Long dominated by the likes of Amazon, retail media is now seeing a democratization of opportunity that promises riches for a broad array of players.

A key trends watcher in the space says the space is opening up to more operators across more channels.

In this video interview with Beet.TV, Andrew Lipsman, Founder & Chief Analyst, Media, Ads + Commerce, says retail media spend could soon reach $100 billion.

The Rise of Retail Media Networks

Retail media has surged to prominence, driven by the “realization that a lot of retailers were building businesses,” according to

Walmart’s Connect platform highlighted the potential for retailers to significantly bolster bottom-line profitability, says Lipsman, who was VP Principal Analyst at Insider Intelligence before forming his own company with a Substack newsletter.

“Everyone else gets to play a part in this,” he says, forecasting a market that could reach a hundred billion within a few years.

If retail media is evolving beyond big players, it is also moving beyond sites.

“We’re getting into these new areas that are really exciting,” Lipsman says – offsite media, including open web, social, and streaming TV, are hitting an inflection point, expanding the market’s horizons.

In-store media is particularly intriguing, described by Lipsman as “the next major media channel.” While it currently accounts for only a small fraction of retail media, Lipsman envisions a potential multibillion-dollar future for this channel.

The intersection of retail media and streaming TV is where Lipsman sees transformative potential. “Bringing closed-loop measurement to TV advertising, that’s the holy grail,” he states. This evolution could redefine the TV space, making it accessible to smaller and medium-sized advertisers through targeted campaigns.

Retail media is not without its challenges, with the proliferation of ‘walled gardens’ being one. Brands and agencies must navigate these closed ecosystems, which can create friction in the media buying process. Lipsman believes that a “hedged garden strategy” is emerging, citing Walmart Connect’s partnership with The Trade Desk as an example of how retail media networks are finding a balance between exclusivity and accessibility.

As for measurement, Lipsman added his voice to calls for transparency and standardization. “Each retail media network should provide multiple metrics,” he advises, emphasizing the importance of understanding incremental sales driven by advertising.

In the short term, Lipsman is enthusiastic about the growth of offsite retail media and the roll-out of in-store screens. “It’s the beginning of a mega trend,” he says, highlighting the significance of streaming TV’s integration into retail media and the expected expansion of advertising in physical retail spaces.

You’re watching “Retail Media: Let’s Talk Shop,” a Beet.TV Leadership Series at Shoptalk 2024, presented by Epsilon. For more videos from this series, please visit this page.