Retail media: Myths, measurement, and a path forward

Retail media has turned plenty of heads these days. 

Some claim it’s a clever way to engage buyers at the final moment of purchase. Others see it as a fresh gateway for brand discovery. 

Not everything you’ve heard can be trusted, though. Plenty of what’s circulating sounds exaggerated or simply outdated.

Last week in London, experts from Wolt, Mars, and AppsFlyer tackled these ideas head-on at Advertising Week Europe.

1. The myth of the final step

One big misconception is that retail media only covers the end of the funnel. 

There’s this idea that it sits firmly in the territory of last-mile tactics, with few benefits for brand building. 

That might have been the case a few years ago, but the scene now looks different. A major reason is the focus on data: the right audience matters more than sheer scale, which means a smaller platform could still have the perfect shoppers for your product.

In other words, effective targeting can outweigh the urge to reach absolutely everyone.

Wolt believes personalization can solve this perception issue. Instead of generic ads that speak to no one, there is the possibility of unique in-app moments that match shopper history and behaviour. 

Open the app, see a curated page, and feel a sense of discovery. It’s a subtle, ongoing relationship between brand and consumer.

2. Success and measurement

Then there’s the notion that measurement in retail media is an afterthought. 

Some folks insist it’s nearly impossible to evaluate success outside of basic sales lift. In practice, it can be far more sophisticated. 

That’s why Mars looks beyond simple ROAS to track metrics like first-time buyers, offline sales impact, and share among new shopper groups. It’s a deeper approach that uncovers whether a campaign actually sparks fresh interest or drives consumers to try something new. 

Meanwhile, Ori Yitzhaki of AppsFlyer adds another dimension by bringing together data from multiple points in the consumer journey. A quick sale might be nice, yet plenty of companies aim for installs, in-app actions, or even mid-funnel brand exploration.

Putting all these clues together reveals broader value that’s not seen by focusing on clicks alone.

What does that look like in practice?

Imagine a snack brand discovering it can draw new audiences by placing an ad on a grocery platform that’s popular with busy parents. If those parents take a closer look, download a coupon, or even save the product for their next order, that’s an early sign of momentum.

It doesn’t show up as an immediate sale, but it points to real progress.

3. Personalization and data

Salomon Tenenbaum made it clear: “We’ve all become machines at filtering out irrelevant ads—even the ones that might actually fit our needs.” 

Personalization can break through that filter by matching offers to genuine shopper preferences. Wolt envisions an app experience so tailored that two people in the same household might see entirely different product recommendations, reflecting their individual tastes and histories.

From Mars’s perspective, this is about business impact. 

“Personalization is a shared benefit across brands and retailers, since it can drive incremental value,” explained Ozenc Okyay.

She mentioned how 1P data, combined with actual transaction records, can produce cohorts at scale. 

Using such insights, Mars diversified its DOVE chocolate promotions on a Chinese social media platform (Weibo) and saw a 3.5x increase in click-through rates compared to the prior year. 

When brands tap into these segments effectively, mid-funnel engagement soars, and the path to purchase feels more natural.

AppsFlyer brings yet another angle by stressing the power of data collaboration: combining click data, app analytics, or even offline interactions into a single story. 

Some advertisers focus on initial installs, while others pursue deeper brand awareness. Layering those signals reveals how shoppers move from curiosity to repeat purchasing, even if it doesn’t happen in one quick leap. It also shows whether personalization spurred a first-time user to try a service or convinced a casual buyer to become a fan.

Finally, the Advertising Week Europe panelists addressed a question that comes up often: can personalization drive top-of-funnel awareness? 

The general consensus was yes. 

If a retail network holds the exact audience you want, you don’t need the entire population. Tenenbaum put it succinctly, noting that even if Wolt doesn’t blanket all users, it might still capture 90% of the segment a brand cares about—more than enough to influence perceptions and grow affinity. 

That’s the real value of personalization: it refocuses the conversation on quality of reach, not just quantity.

4. So where is retail media headed next? 

Panelists hinted that standardization may loom on the horizon, with data clean rooms and unified measurement frameworks. 

There’s hope that these developments will make it simpler for global brands to assess different retail media networks without guessing how each one calculates success.

In a couple of years, brand managers may find it easier to compare results from one platform to another, bridging offline and online data with greater consistency.

Retail media is flexible and evolving

Retail media isn’t limited to the final click or a narrow set of tactics. It can play a role in awareness, consideration, and purchase all at once. 

The key lies in knowing what you want to achieve and finding a network that matches those goals. Measurement goes beyond sales; data signals like new-to-brand visits or offline lifts reveal the full scope. And personalization, driven by smart use of 1P data, helps maintain that authentic spark with your audience.

It’s an exciting moment. 

Outdated myths are gradually fading, replaced by fresh perspectives on measurement, targeting, and creative messaging. If there’s a lesson here, it’s that retail media is flexible and evolving. 

A thoughtful approach can bring new life to campaigns and capture consumers’ attention in a more meaningful way.