From the Retail Media X Podcast with Internet Retailing
In this episode of Retail Media X, Internet Retailing’s Colin Lewis is joined by Marie-Clare Puffett, Industry Development & Insights Director at IAB Europe, and Bianca Hall, Senior Insights Director at SMG, for a candid, insightful dive into the future of retail media measurement.
As retail media becomes a staple in the wider marketing mix, it’s clear that ROAS alone won’t cut it. From incremental sales to brand-building KPIs, the discussion explores how brands and retailers can better evaluate impact—both short- and long-term—and why the time is now to raise the measurement bar across the board.
Here are our Top 5 Takeaways from the conversation:
1. ROAS Isn’t Dead—But It’s Only One Piece of the Puzzle
Return on ad spend (ROAS) is a valuable and widely used metric. But relying on it exclusively can be misleading. ROAS doesn’t differentiate between incremental sales and purchases that would have happened anyway.
“The biggest risk is that ROAS becomes the whole picture. It’s useful—but it doesn’t tell you if your media actually changed behavior.” – Bianca Hall
Instead of abandoning ROAS, the recommendation is to use it as a baseline—then layer in additional signals to better understand true media impact.
2. Incrementality Is the Metric Retail Media Needs—But We Must Align on Methodology
Incremental ROAS helps marketers identify sales that were truly driven by media. Test vs. control designs—especially for in-store or proximity campaigns—can measure this impact with surprising clarity.
“We have a real opportunity to educate the industry on incrementality—let’s get the basics right and speak a common language.” – Marie-Clare Puffett
But with multiple definitions and measurement models in play, industry alignment is urgently needed. Clarity, consistency, and transparency will unlock greater investment.
3. First-Party Data Is the Game-Changer for Deeper Insights
Retail media’s access to first-party data opens up a rich new layer of behavioral understanding. It’s not just about whether a campaign drove sales—but who it influenced.
Did the campaign re-engage lapsed shoppers? Attract new ones? Drive trade-up behavior?
“One campaign might deliver higher ROAS, but another might drive more long-term value. First-party data helps us understand the difference.” – Bianca Hall
Retailers and brands should use this data not only for targeting, but also to segment performance and inform future strategies.
4. The Industry Is Moving Beyond Short-Term Metrics
There’s been a noticeable shift. Retail media is no longer seen as a “retail tax” or a purely tactical channel. Brands are now asking harder questions:
- How does retail media impact brand equity?
- Can it drive attention and loyalty over time?
- How does it perform as part of an omnichannel strategy?
“Retail media is now a Trojan horse into the broader marketing mix. That’s exciting—and it demands more from our measurement.” – Bianca Hall
This shift calls for a move from short-term ROI thinking to full-funnel evaluation.
5. Let’s Standardize, Collaborate—and Get the Basics Right
As retail media grows in sophistication, the ecosystem must mature alongside it. That means:
- Standardizing metrics and definitions across platforms
- Collaborating across brands, agencies, and retailers
- Getting the basics right before chasing complexity
“We had to do this in other areas of digital media to make them scalable. Now retail media needs the same foundational work.” – Marie-Clare Puffett
Retail media is evolving fast, and measurement must evolve with it. Brands that start by getting ROAS right, then layer on incrementality, shopper segmentation, and long-term value metrics will be in the best position to lead.
At SMG, we believe in moving from walk to run to fly, starting with solid foundations, then building toward advanced omnichannel measurement powered by first-party data.
Want the full conversation?
Listen to the episode on Retail Media X from Internet Retailing.