With roots in food delivery, Wolt is rapidly evolving into one of the world’s fastest-growing retail media platforms.
Speaking at the ‘Welcome to the (new) Retail Media Age‘ event, Alejandra Robledo, Global Director of Strategy and Finance at Wolt Ads, explains why high-intent moments, incremental value, and precision targeting are the keys to winning in commerce media.
From food delivery to commerce media powerhouse
When Wolt launched in Finland in 2014, its mission was simple: connect people with their favourite local restaurants. Today, the company describes itself as “a mall in your pocket,” offering not only food but groceries, beauty, flowers, and specialised retail across more than 30 countries in Europe and Asia.
“It’s a very high-intent moment for the consumer,” said Alejandra Robledo, who joined Wolt two years ago to drive forward the ads business. “We have more than 200,000 stores on the platform and over 55 million registered users . That scale, combined with the DNA of very speedy expansion, means we’re serving markets that others are not — often underserved, untapped markets when it comes to technology, commerce, and retail media.”
The transformation accelerated when Wolt joined forces with DoorDash, the US-based delivery giant. “That was the icing on the cake,” Robledo explained. “We launched our ads business in 2023 and within 10 months were in market. Exiting 2024, together with DoorDash, we hit a $1 billion annualised ads revenue run rate, the fastest retail media network to do so..”
Why retail media is such a big opportunity
Asked about her view on retail and commerce media, Robledo outlined three fundamentals. First, the sheer scale of the opportunity. “In Europe alone, it’s projected to be worth over €31 billion by 2028,” she said. “But many markets remain underserved by tools and access to retail media platforms. That’s where we come in — giving brands and merchants access to audiences they couldn’t otherwise reach.”
Second, she argued that value creation must be the guiding principle. “This isn’t about the old type of advertising that interrupts and annoys. We believe in enhancing the user experience by showing the right promotion to the right person at the right time. Incremental value for merchants and brands, and a better experience for users — that’s non-negotiable.”
Third, precision and timing are critical. “It’s not about having all the audiences; it’s about having the right audience for your brand, in the right geography, at the right high-value moment. As a delivery platform, we operate at the very moment when people are making a purchase — that’s a powerful setup.”
A business model built on incrementality
Wolt’s ad offering began with sponsored listings powered by DoorDash technology, developed over five years. The key innovation: charging merchants only when advertising drives an incremental order.
“We don’t charge for impressions or clicks,” Robledo explained. “It’s a cost-per-order model, and that proves the advertising product works. Our top objective is helping merchants grow without ruining the customer journey.”
From there, Wolt has expanded its toolkit. Data and insights help brands plan campaigns and personalise offers; off-site tracking allows them to measure results beyond the platform. “DoorDash acquired Symbiosis.ai this year, which lets us link any off-site activity back to an actual purchase on the platform,” Robledo said. “We’re also experimenting with experiences — everything from product sampling to sustainable delivery through electric vehicles. But it all comes back to incremental growth.”
A growing success
For Wolt, the leap into advertising was less a question of if than when. “We had to build the foundations first,” Robledo explained. “The food delivery side brings frequency, while the new verticals give us breadth. Once we had the scale across categories and markets, plugging in DoorDash’s ad tech was the catalyst. We were able to go to market quickly with a proven product delivering impressive ROAS .”
The results have already impressed major advertisers. Wolt has worked with more than 40 global and local brands, including Coca-Cola and Unilever.
“With Coca-Cola, their goal was to have the same penetration in-app as in-store — and we’ve achieved that,” Robledo said. “With Unilever, they chose ice cream as a priority category, and it’s now the leading last-mile growth product on Wolt. We’ve seen triple-digit growth after campaigns, which shows the power of retail media when it’s built around partnership.”
Advice to brands entering retail media
Robledo’s advice to advertisers considering retail or commerce media is straightforward: don’t overcomplicate it. “It sounds complicated, but it really isn’t. Just call us and we’ll help you,” she said with a smile.
She stressed that Wolt’s model was designed to remove risk for small merchants as well as global brands. Wolt’s recent Local Commerce Report found that 88% of its merchants have just one-to-three venues, with 45% hiring fewer than five people.
“We didn’t want them [Wolt’s merchants] worrying about an advertising budget or wasting spend,” said Robledo. “With our model, you only pay for incremental orders. Every solution we build starts with: how do we deliver incremental growth for your business while enhancing the consumer experience?”
Cause for excitement
For Robledo, the excitement comes from both the speed of growth and the creative freedom the space provides. “We’ve grown rapidly since I joined, which is incredible. But equally exciting is the entrepreneurial side. There’s still so much to be built — how do we personalise better, how do we serve emerging markets as effectively as large ones, how do we create better choices for consumers? It’s endless,” she said.
“And that’s the beauty of retail media. It’s not just about ads; it’s about partnerships, creativity, and building something that benefits merchants, brands, and consumers alike.”
