Latin America. The latter now competes with social media and traditional search engines for attention among advertisers. Positive results from previous retail media campaigns may drive increased spending over the next 12 months.
  • Mercado Libre and Amazon are fueling retail media’s fire. In our survey, Amazon had the greatest brand recognition, but Mercado Libre was favored most by ad buyers. Local players like Magazine Luiza and Americanas S.A. are gaining ground in Brazil, while Rappi competes with Mercado Libre and Amazon in Colombia. New players will emerge, but Mercado Libre remains well positioned to lead the region’s retail media market.
  • Ad buyers in Latin America value traffic quality over quantity. They rated traffic quality as the most important factor when deciding which retail media networks (RMNs) to use. Return on ad spend (ROAS) followed closely since advertisers prioritize ROI during times of economic uncertainty. Variety of ad formats ranked lowest in importance, but RMNs must continuously innovate to get ahead in Latin America’s increasingly competitive retail media space.
  • Latin America's political economy poses significant challenges for advertisers. High inflation and stagnant economic growth were major concerns among respondents, especially in Argentina. In addition, political instability and rising unemployment are affecting consumer confidence and quality of life. The region’s dynamism demands adaptability; advertisers must closely monitor market developments and adjust strategies quickly.

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Table of Contents

  1. Executive Summary
  2. Social still dominates, but retail media will emerge as a key ad channel.
  3. Mercado Libre and Amazon dominate the retail media space regionally, but others are making inroads locally.
  1. Advertisers in Latin America prioritize performance over capabilities for retail media networks.
  2. Latin America’s political economy will weigh heavily on advertisers.
  3. About the Survey
  1. Listen Next
  2. Sources
  3. Media Gallery

Charts in This Report

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First Published on Aug 11, 2023


Matteo Ceurvels


Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Paola Flores-Marquez
Researcher, Latin America & Spain
Na Li
Director, Primary Research
Andrew Lipsman
Principal Analyst, Retail & Ecommerce
Jennifer Pearson
VP, Research