As retail media accelerates into a multi-billion-dollar market, industry leaders from MIQ, ITV, and IAB Europe discuss what’s driving growth, how measurement is evolving, and where brands should focus next.
Retail media is rapidly becoming one of the fastest-growing areas of digital advertising, with industry leaders calling it both a response to changing consumer habits and a once-in-a-generation opportunity for brands.
‘The Retail Media Revolution’ panel – moderated by Ellie Edwards-Scott, RMA Associate Publisher and Co-Founder of The Advisory Collective – at the Welcome to the (new) Retail Media Age event, in partnership with Trainline and MiQ, explored the forces driving growth, the challenges of measurement, and the opportunities still to come.
Why retail media is booming
Asked to explain the surge in retail media investment, Debbi Rosenthal, Head of Solutions at MiQ UK, pointed to three major factors: “I see it as a combination of three major factors. There’s the deprecation of third-party cookies, which means brands are looking for replacement signals. We’re also seeing changing behavioural habits in terms of how people buy. And then you’ve also got improving technology that’s closing the gap between the programmatic world and retailer data.”
Nadine Warren, Advanced Advertising Manager at ITV, agreed that infrastructure has been crucial: “Retailers and media owners have done a phenomenal job of getting the ad tech in place to enable the activation and measurement of first-party audiences. That rapid development of the pipes and plumbing has meant off-site retail media has absolutely exploded, allowing even smaller and medium-sized brands to activate campaigns more easily.”
For Lauren Wakefield, IAB Europe’s Marketing & Communications Director, the real driver has been measurement. “For the first time, brands are able to really understand and attribute their advertising directly to a sale or a shopper action. That kind of closed-loop attribution just hasn’t really been accessible before,” she said. IAB Europe’s latest survey found that more than 90% of respondents believe access to retailer first-party data is the key growth driver.
Beyond online: In-store and omni-channel growth
While digital has fuelled the rise of retail media, panellists agreed that the physical store remains a critical frontier. Wakefield noted, “In Italy, for example, 80% of grocery transactions still happen in the physical store. There’s a lot of untapped potential in how we can use digital screens and in-store activations to bridge the online and offline worlds.”
Rosenthal sees opportunity in combining off-site retailer audiences with broader media insights: “For us, the goal is creating that holistic consumer view — understanding not just what people are buying from a retailer, but also what they’re browsing online, what content they’re consuming, and what TV they’re exposed to.”
Warren highlighted ITV’s innovation in ad formats, citing the launch of Lead Gen Ads that allow viewers to respond directly via their remote control. “We’re mindful that people come to us to sit back and watch their favourite show, so we’re always looking for formats that don’t hugely disrupt the experience,” she said.
The measurement challenge
Measurement remains a thorny issue. Edwards-Scott pressed the panel on whether the industry was moving fast enough to standardise approaches. Wakefield pointed to progress at IAB Europe: “We’ve developed measurement standards and even launched a certification program, but the challenge is adoption. It’s about getting everyone to consistently use them — getting the industry singing from the same hymn sheet.”
Warren emphasised the need to move beyond short-term ROI: “The focus so far has been on immediate performance, which is helpful, but what we haven’t done enough of is to look at longer-term metrics like customer lifetime value. That’s where we’re now focusing our efforts with partners like Tesco Dunnhumby.”
Rosenthal added that retail media is evolving from a performance-driven channel to one that can also build brands. She shared an example where a new brand combined retail media with a TV “conquesting” strategy and achieved an 11% uplift in brand metrics. “I’d love to see more brands leaning into retail media as brand building. That’s where we’re seeing a lot of success,” she said.
What’s next for retail media
Looking ahead, all three speakers expect rapid innovation in data, technology, and collaboration. Rosenthal predicted a flood of new entrants: “It’s becoming easier and easier to monetise first-party data, so we’ll see more brands trying to get in on the act. The interesting thing will be how retailer value matches up with buyer value.”
Warren flagged automation and AI as key drivers: “Advertisers want access to measurement faster and in a self-serve way. What we achieved on the targeting side, we now need to achieve on the outcomes measurement side too.” She also pointed to brand new initiatives like Project Lantern, a joint effort by ITV, Sky, and Channel 4 to deliver more unified measurement opportunities from pooled broadcaster ad exposures across VOD and Linear TV
Wakefield sees opportunity in premium digital environments. “Retailer data being used in CTV, audio, and in-store digital is going to be fascinating to watch. The future is about omni-channel, and how online, in-store and off-site work together with standards.”
Advice for brands entering retail media
The panel closed with practical advice for marketers still finding their footing. Rosenthal urged advertisers to treat retail media with the same rigor as programmatic: “Make sure the surrounding setup — signals, contextual relevance, and site quality — is as foolproof as possible. And don’t just focus on one retailer’s network. People shop across multiple stores, so layer in wider data sets to get better results.”
Warren emphasised partnerships: “It’s built on partnerships, both internal and external. Make sure you’re culturally aligned with the partners you choose, and engage your legal and data protection teams early, because processes can take time.”
Wakefield encouraged brands to use the resources already available: “Go to the IAB Europe retail media hub. We’ve created guidance, best practices, and definitions — all the basics are there. We’re here to bring the industry together, to collaborate and help brands on this journey.”
