The first decade of retail media was built on a simple, powerful message: “We have the best first-party data.” Shopper files, loyalty programs, and transaction logs gave retailers a clear edge, especially when it came to closed-loop attribution and proving incremental sales. That story still resonates, but as budgets shift and the ecosystem becomes more complex, it is no longer enough.
In 2026, U.S. advertisers will spend nearly $70 billion on retail media. However, nearly 90% of that will go to Amazon and Walmart. That will leave a wide array of smaller retail media networks positioning themselves to capture as much of the remaining $10 billion as possible.
In 2026, the most forward-looking retail media networks are moving past the idea that first-party data is a complete solution. They are starting to acknowledge the gaps in their visibility and signal coverage and are looking outward, toward partnerships and interoperable data, to fill those blind spots and keep advertiser value growing.