India shifts from testbed to ROI growth engine in retail media, says Criteo leadership

New Delhi: India is no longer just a testing ground for retail media; it has become one of the fastest-growing ROI-driven markets in the world. What began as cautious experimentation has turned into large-scale adoption, with brands increasingly relying on retail media not only for performance but also for awareness and full-funnel growth.

In an exclusive conversation with BestMediaInfo, Melanie Zimmermann, General Manager of Global Retail Media, and Medhavi Singh, Country Head, Criteo India, put together the global context and India’s distinctive trajectory. Their combined insights revealed how India has become a serious player in the global retail media ecosystem, reshaping benchmarks and accelerating adoption.

Global acceleration meets Indian momentum

“India is indeed a very rapidly growing market. We’ve seen growth rates above 20% annually. It’s been fuelled by both the growth in digital, with brands increasing their investments, and also national budgets moving into the space. “We’ve seen a high degree of concentration of spend with some of the largest players in the ecosystem,” said Zimmermann.

“It is literally for the first time that the numbers have actually started to stack against the global numbers. Earlier, India’s spending used to be in single digits, which went on to become 10–15%, while the world had already reached 20%. Now we have reached that far with the percentages that exist at the global scale,” Singh explained.

According to GroupM TYNY 2025, retail media has continued to grow at a CAGR of 40% since 2019. In 2025, the share of retail media will be 13.2%. Similarly, according to a Dentsu report, India’s retail media spend is expected to expand by 21.9% this year, outpacing growth in paid search (6.7%) and paid social (8.7%)

For Criteo, this means India is no longer an outlier but a market moving in step with the world. One of India’s most striking characteristics is how retail media has expanded beyond traditional retailers.

“Retail media is the confluence of a lot of it. Historically, it was associated with retailers only, but in India, I see verticals like travel, payments, and others entering retail media. It’s no longer just a channel; it’s integral to every company. Adoption from brands has massively grown in the last three–four years because they see it as a digital point of sale and can now get full-funnel measurement,” Singh explained.

This broad adoption highlighted why India is not merely testing but actively innovating in retail media. Zimmermann also highlighted the Asia-Pacific’s potential. “We’re very excited about the growth that’s happening in APAC. We don’t disclose region-specific numbers, but we clearly see the potential. In India, many players have built their own homegrown solutions, so our entry point is really starting with off-site. Over time, there’s an opportunity to expand partnerships onsite as well,” said Zimmermann.

The shift is clear: India is no longer lagging or experimenting. With retail media spend now stacking up against global levels, quick commerce adoption surging, and AI driving campaign efficiency, India has positioned itself as a true ROI driver for the world’s fastest-growing advertising channel.

What is accelerating retail media in India

The explosive rise of quick commerce has played a catalytic role. In India, Singh underscored how fast the shift has been. “E-commerce has existed in India for a long time, while quick commerce is newer but growing exponentially. Initially, it was seen as just a convenience, but now it’s becoming the norm. All the core e-commerce companies are also launching quicker commerce versions because nobody expected Indians to adopt it this fast.” This appetite for speed and convenience has made India a proving ground for retail media ROI.

Globally, Zimmermann pointed to established benchmarks. “Brands are leaning into the opportunity for retail media, onsite or offsite. In the US, Amazon and others are in the 6–8% range, while others are in the 1–2% range. Some advertisers, particularly third-party sellers, may spend up to 10% of their e-commerce GMV on advertising,” Zimmermann underscored.

Most recently, Criteo, the platform connecting the commerce ecosystem, expanded its partnership with Zepto to boost retail media campaigns. Using Criteo’s Retail Media Offsite platform, Zepto can extend ads beyond its app and website, enabling brands to deliver personalised, full-funnel advertising across the open internet.

Zimmermann also stressed that globally, retail media is expanding beyond performance-driven metrics. “Retail media is a separate channel but also an overlay over other media tactics. It brings the power of more precise targeting and measurement. Studies show both net new budgets flowing into retail media and reallocation from other channels. On-site is very brand safe, high-quality exposure; offsite allows much greater precision.”

Singh added that the same trend is seen in India too: “Brands are no longer viewing it only as performance. Newer brands need awareness as well as ROAS. Retail media can help expand the share of voice in categories, too. The recognition of retail media as a full-funnel solution is happening now, and adoption is growing.”

Singh highlighted the distinctive difference as well when it comes to India and the global market. “Globally, retail media is very traditional retail-heavy, but in India, the first adopters have all been e-commerce and quick commerce giants. That’s the key difference.”

She also added that omnichannel commerce is steadily taking root: “Omnichannel commerce is gaining ground because it connects online and offline. For brands, the idea is to fill the entire user journey. In India, mobile is common across purchases, so omnichannel commerce is growing.”

Singh highlighted that connected TV is another emerging opportunity. “CTV penetration in India is low, but the growth percentage is high. That makes it an interesting space for brands targeting affluent consumers and those just below.”

Criteo bets big on AI

As per Zimmermann, AI is another accelerant. “Applications for AI are broad. With agentic commerce on the rise, advertising logic must evolve with discovery in retail. Automation in bidding tied to advertiser objectives is significant, driving better outcomes. Gen AI is also helping in creative advances, measurement, and insights, making it easier for advertisers to interpret and act on data,” she said.

For India, Singh stressed the openness to AI-driven tools. “In India, adoption of AI is already high; ChatGPT’s largest base is here. India is the second-largest market for ChatGPT. It’s not tough to convince marketers because adoption and understanding exist. The key is whether the AI serves a clear objective, like predictive audiences. Once they test it, they see results. AI amplifies creativity and decision-making; it doesn’t replace human intelligence but enhances it with more data points,” Singh explained.

While concluding, Zimmermann also shared Criteo’s global ambition. “I want us to be known for making things easier for brands and retailers to connect and for enabling the fluidity of retail media dollars at scale. We are a connector in the ecosystem, a platform that helps marketers achieve their objectives.” 

“The key is to provide the right tools so advertisers invest with confidence. Transparency is critical. Without transparency and access, it’s hard to fuel sustainable investment,” Zimmermann added.