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 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.
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 The industry must move beyond outdated attribution models, such as last-click measurement, to assess the true impact of retail media investments.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.
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.
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.
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.
