Recent;u, I made the case that retail media is far more than a tax on brands or a rounding error disguised as a marketing channel. I still firmly believe that. But believing in the opportunity doesn't mean believing every retail media network will succeed.

In this episode, I unpack a sobering reality facing the industry: while retail media continues to grow, the vast majority of that growth is flowing to a handful of dominant players. Drawing on a recent IAB white paper, I break down the six strategic paths available to commerce media networks, and explain why chasing scale may be the wrong goal for many retailers. From merchant-aligned media and experience-led commerce to coalition models and infrastructure plays, I explore the tough choices retail media leaders need to make before the market makes those choices for them.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] Why I can defend retail media's future while still believing many retail media networks won't survive.

[01:07] The growth math behind retail media, plus why Amazon and Walmart continue to capture most of the upside.

[02:45] The IAB's warning to commerce media networks and the coming industry reckoning.

[04:18] Path 1 and Path 2: Building a full-scale media platform versus running a lean, profitable media business.

[06:15] Path 3: How merchant-aligned media is changing the conversation, with lessons from The Home Depot.

[09:21] Path 4: Experience-led media and why creating memorable shopper experiences may be a competitive advantage.

[10:15] Paths 5 and 6: Infrastructure providers, retail media coalitions, and why collaboration remains difficult in practice.

Links & Resources

Read the IAB white paper: Building a More Competitive Commerce Media Ecosystem
Read my related articles:
- How retail media could become 'mid'
- Is Retail Media Actually Kinda 'Mid'? PART 2
- Dark Search, Broken Signals, and What Comes Next for Retail Media
In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP here
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The Retail Media Reckoning: 6 Survival Strategies for Commerce Media Networks Before It’s Too Late

Retail Media Breakfast Club

The Retail Media Reckoning: 6 Survival Strategies for Commerce Media Networks Before It’s Too Late