Retail media networks (RMNs) are at a pivotal moment. While Amazon and Walmart dominate the space — capturing 84% of the U.S. retail media market — dozens of other networks are left vying for the remaining 16%. The challenge? Expanding the market rather than fighting for a shrinking slice. This was the central theme of the Retail or Media fireside chat at NRF 2025, moderated by Chuck Billups from PRN and featuring Robert Jozic (Schwarz Group) and George Ivie (Media Rating Council). Their discussion explored the path forward for RMNs, covering measurement, incrementality, privacy, and the shift towards cost-per-action (CPA) models.

Measurement: The Foundation of Retail Media Growth

Measurement is at the core of establishing credibility and value in retail media. George Ivie, CEO of the Media Rating Council (MRC), emphasized the importance of adhering to fundamental measurement principles. As RMNs evolve, accurate impression tracking, viewability assessments, and transparent reporting are critical. The MRC, which has long set media measurement standards, is now applying its expertise to retail media — a sector experiencing rapid growth and increasing scrutiny.

Retailers must prioritize third-party validation to build trust with advertisers. Marketers, particularly from large brands like Procter & Gamble, are seeking accreditation to ensure accountability and standardization. Without robust measurement practices, RMNs risk being seen as unreliable partners.

Incrementality: Beyond the Last Click

As in-store retail media expands, the conversation around incrementality becomes more urgent. The industry must move beyond outdated attribution models, such as last-click measurement, to assess the true impact of retail media investments.

Robert Jozic, SVP Schwarz Media & Group Digital Strategy at Schwarz Group, highlighted that retail media’s strength lies in its direct connection to purchasing behaviour. Unlike search or social media, which focus on intent and interest, retail media networks capture actual buying decisions. However, proving the effectiveness of these media channels requires standardised incremental return on ad spend (iROAS) metrics and outcome-driven measurement frameworks.

Privacy: A Competitive Advantage, Not a Roadblock

Data privacy is often viewed as a challenge, but retail media networks have a unique advantage: permissioned first-party data. Unlike other digital advertising environments, which are losing signal due to regulatory changes, RMNs operate within a space where consumers willingly engage. Loyalty programmes, digital receipts, and in-store interactions provide valuable insights while maintaining compliance with evolving privacy laws.

Ivie and Jozic stressed that RMNs must invest in privacy-first measurement techniques, such as media mix modelling and controlled A/B testing. These methods allow retailers to gauge impact without compromising consumer trust. In Europe, where regulations like GDPR are stricter, privacy compliance is not just a legal obligation but a strategic differentiator.

The Shift to Cost-Per-Action (CPA) Models

One of the most significant shifts in retail media is the move from cost-per-thousand impressions (CPM) to cost-per-action (CPA) models. Advertisers are demanding greater accountability, and retailers must adapt by tying ad spend directly to sales and other meaningful actions.

The discussion highlighted the need for strategic partnerships with agencies to facilitate this transition. While agencies are well-versed in digital performance marketing, aligning retail media metrics with broader media planning frameworks is essential. Jozic pointed to Amazon’s decision to move its media business to WPP and MG as an example of how quickly the industry is evolving to meet advertiser expectations.

Looking Ahead: The Future of Retail Media Networks

The NRF 2025 panel made it clear: retail media networks must evolve beyond traditional models and embrace innovation in measurement, privacy, and performance-based advertising. The key to success lies in expanding the market, not just competing within it.

With the right infrastructure, partnerships, and standards, RMNs can move from fragmentation to sustainable growth — ultimately proving their value as a critical component of modern marketing strategies.

You can see the full discussion here. 

What’s Next?

Retail media is at a crossroads. As the industry continues to expand, retailers must decide whether their focus should remain on trade marketing budgets or shift towards capturing broader media spend. At the What’s In Store for Retail Media Networks event at NRF 2025, Robert Jozic, Digital Strategy Lead at Schwarz Group, explored this pivotal decision and the future of retail media networks.

The Marketplace Benchmark Dilemma

Many retailers feel pressured to compare themselves to the top three retail media players — Amazon, Alibaba, and Pinduoduo. However, Jozic stressed that these companies operate marketplace models fundamentally different from traditional retail businesses. Instead of blindly benchmarking against them, retailers should focus on their own unique strengths and strategic direction.

The Retail vs. Media Budget Debate

Jozic outlined a key strategic question for retailers entering the retail media space:

• Should they focus on trade marketing budgets from suppliers?
• Or should they tap into broader media budgets from a wider range of advertisers?

While trade marketing funds provide an immediate revenue source, they often involve reallocated spending rather than true net growth. Media budgets, on the other hand, represent 100% incremental revenue — an opportunity to enter a new industry entirely.

The Power of Compliance and Trust

For retailers to compete as true media businesses, compliance with industry standards is critical. Meeting benchmarks set by organizations like the Media Rating Council (MRC) and Interactive Advertising Bureau (IAB) ensures credibility and accelerates market adoption. Beyond compliance, Jozic emphasised that trust is the ultimate currency — something retailers must actively build to gain long-term success in the media space.

Digital Out-of-Home: A Strong Starting Point

One of the most accessible entry points into media for brick-and-mortar retailers is digital out-of-home (DOOH) advertising. With foot traffic comparable to major TV broadcasters, retailers can leverage in-store screens to reach highly engaged audiences at the point of purchase. When combined with loyalty programme data, this creates a compelling case for media buyers to shift budgets toward retail environments.

