Ideas on commerce media
What we learn helping build commerce media businesses in LatAm.
The commerce media gap in LatAm: 0.5% vs 8%
Global leaders monetize between 5% and 8% of their media revenue. Most commerce in LatAm, less than 0.5%. That gap is the business.
Incrementality, not vanity: why we measure differently
A 16x ROAS includes sales the brand would have made anyway. Incrementality measures only those that wouldn't have happened without the ad.
Retail media is no longer just for retailers
Banks, telcos and super apps hold intent data more insightful than retail. Any platform with its own audience can sell that space.
Build in-house, buy software, or build with a partner
24+ months and scarce talent to build in-house. Software without team or playbook. Or platform + operators + playbook in production.
Retail media networks in LatAm: the opportunity that's no longer just retail
Retail media networks moved over US$140 billion globally in 2025. In LatAm the market is barely taking off, but the infrastructure, the data and the brands are already here. This is what's coming.