Reflections on the last 12 months of Retail Media Moguls

As I look back on the last 12 months of Retail Media Moguls, I’m struck by the sheer pace at which the retail media industry has evolved. Week after week, I’ve had the privilege of speaking with some of the most forward-thinking leaders in retail media, gaining insight into what’s working, what’s next, and what challenges we’re still figuring out.

If there’s one overarching theme that emerged from the past year, it’s that brands and retailers who embrace retail media as a strategic growth engine are the ones seeing the biggest wins. Here are some of the biggest takeaways from the past year of conversations:

1. Retail Media is moving up the funnel

Traditionally, retail media was all about bottom-of-the-funnel conversions. But as retail media networks mature, they’re moving beyond sponsored product ads to drive awareness and brand-building opportunities. We’re seeing more premium placements, better creative formats, and a growing acceptance that retail media can impact every stage of the customer journey.

2. First-party data is the new currency

With the demise of third-party cookies, first-party data has become the foundation of successful retail media strategies. Smart retailers are leveraging their deep customer insights to help brands target the right audiences more effectively. But the key learning? Having data isn’t enough—it’s about how you activate it. Leading retailers are investing in clean rooms, AI-powered insights, and more seamless data-sharing capabilities.

3. Measurement & attribution are still a work in progress

One of the most consistent themes across all our episodes has been the need for better measurement. Brands want more transparency, and retailers are under pressure to prove the true impact of retail media on both online and in-store sales. While incrementality testing, multi-touch attribution, and closed-loop measurement are improving, there’s still work to do in creating standardised, universally accepted metrics.

4. Retailers need to think like media companies

Running a successful retail media network isn’t just about selling ad space—it’s about delivering value to advertisers. Some of the most sophisticated retailers are building in-house media teams, hiring experienced ad-tech talent, and adopting publisher-like strategies. The best retail media networks are those that understand how to blend commerce with media in a way that enhances, not disrupts, the shopping experience.

5. Omnichannel is the future of retail media

Retail media is breaking out of its digital silos. As retailers expand their ad offerings, they’re integrating retail media across physical stores, CTV, social, and even direct mail. The key challenge? Creating a seamless, omnichannel experience where brands can plan, buy, and measure campaigns across multiple touchpoints.

6. Retailers and brands need to strengthen collaboration

Another big lesson from this past year: Retailers and brands must move beyond transactional relationships and start thinking like strategic partners. The most successful retail media programs come from mutual trust, shared goals, and deeper collaboration between retailers and advertisers.

7. AI and automation are reshaping the industry

Automation and AI are revolutionising how retail media is planned, executed, and optimised. From AI-powered creative generation to predictive bidding algorithms, we’re seeing a shift towards smarter, more efficient campaign management. Those who embrace automation will be the ones who scale most effectively.

8. The retail media landscape is getting more competitive

We’ve seen a wave of new entrants into the space, from non-traditional retailers launching ad networks to existing players expanding their offerings. This competition is great for innovation but also means brands need to be more strategic about where they invest. Not all retail media networks are created equal, and advertisers are increasingly scrutinizing performance before committing budgets.

9. Retailers must strike a balance between monetisation and customer experience

One of the biggest challenges retailers face is ensuring that their retail media initiatives don’t degrade the shopping experience. The best retail media networks are thinking beyond short-term monetization and focusing on long-term customer engagement. Relevancy, personalization, and seamless ad integration are key.

Looking ahead: What’s next for retail media?

If the last 12 months have taught us anything, it’s that retail media is still in its early days, and there’s a long runway for growth. Expect more innovation in AI, an even stronger push for better measurement, and deeper integration of retail media into broader marketing strategies. For brands and retailers alike, now is the time to invest, experiment, and stay ahead of the curve.

I have thoroughly enjoyed hearing from all of my guests who have shared their experiences in retail media. A huge thank you to all our guests and listeners for being part of this journey so far. I’m intrigued to see what the next 12 months holds for our industry and I’m excited to keep the conversation around retail media going. 

What do you think? What’s been your biggest retail media takeaway from the past year? 

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By Stuart Adamson, CEO at Platform 195 & host of the Retail Media Moguls podcast

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