Retail media matures, but are we there yet?

Retail media has evolved from a buzzword into one of the most impactful revenue streams in modern commerce. In 2025, it represents a major opportunity for brands and retailers alike, offering new ways to monetise digital traffic, enhance the shopping experience, and drive margin-rich growth. But as enthusiasm builds, so does the need for realism. Because while the US and UK markets are already scaling their retail media efforts, the Nordic landscape presents a different reality.

In the US, retail media has exploded. Giants like Amazon, Walmart, and Target are generating billions annually through sophisticated in-house media networks. These platforms offer brands high-intent audiences, first-party data, and closed-loop attribution at scale. It’s no wonder retail media has become a priority in boardrooms across North America. But in Scandinavia, the infrastructure, investment logic, and retail maturity levels still vary widely. 

At its core, retail media is mainly about turning owned retail spaces, both physical and digital, into highperformance advertising platforms. With first-party data, detailed purchase histories, and behavioural insights at their fingertips, retailers are uniquely positioned to offer brands something no third-party platform can: high-intent shoppers at the moment of decision. 

So, while the dream of turning shopper data into ad revenue is compelling, Nordic businesses must proceed thoughtfully. For instance, during the largest ecommerce fair in Scandinavia, D-Congress, several sessions highlighted that retail media is gaining ground in Sweden, with digital ad revenue hitting $45.82M in 2023 and projected to soar to $674.2M in 2024 (Statista). Yet, few Swedish retailers have fully embraced it, signalling major untapped potential. 

However, the technological foundations for retail media in the region are still relatively new, and the cost of entry remains high. What’s more, many Swedish and Nordic brands lack the sales volume required to justify major investments in custom retail media platforms. That creates a dangerous tension: companies may feel pressured to act quickly, either delaying altogether or rushing in with fragmentary solutions that can’t scale.

Explore our expert’s article: Why you shouldn’t rush into retail media

“For consumers, the best retail media experiences don’t feel like ads at all. They’re helpful, relevant, and seamlessly integrated into the shopping journey.”

The result? A risk of misallocated budgets, unproven return on ad spend (ROAS), and missed strategic opportunities. The entry level for retail media has decreased substantially over the last year, making it easier for smaller markets and companies to start experimenting. But retailers and brands in Scandinavia need to balance ambition with strategy. The market is changing quickly, more standardised and costeffective tools are emerging, offering plug-and-play retail media capabilities that were unthinkable just a year ago. That means the time to explore is now, but not to overcommit. 

Being “retail media ready” means understanding where your business stands and what role media can play in your wider strategy. Begin with a candid evaluation: does your current traffic volume, data quality, and brand demand justify the investment? Can your organisation support cross-functional media operations, from content to analytics to sales? Smart businesses could start with pilot programs to test media placements on specific product categories, using loyalty data to inform campaigns, and learning which formats and platforms generate measurable returns. These early experiments might also help validate assumptions, refine messaging, and build internal capability without overexposing risk.

Success in this space will automatically require more than ad space, it demands real operational capability. Leading retail media networks are therefore hiring editorial and creative teams, partnering with ad tech platforms, and offering brands closed-loop reporting. The ability to tie ad exposure directly to sales conversion is transforming how marketers allocate budgets and pushing retail media to the top of the funnel planning conversation.

Take these key steps to prepare your company to use retail media effectively: 

• Conduct a thorough analysis of your current marketing strategy. See where retail media can add value. Strategic and financial analysis provides a good basis for making the right business decisions.
• Start with small-scale pilot projects targeting specific products or markets. Implement trialand-error testing to try out various approaches and fine-tune your efforts by adapting your messaging. These tests can give you an indication of the effectiveness of retail media and provide valuable insights to support future decisions.
• Scale up gradually. Use what you’ve learned from the pilot projects to scale up your activities. Ensure that the data collected from the pilots are used to adjust and optimise your campaigns.

Retailers casted as storytellers 

For consumers, the best retail media experiences don’t feel like ads at all. They’re helpful, relevant, and seamlessly integrated into the shopping journey. Think contextual search placements, personalised homepage takeovers, or product videos on mobile. The key is to add value, not noise. 

Retailers are also extending their media footprint into new channels. In-store screens, self-checkout displays, loyalty apps, and even connected TV are being used to deliver targeted brand messaging with measurable outcomes. Meanwhile, AI is enabling realtime optimisation of media content, placement, and targeting. Allowing retailers to maximise performance across formats and touchpoints. 

Therefore, retail media isn’t just a monetisation strategy, it’s a digital transformation accelerator. It forces cross-functional collaboration, better data infrastructure, and a more agile marketing mindset. And it’s giving retailers a new role in the brand ecosystem: not just as sellers, but as storytellers. 

In 2025, the maturity of retail media will be measured not by impressions, but by how well it integrates into the broader customer journey. The most effective retail media strategies deliver value for all parties: the retailer, the brand, and, most importantly, the endcustomer. While scale helps, even mid-sized and niche retailers can succeed by activating first-party data, building the right tech stack, and securing strong ad partnerships. 

Mid-market retailers and category specialists might be eager to enter the space by leveraging marketplace models, loyalty programs, and ecommerce platforms that provide the reach and relevance needed to attract their audiences. Although, it does require a combination of market timing, strategic patience, and organisational readiness. Jumping in without a clear business case or operational plan can be costly. But moving too slowly could mean missing the window to lead in an emerging space.

“To succeed, retail media must be more than a banner on a website.”

Best-in-class retailers

Albertsons Media Collective - A strong example of a grocer turning customer loyalty data into high-performing ad targeting.

Sephora – Blends media and content beautifully across its ecommerce and app experience, driving discovery and conversion.

Ulta Beauty – Offers brands opportunities to advertise through the loyalty program, app, and in-store displays — creating a seamless ecosystem.

Bol.com - Built its own internal advertising platform for marketplace sellers to bid on placements with full-funnel analytics.

Final thought 

For retailers with strong digital infrastructure and trusted customer relationships, retail media can be more than just advertising; it can be part of a centralised business model. To succeed, retail media must be more than a banner on a website. Which requires a dedicated media team with ad ops, creative, and analytics capabilities. As well as integration with product, marketing, ecommerce departments and clear value propositions for brand partners. 

Therefore, retail media can in many ways feel daunting for smaller or niche retailers, but they don’t have to go it alone. By teaming up with peers to combine inventory, data, and tech, they can boost scale and appeal to advertisers, without compromising control or profitability. 

Whether you’re inspired by the US pioneers or exploring how it fits in the Scandinavian context, the advice is the same: start small, plan smart, and build momentum. Because when the infrastructure catches up, those who’ve done the work early will be the ones ready to scale fast and grow sustainably. 

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