Commerce media is having a moment. What started as a monetization lever for ecommerce businesses has evolved into something far more strategic, a way to build loyalty, deepen customer relationships, and unlock new growth.
That evolution was the focus of Real-Time Intelligence and the Future of Commerce Media, hosted on the Insights Stage at AWNY. Laura Cosgrove, Vice President of Strategic Partnerships at Rokt, moderated a conversation with Michael Krans, Vice President of Macy’s Media Network, and Reina Govindarajan, Vice President of Business and Corporate Development at Rent the Runway.
Together, they explored what it takes to build smarter media programs, the role of relevance over scale, and why internal alignment is just as important as external results.
From monetization to momentum
Commerce media may have started as a revenue stream, but that’s no longer enough. For today’s brands, it’s about long-term value.
“When I joined, my boss said, ‘I love the revenue you bring in, but I want to think bigger,’” said Michael Krans. “How do we leverage Macy’s Media Network to serve as a growth engine for the company, not just a revenue driver?”
That shift has redefined how his team operates across departments. “We’re not sitting in marketing or media,” he said. “We sit in the customer and digital org, and everything we do runs through the lens of the customer.”
Reina Govindarajan, whose team at Rent the Runway is newer to commerce media, described a similar reframe. “Commerce media isn’t just about selling ads,” she said. “It’s about selling trusted scale.”
For Rent the Runway, that trust is built into the business model. “We’ve always kind of advertised through our bags,” she said, pointing to surprise-and-delight sampling experiences. “But now we’re thinking about how to build full 360 experiences that bring partners into every aspect of our ecosystem.”
Relevance beats reach
While many brands still chase impressions, the panelists made it clear that precision matters more than volume.
“You’ve got to bring the partner into every aspect of your ecosystem,” said Govindarajan. “That builds trust. Our customers start to say, ‘Wait, I’m seeing this everywhere, and I love it.’ And the truth is, they’re only seeing it in our channels. But that consistency drives transactions.”
Krans agreed, adding that media must be additive to the customer experience. “We’re always asking, is this relevant? Is it personalized? Can it spark joy?”
He shared how Macy’s partners with Rokt to deliver targeted messages in the Transaction Moment. “Our customers see it as a thank-you,” he said. “They’ll ask, ‘How did you know I was thinking about a Hulu subscription?’ That’s the delight moment.”
Govindarajan underscored the point with data. “Ninety-nine percent of our girls come to us to discover new brands. Eighty percent go on to purchase them. It’s about meeting them at the exact moment when they’re poised to discover.”
Strategic alignment starts from within
Driving performance externally depends on alignment internally, and both leaders spoke candidly about the work required to make that happen.
“At Rent the Runway, we used to work in silos,” said Govindarajan. “Now, when I bring a partner in, we’re all meeting together. If my social team or brand team isn’t on board, it won’t work.”
Krans echoed the importance of buy-in. “There’s a lot of time spent internally, talking to colleagues, building understanding, and showcasing that what we’re doing is not just a money grab.”
He also highlighted the need to slow down, even when momentum is strong. “Sometimes you have to take a beat, look at the data, and iterate. Even when you’re excited about something new.”
Build, buy, or both?
The conversation also touched on the tech powering these programs and the different paths companies take to scale.
At Macy’s, Krans said the approach has evolved. “We’re taking more of a hybrid buy-build approach. Sometimes we buy a part of it and build a part of it.” He credited Macy’s in-house engineering team with helping bring retail media solutions to life.
Govindarajan noted that Rent the Runway’s entire backend is homegrown. “We started when there was no Shopify plug-in for subscriptions,” she said. “So we built it all.” But now, the team is selectively buying tools that enhance the customer journey. “It’s the year of the customer for us,” she said. “We’re buying when it makes the experience better.”
What’s your unfair advantage?
As the panel wrapped, Cosgrove asked both speakers what makes their models hard to copy.
“For us, it’s trust, discovery, and timing,” said Govindarajan. “We built this foundation over 15 years. We own our supply chain. We know when she’s ready to discover something new, and we meet her there. That’s not easy to replicate.”
Krans pointed to scale, measurement, and optionality. “We’ve got 132 different ad products across Macy’s, Bloomingdale’s, and Blue Mercury,” he said. “But it’s not just scale. It’s the strength of our audience, especially in beauty, and the support we get to keep innovating.”
