To the victor the spoils: who will win the retail media feeding frenzy?
Welcome to a Thursday update from Unmade, focused on retail media.
Today: What will it actually take to win in retail media? And further down, Domain spends its last day trading on the ASX.
Our paying members get complimentary tickets to all our events. That includes September’s REmade conference on retail media; October’s Unlock conference on marketing in the nighttime economy; and to Unmade’s Compass end-of-year roadshow in November.
You also get access to our paywalled archive.
Upgrade today.
Expressway to retail media: quick commerce on the REmade agenda
REmade curator Cat McGinn writes,
With only five days until the early bird discount for REmade ends, we’re pleased to announce a new session to join this year’s expanded program.
In a session titled “Fast, Frictionless, Full Funnel: Quick commerce rewrites retail media” panellists from McCain Foods, Uber and PHD will explore how the rise of instant delivery is reshaping retail media. The session will unpack brand new research from PHD and Uber Advertising on how quick commerce is collapsing the path to purchase into mere seconds, and what that means for brands.
The session will feature Georgina Woodcock, senior marketing manager for media, social and PR at McCain Foods, Matt McGinley, Head of CPG & retail advertising at Uber Advertising, and Brendan Hewitt, head of strategy at PHD.
They’ll examine why delivery platforms are fast becoming some of the most valuable real estate in retail media and how brands can capitalise on every moment becoming a shoppable one.
The session is the latest addition to a stellar lineup including case studies from Logitech and Commbank Connect, keynotes from Amazon and Epsilon, new research on creative effectiveness in retail, presentations on the impact of AI on retail media and more to come.
REmade 2025 takes place on Tuesday, 23 September at the Aerial Function Centre, Ultimo, Sydney. Early bird tickets are on sale for another five days, at a saving of $195.
Unmade members are entitled to a complimentary pass.
The retail media feeding frenzy: who’s adding value, and who’s just hungry?
In this column for REmade, former Cartology executive Jodie Koning argues retail media is the new marketing gold rush, where the spoils will fall to those who can prove they make the ecosystem stronger, not just louder.
Retail media is having its moment. The poster child for modern marketing -measurable, data rich and contextual. This promise has created a boom, and with every boom comes a frenzy: right now, we’re in one.
Retailers want in. Shopper agencies are rebranding themselves as retail media strategists. Traditional media agencies are pivoting to commerce. Data and tech platforms are selling “retail media in a box.” Even legacy publishers are eyeing the pie. It’s a gold rush. But amid the stampede, it’s time for a reality check. If you’re in the game, you need to ask yourself two hard questions:
1. What is the distinct role I play?
2. What value do I actually bring?
Because if you can’t answer those, you may be part of the noise—not the solution.
The opportunity everyone wants in on
Retail media is scaling at speed. Global revenue is projected to outpace entire sectors, from video gaming, to cybersecurity, to global spirits sales. That gives a sense of just how big this “new” channel is becoming and it’s why every player in the advertising and commerce ecosystem wants a seat at the table. At face value, they all have a claim. Everyone touches the customer somehow. But wanting a slice isn’t the same as earning it, so who will win, and where are the opportunities?
The power players: big retail, bigger advantage
Undoubtedly, Amazon and the big retailers in each of the global markets will be the key beneficiaries, with their scaled customer audiences and data propositions, omnichannel impact and ability to invest in future capabilities like AI driven personalisation, measurement and optimisation.
Whilst Cartology, Coles360 and Chemist Warehouse remain the clear leaders in Australia and New Zealand, Bunnings, David Jones and others are building their capabilities - with FY25/26 pivotal for their proposition growth. But without scale, smaller networks may struggle to commercialise effectively. Customer reach and data depth are non-negotiables. Without them, it’s hard for brands to justify the investment.
The media agency conundrum: still on the sidelines?
Media agencies excel at orchestration and are expanding their retail capabilities to secure a seat at the omnichannel table, but few have cracked it yet.
Integrating retail media into a holistic media strategy and stitching things up end to end for brands is the clear opportunity, helping them make sense of fragmented ecosystems and aligning retail media to broader brand and performance goals.
But first, agencies must shift their mindset. Stop resenting retail media networks for “stealing clients” and start partnering meaningfully. Collaboration, not competition, is the only way forward. It requires humility, capability-building, and real strategic chops.
Shopper agencies - an undervalued asset?
