Yes, You would use a DCO tool to stich 1:1 product ads-together from various graphic elements based on what your visitors have looked at the last time (like with recommendations in Target). And then use AAM for cross device targeting, funneling, impression-capping and target high value segments based on CRM-data and past behavour.
Using a DCO-tool together with a DMP gives you a powerful retargeting tool, which enables you to personalize content, up-/cross sell and change look and feel based on personal preferences.
There is a lot of DCO-tools out there, the one Adobe have is quite good, but I might also be a bit biased in this matter
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Anyway, I would suggest you work with your AM or CSM to help building a solid DCO/AAM strategy.
Br.
Lars