As retail media networks (RMNs) surge in popularity, transforming how brands leverage shopper data to drive sales at the point of purchase, questions about true performance measurement persist. Nili Klenoff, Executive Vice President of Commerce Media and Innovation at Mastercard, asserts that advertisers demand more than projections—they need verifiable results that prove incremental impact.
In a recent analysis, Klenoff highlighted the explosive growth of RMNs, with ad spending projected to near $100 billion by 2028. Brands are drawn to these networks for access to valuable first-party data and proximity to purchase decisions. However, many advertisers remain frustrated by inconsistent measurement standards across platforms, making it difficult to confirm whether investments truly boost sales or merely capture inevitable purchases.
Forrester Research, commissioned by Mastercard, underscores improving return on ad spend (ROAS) as the top priority for marketers. This need is heightened by the reality that 83.7% of U.S. retail sales still occur in physical stores, where traditional digital metrics often fall short.
“The industry has relied on proxies like clicks, impressions, or last-touch attribution—suggesting correlation but not proving causation,” Klenoff explained. “What’s missing is a direct link from ad exposure to actual transactions, both online and in-store.”
To address this gap, Mastercard launched its Mastercard Commerce Media network, extending beyond retail to encompass broader commerce ecosystems. Leveraging insights from approximately 160 billion transactions processed in 2024 and reaching 500 million enrolled consumers, the platform enables true attribution and incrementality measurement through proprietary card-linking technology.
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Klenoff outlined three core principles shaping the future of intelligent commerce media:
Actionable Data: Moving beyond outdated tools like cookies, Mastercard Commerce Media uses anonymized, aggregated, and consumer-consented transaction data to align content with advertiser goals—such as re-engaging lapsed customers or acquiring new ones. Early adopters have achieved proven ROAS of up to 22X across categories, including retail, travel, dining, and more.
Personalized Scale: Massive reach across industries, geographies, and payment types gains power through precision. Campaigns deploy in trusted, engaged environments like banking apps, airline portals, and retailer programs, ensuring brand-safe delivery and deeper engagement for publishers while providing advertisers with clear performance clarity and consumers with relevant rewards.
Trustworthy Measurement: Tired of opaque metrics, the industry craves transparency. Mastercard Commerce Media connects exposure directly to completed transactions—online and offline—proving incrementality and delivering accountability that elevates customer lifetime value and lowers acquisition costs.
Klenoff emphasized the shift toward intermediaries in commerce media, with eMarketer forecasting 27.2% growth in intermediary ad spend in 2025—outpacing retail media (18%) and overall commerce media (19.5%). Unlike single-retailer RMNs limited to their ecosystems, Mastercard Commerce Media spans banks, airlines, merchants, and publishers for cross-industry consistency and superior incrementality proof.
“Businesses are rethinking their bets to future-proof marketing,” Klenoff stated. “Full-scale commerce media, built on trusted data and closed-loop insights, positions brands on the right side of the balance sheet—delivering measurable value for advertisers, publishers, and consumers alike.”
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