Retail media has spent the last few years chasing growth through connected TV, influencer partnerships, social commerce, and in-store screens. But new research from eMarketer and Bain & Company suggests retail media network leaders are shifting their focus back to onsite advertising, where retailers have more control, higher margins, and a more established path to advertiser budgets. In this episode, an expansion on my recent article for The Drum, I explore why offsite retail media has been harder to scale than expected, what advertiser demand tells us about the industry's biggest growth opportunities, and why proving incremental revenue remains a challenge.

I also look at the growing threat of AI shopping agents that could bypass retailer websites and disrupt traditional sponsored product ads. Is returning to onsite advertising a smart strategic move, or are retail media networks sacrificing future growth for easier wins today? Drawing on insights from eMarketer's Sarah Marzano and perspectives from the retail media community, I unpack the trade-offs facing retail media leaders and what it will take to unlock the next phase of growth.

This episode is sponsored by GrowthLoop

Timeline

[00:00] - Why retail media is moving back toward its roots, with onsite advertising emerging as a leading growth opportunity.

[02:35] - Sarah Marzano explains why retailers have more control, fewer third parties, and higher margins with onsite ads.

[04:11] - Why offsite retail media is harder to sell, including the challenge of reaching brand budgets beyond ecommerce and sales teams.

[06:22] - The disconnect between retail media's promised growth and advertiser demand for social and in-store placements.

[08:21] - The retail media doom loop: declining confidence in incremental revenue, talent shortages, and underfunded technology.

[11:33] - How AI shopping agents could bypass retailer websites and put traditional sponsored product ads at risk.

[13:20] - The debate over whether returning to onsite is a sensible strategy or whether offsite is essential for the next wave of growth.

Links & Resources

• A version of this piece was first published to my column at The Drum on October 12, 2026, as Should retail media get back to what it does best?
• Follow Sarah Marzano, Retail & Commerce Media at EMARKETER, on LinkedIn
• Read my related articles:
  • Best Buy Ads’ showcase moves on from the sponsored product ad (The Drum)
  • Why OpenAI’s ad announcement should worry retail media networks (The Drum)
  • The Retail Media Doom Loop: 2026 Edition
  • Retailers, here’s how your media network can still thrive in an AI-shopping era (The Drum)
  • The AI assistant is the next ad surface. Only one retailer has actually built it (The Drum)
• 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