There’s a new beef in marketing, and this one hits close to home: can retail media actually build brands, or is it really just trade promotion with a fancy name and a dashboard? Mark Ritson kicked off the debate by arguing that retail media is fundamentally a bottom-of-funnel, defensive investment. Andrew Lipsman pushed back, making the case that retail media can do something brand marketers have wanted for decades: reach people who aren’t currently buying your brand.

In this episode, I dig into both sides of the argument, including the role of retailer data, off-site audiences, CTV, incrementality, ROAS and brand lift. I also look at some fresh Kantar data and ask a bigger question: are we actually debating what retail media is, or are we debating how marketers are choosing to spend their retail media budgets?

This episode is sponsored by GrowthLoop

Timeline

[00:00] - The new marketing beef over whether retail media can actually build brands

[01:47] - Mark Ritson’s case against retail media as a brand-building channel

[02:28] - How retailer data can reach lapsed, competitive and completely new buyers

[05:45] - The surprising truth about where retail media budgets are really coming from

[06:20] - What Kantar’s 1,500+ campaign analysis says about retail media and brand lift

[07:30] - Why search and branded search dominate retail media spending, and why that matters

[08:09] - The measurement question: ROAS vs. holdout studies and incrementality

Links & Resources

• On August 27, Mark Ritson published a column in ADWEEK called "Don't Let Retail Media Tell You It's Brand Building."
• Andrew Lipsman answered in his own ADWEEK op-ed five days later: "Retail Media Can Build Brands—Including Ways Other Media Can't."
• Josh Clarkson, who runs global retail media at Mars, attacked Ritson's retail media definition on LinkedIn
• Brian Spencer, marketing director at Kroger Precision Marketing, explained on LinkedIn that brands use retail media audiences across CTV, audio and social, not just onsite on a retailer's website.
• Across 1,589 campaigns in their LIFT database, Kantar finds that retail media beats the average channel on unaided awareness (0.9 versus 0.6), online ad awareness (7.6 versus 6.5), brand favorability (3.9 versus 3.6) and purchase intent (3.8 versus 3.4)
• Read my related articles:
  • How retail media could become 'mid'
  • Brands Are From Mars, Retailers Are From Venus
  • The ‘How Brands Grow’ Dogma Wants To Have A Word With Retail Media
• Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop: latest episode
• I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn

Today, I’m digging into a question that has been coming up more and more as retail media expands into a broader commerce media ecosystem: does commerce media really need to be tied to the cart?

I’m narrating a guest contribution essay from Tom Limongello of The Middlemen Podcast that got me thinking differently about the distinction between retail media and commerce media. Specifically why SKUs and assortments are useful ways to understand retail media, but may not actually define it (and why the more important concept could be the shopper mission). Tom's essay also looks at travel media, where the network may own the audience and the moment of attention without owning the products ultimately purchased. And that raises some fascinating questions about measurement, attribution and who gets credit when multiple commerce media networks influence the same customer journey.

This episode is sponsored by GrowthLoop

Timeline

[01:45] - Questioning why the definition of commerce media is so focused on the cart

[02:15] - Why a retail media ad can influence an in-store purchase even when the exposure happens on social

[03:15] - Introducing “assortment” as a key piece of the retail media vocabulary

[04:30] - Why SKUs are useful for operating retail media, but don’t necessarily define it

[05:45] - How travel media demonstrates the value of shopper missions beyond a retailer’s own assortment

[08:45] - The measurement challenge when one network owns the media exposure but another business records the transaction

[09:45] - A broader definition of commerce media, and the questions this creates for travel, financial services and mobility

Links & Resources

• Today's post is a guest contribution from Tom Limongello, host of The Middlemen Podcast. Read Tom Limongello's essay on Substack: Retail Media Isn’t a Cart. Commerce Media Can’t Mean Everything
• Subscribe to The Middlemen Podcast
• Subscribe to Tom's Substack Shopper Missions
• Follow Tom Limongello, host of The Middlemen Podcast, on LinkedIn
• Listen to Collin Colburn from the IAB on The Middlemen: What Does Commerce Media Look Like Beyond Amazon? – Collin Colburn, IAB
• Read my related articles:
  • Offsite vs onsite retail media
  • Did we overcook in-store retail media measurement?
  • The retailer magazine: commerce media's most defensible surface?
• Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop.
• I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn

By now, you’ve probably read plenty of coverage about the FTC’s case against Amazon’s ad auction (last week I shared an article on The Drum). But the question I’m more interested in is the one that actually matters if you’re managing an advertising budget or running a retail media network: does any of this change where the money goes?

My prediction, sadly, is no. Though I’d be very happy to be proven wrong.

In this episode, I break down why cheaper clicks probably wouldn’t mean less money for Amazon, why advertiser outrage may not translate into budget shifts, and why this case gives other retail media networks a short window to make transparency and auction mechanics a competitive advantage. I also dig into some fascinating arguments from the LinkedIn comments, including whether Amazon’s auction practices may have distorted industry benchmarks far beyond the individual advertisers involved.

This episode is sponsored by GrowthLoop

Timeline

[00:55] - Why cheaper Amazon ad costs could actually lead advertisers to spend more

[01:46] - Why advertiser budgets are unlikely to leave Amazon anytime soon

[02:12] - The opportunity for other retail media networks to win on transparency and trust

[03:05] - The questions advertisers should be asking about auction mechanics, reserve prices, and pricing changes

[04:05] - Why the FTC’s Amazon case may be simpler to explain than the Google ad-tech case

[07:20] - How potentially inflated clearing prices could have contaminated retail media benchmarks and bidding tools

[09:35] - Why Amazon can disappoint advertisers morally and still be the best place to spend a performance dollar

Links & Resources

• My article on The Drum: The FTC says Amazon put a thumb on its ad auctions. What happens next?
• Read all the comments on my LinkedIn post
• Follow Bryan Gildenberg, Managing Director of Retail Cities North America, on LinkedIn
• Follow Katharine McKee, Fractional Head of Growth (CMO, CRO, CGO) of Morphology Consulting, on LinkedIn
• Follow Tom Limongello, host of The Middlemen Podcast, on LinkedIn
• Read my related articles:
  • Amazon Unboxed 2025: Key Announcements & Takeaways for Brand Advertisers
  • Real Time Bidding: Retail Media's Savior Or Saboteur?
  • Walmart’s Push For 25% Ad Spending Highlights Retail Media’s Trust Problem
• Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop.
• I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn