Q3 was another strong quarter for Walmart and Amazon, and another weak one for Target. Shoppers are showing a clear preference for the convenience, product selection, and overall value that Amazon and Walmart offer, while being less impressed by Target’s assortment and shopping experience. Economic uncertainty is heightening the gap, as more shoppers turn to Amazon and Walmart for necessities like groceries while pulling back on the discretionary spending that fuels Target. Walmart's and Amazon's ability to combine low prices with an extensive product selection and fast and convenient delivery will serve them well this holiday season, while Target has the harder task of convincing price-conscious shoppers to spend on nonessential items.

Amazon blocked several OpenAI-affiliated crawlers from accessing its site, a move first reported by ecommerce analyst Juozas Kaziukėnas. That marks the retailer’s latest attempt to keep third-party agents from encroaching on its turf and endangering ad revenues. Amazon’s insistence on keeping AI agents at bay is the right move for the company for the time being. Adoption is minimal for now, hampered by trust issues, clunky UX, and minimal merchant participation. However, the gates will have to open at some point—and the longer Amazon waits, the more ground it cedes to rivals like Walmart.

Shoppers across Western Europe are gearing up for a digital-first, deal-focused 2025 holiday season. Brands that better understand shifting consumer behaviors can refine their holiday strategies and capitalize on opportunities for growth.

On today’s podcast episode, we discuss the three big questions surrounding Amazon in Q3 and beyond: What Amazon's corporate layoffs tell us about how AI is actually affecting the broader job market. Is Amazon’s new “Help Me Decide” feature a significant stepping stone toward agentic AI? And could Amazon’s AI smart glasses for delivery workers be a Trojan horse for broader smart-glasses adoption? Join Senior Director of Podcasts and host Marcus Johnson, along with Analyst Rachel Wolff. Listen everywhere, and watch on YouTube and Spotify.

Bath & Body Works’ new CEO is overhauling the company’s strategy as it struggles to revive sales and win over younger consumers despite being a major player in the fast-growing fragrance space. CEO Daniel Heaf aims to fix a “slow and inefficient” organization with a four-part plan: refocusing on core categories, expanding ecommerce (including launching on Amazon in 2026), reclaiming cultural relevance through targeted promotions and influencer partnerships, and streamlining operations to unlock $250 million in savings.

Walmart raised its full-year outlook again as its strong value proposition and fast-growing ad business drive broader consumer spending. It now expects net sales growth of between 4.8% and 5.1% this year, and EPS between $2.58 and $2.63. Q3 comps rose 4.5% YoY, with higher traffic and ticket size, and gains were strongest among higher-income shoppers. US ecommerce sales jumped 28%, supported by faster delivery, rising Walmart+ signups, and 33% growth in US ad sales (excluding Vizio). Walmart is also expanding to emerging channels, including ChatGPT. Its focus on value, convenience, and tech has strengthened its position, helping it compete with Amazon and capture more holiday and online spending.

Shoppers are spending about 10% more on gifts this year, even if they’re feeling less confident. New insights from PMG show how that mix of caution and momentum is shaping a holiday season built on smart pacing and steady engagement.

TD Bank will finally offer Amazon Shop with Points in the US for its credit cardholders, per a press release. Earning consumers’ loyalty requires delivering on competitive rewards. While perks like fraud protection and Amazon rewards are seen as default credit card features, issuers trying to impress should incorporate at least 2% cash back, rewards for paying off balances, and payment flexibility at checkout, per our 2025 US Cash-Back Credit Card Emerging Features Benchmark.

Live sports is drifting from linear TV to fragmented streaming. That’s raising costs, confusing viewers, and forcing leagues and advertisers to navigate new tradeoffs between reach, revenues, and shifting time spent.

Amazon is going all-in on AI-powered advertising solutions for small- and mid-sized businesses (SMBs). SMBs can now create high-quality campaigns without requiring costly resources, giving SMBs access to creative capabilities that were once out of reach.

In earnings calls from retail leaders, one of the biggest shared signals is that AI shopping assistants are becoming the new front door of the customer journey. Whether the retailer is in grocery, fashion, or general merchandise, conversational search is now the organizing principle for discovery.

Q3 was a record-breaking quarter for the three largest ad platforms, but heavy spending on AI is compressing margins and raising questions about how the technology will impact the future of digital advertising.

As retail media moves from side business to centerpiece, big brands are prioritizing measurement and efficiency to cement the channel as a mature budget item. Retail media will grow almost 20% this year (19.4%) to reach $58.79 billion, according to EMARKETER's September 2025 forecast. In recent earnings calls, tech leaders described a channel that is now about solid data, AI-driven relevance, and reshaping how advertisers reach shoppers.

Future-proofing against—and capitalizing on—advances in consumer-facing AI will be the overarching theme for retailers in 2026.

Amazon quietly introduced agentic shopping capabilities to its Rufus chatbot last week. Customers can now ask Rufus to monitor products and make a purchase when an item reaches a target price or discount level. Amazon’s “Auto Buy” feature could make Rufus more useful for deal-seeking shoppers this holiday season—provided they know the option exists and trust the chatbot’s accuracy. Over the long term, adding more agentic features to Rufus—which has been used by 250 million active customers this year alone—could enable Amazon to satisfy shoppers’ desire for AI assistance without ceding ground to platforms like ChatGPT and Perplexity.

Global ad spending has steadied after a turbulent year, setting the stage for modest acceleration in 2026. Digital is still the main engine, but traditional media’s rebound will add lift as markets stabilize.

Chinese tax authorities are requiring Amazon, Temu, Shein, and other major platforms to submit Q3 sales data from Chinese merchants as regulators intensify efforts to curb tax evasion in cross-border ecommerce. The information is expected to reveal higher actual sales than those reported, potentially leaving sellers liable for up to 13% VAT plus back taxes. The move aligns with Beijing’s broader push to recover tax revenue, and it comes as global markets tighten de minimis rules. These shifts could reshape marketplace dynamics as Chinese sellers reassess pricing, participation, and ad spending amid rising compliance pressures.

From grocery aisles to gig apps, the biggest names in commerce are converging on the same conclusion: Grocery has grown into the ultimate testbed for convenience, loyalty, and AI-driven efficiency.

Latin America’s digital ad market is transforming as new formats, channels, and players emerge. Understanding the market forces, challenges, and opportunities driving these shifts is key to staying competitive in this fast-evolving landscape.

Amazon announced a breadth of AI-powered ad options on Day 1 of its annual Unboxed event designed to simplify campaign creation and deployment. Amazon’s new resources give advertisers a uniquely full-funnel solution that’s difficult to find in the crowded digital marketing world.