Publicis’ multibillion-dollar, five-year acquisition spree—including Epsilon, CitrusAd, Profitero, and Mars United Commerce—has given it an edge in advertising’s fastest-growing segment. Meanwhile, Omnicom and IPG’s combined commerce media capabilities include Flywheel, Axciom, and Intelligence Node.

Stacked against each other, Publicis still wins out—meaning Omnicom will need additional retail media data and tech capabilities to really compete with its French rival, according to independent retail media analyst Andrew Lipsman.