Retail media is maturing fast—but so are the expectations.
As retail media evolves from experimental budgets to core marketing investments, brands and retailers alike are realizing that traditional metrics like ROAS (Return on Ad Spend) no longer capture the full picture.
Today’s omnichannel landscape demands a smarter, more nuanced approach to measurement—one that connects shelf conditions, inventory availability, marketplace dynamics, and brand equity in real-time.
Why ROAS Falls Short in Omnichannel Retail
At first glance, ROAS appears straightforward: measure the revenue generated from a media investment. But in today’s fragmented shopper journey, it’s an increasingly flawed signal.
ROAS often overweights digital-only purchases, ignores incremental lift, and provides little context around in-store influence or long-term brand value.
Retail media professionals are pivoting toward more strategic KPIs such as:
- Incrementality: Are we reaching new-to-brand or lapsed customers?
- Profitability: Are campaigns driving volume at the right margins?
- Cross-retailer context: Are we triangulating performance across platforms like Walmart, Target, and Amazon?
- Operational alignment: Are product availability and shelf positioning supporting media strategy?
Measurement today must reflect the full customer journey—digital, physical, and everything in between.
Marketplaces: The New Proving Ground
Walmart Marketplace, Amazon, and others are changing the rules of retail. Once seen as channels for third-party resellers, marketplaces are now launchpads for challenger brands and category testing for established players. Walmart’s data shows that high-performing marketplace sellers can fast-track into brick-and-mortar consideration, highlighting marketplaces as a key entry point for innovation.
Yet the rise of marketplaces also brings risk. Non-compliant listings, unauthorized sellers, and pricing inconsistencies can erode brand trust. Smart brands are investing in tools and teams to manage their marketplace presence, treating it not just as a channel—but as a strategic growth lever.
Target’s Identity Crisis: Can It Reclaim Its Mojo?
Once a retail darling known for curated design and cultural relevance, Target has seen brand equity slide. Store conditions, inconsistent inventory, and increasing competition from Walmart’s evolving fashion and home strategy have dulled the “Target run” magic.
Economic pressures have shifted consumer behavior toward essentials over indulgences, and Target’s discretionary-heavy assortment is feeling the squeeze.
However, with leadership changes coming in 2026 and a stated vision to become “unapologetically Target,” a turnaround may be on the horizon. Rebuilding consistent store experience, private label innovation, and availability will be key to winning back lapsed shoppers.
Measurement Is Strategy, Not Math
Retail media today isn’t just about impressions and clicks. It’s about alignment between marketing, merchandising, supply chain, and store operations. Metrics must reflect real business objectives—whether it’s protecting base volume, acquiring new customers, or supporting seasonal initiatives.
The brands and retailers that win in the next wave of retail media won’t just report numbers. They’ll tell compelling, accurate stories about how their investments move the needle in a complex, omnichannel world.