Changing the Game with Cost-Per-Action Models

Retailers have a unique opportunity to disrupt traditional media models by shifting from cost-per-thousand impressions (CPM) and cost-per-click (CPC) pricing to cost-per-action (CPA). Under a CPA model, advertisers pay only for actual conversions, eliminating risk and ensuring a guaranteed return on ad spend (ROAS). Given their ability to track sales directly, retailers are in a prime position to implement this model and offer unmatched accountability.

The Advantage of In-Store Engagement

Jozic also highlighted how in-store retail media creates a different level of engagement compared to e-commerce. When a customer sees an ad in a loyalty app while shopping, they must decide on the purchase immediately — unlike in e-commerce, where decisions can be delayed. This immediacy leads to higher conversion rates and more effective ad spend.

Incrementality: Proving True Value

For years, media success has been measured by adjacent ROAS, which includes related purchases rather than direct ad-driven sales. However, Jozic explained that retailers can now use incrementality analysis — randomised A/B testing — to prove the direct impact of their ads. By focusing on single-article ROAS and full-funnel measurement, retailers can position themselves as indispensable partners in the media space.

Beyond Owned Channels: Retailers as Media Players

Retailers don’t have to limit their media revenue to their own platforms. By leveraging data-driven insights, they can facilitate media buys across external channels, allowing advertisers to reach their audiences beyond retail-owned properties. This extends the influence of retail media networks, positioning them as key players in the broader advertising ecosystem.

Retail and Media: A Converging Future

Ultimately, Jozic reinforced that media and retail are no longer separate industries. Retailers are already in the media business, whether they realise it or not. The question is whether they will proactively shape their role in the industry — or risk being left behind.

As retail media continues to evolve, success will depend on strategic positioning, data-driven insights and a willingness to challenge traditional advertising models. The future of retail media networks is not just about following the industry leaders — it’s about redefining the landscape altogether.

Watch the full presentation here.

What’s Next?

Retail media networks (RMNs) are evolving rapidly, with in-store activations taking centre stage as brands and retailers seek new ways to monetise physical spaces. At What’s In Store for Retail Media Networks 2025 presented by STRATACACHE in partnership with NRF, Daniel Knapp, Chief Economist at IAB Europe, sat down with Alexis Marcombe, CEO of Unlimitail, the retail media joint venture between Publicis and Carrefour. Their discussion revealed how Carrefour is capitalising on the in-store opportunity and why Europe’s approach to RMNs differs from the U.S.

Europe vs. the U.S.: A Different Path to In-Store Retail Media

Retail media in Europe faces a unique set of challenges compared to the U.S. market. While the U.S. benefits from large e-commerce players that drive digital retail media, Europe’s fragmented retail landscape lacks dominant online players. Instead, European retailers have historically relied on strong physical store footprints to drive business.

According to Marcombe, this distinction has led European retailers to focus on in-store retail media much earlier than their U.S. counterparts. While U.S. digital retail media is significantly larger in scale, the in-store retail media markets in both regions are nearly equal, with each generating approximately $300–400 million in media spend.

In-Store: The Last Mass Media Opportunity?

For Carrefour, the in-store opportunity is clear — reach. The retailer engages 70–75% of households every week through its 14,000 stores worldwide. As Marcombe put it, “We are mass media. One of the last [forms of] mass media.”

Despite these massive audiences, in-store retail media remains significantly undervalued. Marcombe noted a stark gap (what he called “a canyon”) between the revenue generated from online retail media and in-store retail media. While leading retailers generate up to 2% of their gross merchandise volume (GMV) from online retail media, in-store retail media currently accounts for just 0.15% of store sales. The reason? Measurement.

The Key to Unlocking In-Store RMN Growth: Data and Measurement

Marcombe emphasized that retail media is fundamentally about performance, and performance requires measurement. Many retailers struggle to track in-store activations effectively, which limits their ability to prove ROI to brands. To address this, Carrefour has invested heavily in measurement infrastructure, leveraging loyalty data as a key identifier — what Marcombe described as “the new cookie.”

By integrating loyalty data across its stores, Carrefour can offer brands clear attribution and insights into how in-store activations drive sales. This data-driven approach aligns retail media with performance marketing principles, making it more attractive to advertisers who traditionally prioritise digital channels.

The Future of In-Store Retail Media: Omnichannel and Automation

Looking ahead, Carrefour sees omnichannel strategies as the key to maximising the value of in-store RMNs. The goal is to create a seamless experience where there is no distinction between online and offline activations. According to Marcombe, “If you’re able to play omnichannel, real omnichannel, meaning there’s no frontier between your website and your stores, then you’ll win.”

Additionally, Carrefour is rapidly digitizing its stores, installing thousands of digital screens to support programmatic buying and real-time ad delivery. However, Marcombe was quick to note that digitalizing stores isn’t just about adding screens — it’s about integrating a data-driven approach that allows retailers to automate media buying, optimize campaigns, and improve customer experience without overwhelming the store environment.

The Bottom Line

As retail media continues to evolve, Carrefour’s in-store strategy highlights a key shift in how retailers and brands approach physical spaces. By prioritizing measurement, leveraging loyalty data, and embracing omnichannel strategies, Carrefour is proving that in-store retail media is not just a legacy channel — it’s a core component of the future of retail advertising.

Watch the full discussion here.

What’s Next?