Commerce media is firmly in the growth phase, with 58% of networks operating at a mid-market level and 28% demonstrating mature capabilities. However, structural sophistication is still consolidating.
So finds SMG’s the newly launched Commerce Media Network (CMN) Maturity Index, a comprehensive new framework designed to better assess, benchmark and accelerate the development of the complex web of retail and commerce media networks globally.
Despite rapid growth, commerce media has lacked a consistent framework for assessing network sophistication, says SMG. As investment accelerates and more retailers launch or expand media propositions, the challenge is shifting from whether to build a commerce media network to how to build one that stands out.
The CMN Maturity Index evaluates networks across three core dimensions:
- What: The strength of a network’s proposition, including capabilities, media channels, inventory, and data assets.
- How: The value delivered to advertisers, including service levels, orchestration, strategic partnership, creative capability, transparency, and trust.
- Central: The organisational maturity underpinning the network, including how well integrated the CMN is within the broader business and the reputation and credibility it has built within the industry.
Together, these dimensions provide one of the most detailed and forward-looking assessments of commerce media maturity currently available.
Early findings
Early findings from the data show that commerce media is still finding its way, but that those CMNS that are considered mature show consistent performance across all Index dimensions, signalling that long-term advantage comes from integrated capability rather than isolated strengths.
The initial data shows too that performance varies significantly within this tier, with many networks approaching mature sophistication. Notably, 40% of mid-market CMNs match or outperform mature players on many elements of the ‘How’ dimension, proving credible execution and advertiser engagement.
Strength in the ‘What’ dimension, including a network’s capabilities, media channels, and data offerings, most strongly correlates with overall maturity, underscoring the importance of evolving to a more balanced and well-rounded differentiated proposition.
While audience and first-party data are now foundational strengths across most networks, says SMG, competitive edge will increasingly come from offsite orchestration, in-store automation, creative effectiveness, and AI-enabled insight activation.
Addressing a critical industry need
According to SMG, the CMN Maturity Index enables commerce media networks to:
- Benchmark against industry standards and global best practices.
- Identify priority capability gaps.
- Plan strategic roadmaps and future investments.
- Develop clearer propositions and market positioning.
Importantly, the Index should be viewed as a strategic development tool, rather than a one-size-fits-all scorecard. It recognises that no network needs to excel across every capability. Instead, it helps organisations prioritise investment based on their unique value proposition and long-term strategy.
Ollie Shayer, Global Strategy & Innovation Lead at SMG, says: “Commerce media is moving from rapid expansion into strategic consolidation. The question is no longer who has a network, but who has built one that is structurally equipped to lead. The Commerce Media Network Maturity Index brings clarity to that market shift. It is not a one-size-fits-all scorecard but instead helps organisations identify where they can create genuine competitive advantage and where focused investment will unlock sustainable growth.”
