Retail Media 2.0: How Walmart and Amazon’s Global Play Forces ASEAN Brands to Rethink Ad Spend

Jessie Escasinas
2 minutes ago
3 min read

Retail Media 2.0: Amazon and Walmart driving ASEAN brands to rethink ad spend.

New Shifts in Retail Media

In mid-September 2025, Amazon announced that it is expanding Multi-Channel Fulfillment (MCF) to support Walmart Marketplace orders. Axios reported that Walmart sellers can now route their Walmart sales through Amazon’s warehouses, while Supply Chain Dive added that the expansion also includes Shopify and Shein orders (Axios, 2025; Supply Chain Dive, 2025). Digital Commerce 360 confirmed that the integration was introduced during Amazon’s Accelerate seller conference and enables merchants to connect Walmart orders to Amazon’s fulfillment network through Seller Central or approved partners (Digital Commerce 360, 2025).

Also in September 2025, the U.S. Federal Trade Commission (FTC) opened an investigation into Amazon and Google’s advertising practices. According to Reuters, the probe focuses on whether advertisers were misled on pricing and auction terms, including whether Amazon adequately disclosed the use of reserve pricing in its ad auctions (Reuters, 2025).

At the same time, Omdia released an outlook projecting that retail media will surpass USD 300 billion globally and capture roughly one-fifth of total ad revenue by 2030. This forecast, published September 4, underscores the accelerating importance of retail media in the global advertising economy (Omdia, 2025; Business Wire, 2025).

What the Amazon–Walmart Change Covers

Coverage indicates that Amazon has opened MCF support for Walmart Marketplace orders. The service gives sellers integration options through Seller Central and approved partners, allowing inventory synchronization and order processing across platforms (Supply Chain Dive, 2025; Digital Commerce 360, 2025). Industry reporting frames it as an expansion of Amazon’s logistics ecosystem beyond its own retail site into direct competitor channels.

While sources focus on the operational aspects, the move suggests a potential ripple effect for advertising. If sellers consolidate logistics through Amazon, the resulting data flows could eventually influence how ad spend is optimized across marketplaces. This remains an interpretation, not a confirmed development.

Why the FTC Probe Matters

Reuters’ September 12 coverage specifies that the FTC inquiry centers on whether Amazon and Google misled advertisers regarding ad pricing and auction structures, with particular attention on reserve pricing in Amazon’s auctions. This regulatory scrutiny adds pressure on large platforms to demonstrate greater transparency in how their ad ecosystems operate (Reuters, 2025).

For ASEAN brands, the probe is a reminder that transparency is becoming a global expectation. Regional platforms like Shopee, Lazada, and Tokopedia may find opportunities to differentiate themselves by offering clearer ad pricing models.

The Scale of Retail Media

In its September 4 analysis, Omdia projected that retail media will exceed USD 300 billion and represent about 20% of global advertising revenue by 2030 (Omdia, 2025; Business Wire, 2025). This forecast positions retail media as one of the fastest-growing segments of the digital ad economy.

For ASEAN executives, this trajectory signals urgency. Early adoption, disciplined measurement, and careful cross-platform planning will be essential to avoid falling behind as retail media consolidates globally.

Strategic Takeaways for ASEAN Leaders

The September 2025 headlines deliver three confirmed facts: Amazon expanded MCF to Walmart orders, the FTC opened a probe into Amazon and Google’s ad practices, and Omdia projected that retail media will account for about one-fifth of global ad spend by 2030.

Together, these events point to a broader reality. Retail platforms are converging commerce and logistics with advertising influence, regulators are pushing for transparency in ad practices, and forecasts show retail media becoming a dominant channel. For ASEAN leadership, retail media should be treated as a strategic investment that spans marketing, supply chain, and governance. Those who experiment early, demand transparency, and adapt budgets accordingly will be best positioned to compete in a retail media landscape reshaped by global giants.

As retail media moves toward becoming a USD 300B global force, ASEAN leaders face a clear mandate: integrate retail media into long-term strategy, demand transparency, and prepare for cross-platform competition.

Continue the conversation and explore these shifts with peers and experts—register for RESA Vietnam 2025 here.