Shopper agencies may be better positioned than most, with their heritage in understanding shopper behaviour and the path to purchase. The real question here is - what sort of utility can they offer their partner brands, particularly as the retail media networks proliferate?
It is becoming significantly harder for brands operating in categories like health and beauty - managing a plethora of direct relationships with all of the retail media networks (Cartology, Chemist Warehouse, Coles360, Myer, David Jones and the many other pharmacy players) whilst trying to understand who to invest with, across which channels, when and why.
Strategically minded shopper agencies could step up here, but it will take a bold reinvention. They will require stronger digital acumen, deeper data fluency and better access to the retail media networks, which has historically been poor.
Tech platforms - the real back bone
The role of tech platforms remains clear - providing the infrastructure, automation, tools and data capabilities that enable the retail media engine, simplifying complexity and enabling interoperability. When I was at Cartology, I saw first-hand the sheer complexity of these businesses. They are not just ad sellers, they are digital publishers, search engines, OOH vendors, audio providers, and POS experts rolled into one.
Making omnichannel campaigns seamless and measurable demands serious tech. And no, it doesn’t come neatly packaged off the shelf. Again, as we consider the expansion of the industry and proliferation of networks, we are going to see some tech platforms prevail and empower retail media to better fulfill its promises and connect things up for brands in a way that we can’t even see yet.
Publishers - still figuring it out
The question around their role is still a little murky, whilst they all charge ahead trying to take a slice of the pie. Undoubtedly they bring quality content, editorial trust and top of the funnel impact. But are they authentically merging inspiration with transaction? Are they partnering with the retail media networks to better integrate and monetise their own properties? Time will tell on this one.
Time to get real
The retail media rush has created a flood of players, platforms, and promises. For brands, it’s becoming overwhelming and complexity is climbing. Differentiation is declining and in the chaos, the customer gets lost. Let’s not race to the bottom. Let’s get clear on roles. Let’s focus on real value. And let’s build an ecosystem that delivers for brands, for partners, and above all, for customers.
Jodie Koning is a retail media consultant, formerly GM of marketing and insights at Cartology.
Are you a woman working in retail media?
The Women in Retail Media Collective (WRM Collective) is an industry-first, official global network dedicated to empowering women in the retail media space. Our goal? To make sure women are heard and recognized as key voices in retail media’s next chapter. By 2026, we aim to: achieve 50% female speakers at retail media events and publish 50 articles or case studies authored by women across the sector. Since launching in November 2024, 850+ women from leading RMNs, brands, and ad tech companies have joined us. With partners like IAB Europe, Stratacache, and The CPG Guys, we're building real momentum - and driving real change.
For more information visit wrmcollective.com
5.26 is the magic number, as Domain trading ends
Tim Burrowes writes:
Today’s update on the Unmade Index is brought to you by the number 5.26.
Research house Pureprofile won the day with the biggest rise on the Unmade Index of 5.26%.
And out of home player Motio took the biggest hit of the day, losing 5.26%
It was also a significant day on the ASX for the biggest locally listed media stock - trading in Domain was suspended at 4pm ahead of its sale to Costar.
While Domain will remain listed until the deal completes on August 27 and shareholders get their money, stocks can no longer be traded. The final market capitalisation of Domain was $2.795bn.
Former Domain boss Jason Pellegrino, ousted last October in a bout of board politics driven by majority owner Nine, will return to the helm of Domain, Costar told staff today.
Elsewhere on the Unmade Index, communications holdco Enero improved by 4.8%. Southern Cross Austereo lost 4.1%, meaning its $139m market capitalisation is once again smaller than rival ARN Media’s $146m.
The Unmade Index closed on 587.4 points, down 0.41% for the day.
More from Mumbrella…
Ad Standards rulings ignored as brands fall short on accountability
Opinion: Earned attention: It’s not the idea, it’s how you got there
Time to leave you to your evening.
We’ll be back with more soon.
Have a great day
Toodlepip…
Tim Burrowes
Publisher - Unmade + Mumbrella
tim@unmade.media
Jodie
What a great summary of Retail Media. Insightful and to many it presents a guide to all the market sectors. Being part of this growth of Retail and Commercial Media over the past 5+ years the lines can become blurred.
Being involved as well in Nationally Accredited Training packages across many industries there is no formal training for Retail Media.
It is essential to have the right people with the right skills in the right role with the appropriate training.
Michael Coghlan
ADvendio
https://substack.com/@startupmac/note/p-168376742?r=61vdna