RANCHO PALOS VERDES, CALIF. — Retail media is rapidly evolving from a performance-driven niche into a foundational layer across the entire advertising ecosystem, according to analyst and consultant Andrew Lipsman, speaking with Beet.TV contributor David Kaplan at the Beet Retreat LA.
Lipsman argued that the industry’s understanding of retail media remains too narrow. While brands often see it as a branch of e-commerce marketing focused on driving sales, he said it has effectively become the “closed-loop apparatus” powering nearly every major area of ad spending.
“Whether you’re talking about connected TV, display or social, the future of these channels is increasingly tied to first-party data and measurable outcomes,” he said. “That’s retail media.”
Retail media moves up the funnel
Lipsman acknowledged that retail media’s roots are in bottom-funnel marketing, where clear attribution helped draw advertisers online. But he stressed that the channel’s expanding role demands a broader mindset from CMOs.
As retail networks plug into channels like CTV and premium video, they bring more than conversion insights. They bring audience intelligence that can drive brand building and creative strategy as well.
“It’s not just about performance anymore,” he said. “Retail media now sits across the full funnel. You can target with better precision, measure with more clarity and still build brands.”
Tipping point ahead for performance TV
Lipsman predicted that the overlap between retail media and connected TV is set to become “a mega story in 2026,” driven by rapid developments in ad-supported streaming.
Amazon’s expansion from Prime Video ads to partnerships with Netflix, Hulu, NBCUniversal and others could soon give the company influence over as much as half of the ad-supported streaming market, he said. Walmart’s push into CTV via Vizio will accelerate the trend.
“With that much scale enabled by performance data, it puts CTV directly in a CMO’s sights,” he said. “They will get insights they’ve never had before. It’s going to change everything.”
But he also warned that a flood of measurable outcomes could lead marketers to over-index on what can be quantified.
“The industry risks developing performance myopia,” he said. “Brand building still matters.”
Stores become media channels
In-store screens and retail experiences are the next major frontier, Lipsman said, an evolution that many marketers have been slow to anticipate.
“For decades, the store was treated purely as a sales channel,” he noted. “But it’s actually a high-quality media environment with massive audiences, contextual relevance and proximity to the point of purchase.”
He said the industry has yet to take full advantage of the creative possibilities inside the physical store. Repurposing TV ads won’t be enough.
“It’s a totally different context,” Lipsman emphasized. “There are three-dimensional creative opportunities we’ve barely begun exploring.”
Agencies must rethink their role
Lipsman outlined two major steps agencies should take to prepare for retail media’s expansion:
- Creative agencies should lean into in-store environments, embracing the physical retail space as a new canvas for storytelling and premium engagement.
- Media agencies need to push for unified planning and measurement, building systems that allow in-store media to be activated, measured and compared alongside digital, video and social channels.
He added that holistic, cross-platform measurement is now essential.
“We need to understand reach and frequency across channels, and also quantify incremental sales impact,” he said.
Convergence that will reshape marketing
As retail media penetrates connected TV, display, social and now in-store environments, Lipsman believes the industry is approaching a structural realignment.
“Retail media isn’t just one budget line anymore,” he said. “It’s becoming the connective tissue of the entire advertising marketplace.”
‘Stores Are the Next Major Media Channel’: Insider Intelligence’s Andrew Lipsman
