Should your DTC brand
spend on retail media
yet?

Here's the short answer most retail media decks won't give you: for the majority of DTC brands, the right move in 2026 is not yet, and only on a narrow front when you do. Retail media is the fastest-growing advertising channel in the world right now, with US spend forecast at roughly $71 billion and about 75% of advertisers planning to raise their budgets this year. None of that means it's the right place for your next marketing dollar.

The reason is simple. Retail media is a channel that rewards scale, margin, and operational discipline, and most growing DTC brands are short on at least one of the three. A brand doing $4M with a thin contribution margin and a listing that converts poorly will set money on fire inside the most sophisticated retail media stack on the planet. The same brand at $25M with healthy margin, a hero product that already sells, and a marketplace presence it actually owns can use retail media to compound an advantage it has already built.

So the question in the title isn't rhetorical, and it doesn't have one answer. It has a different answer at every stage. I've spent years inside a portfolio that operated brands across owned site, marketplace, wholesale, and physical retail, which means I've made this exact call dozens of times, and I've watched founders make the wrong one because a network's sales team made the channel sound like free money. It is not free, and it is not money until you've earned the right to spend it.

This is the long version of that conversation, built as a decision framework rather than a pitch. What retail media actually is and why it's exploding, the prerequisites you need before spending a dollar, the real margin math of marketplace selling plus ads, a stage-by-stage view of what retail media should be at sub-$5M, $5M to $20M, and $20M-plus, how to start small and measure incrementality instead of vanity ROAS, the traps that quietly hurt you, and how it all fits the rest of your channel mix.

One thing this post is deliberately not: a head-to-head on whether retail media beats Meta and Google for your conversion dollars. That comparison deserves its own treatment, and I've written it as a sibling piece on where DTC dollars actually convert across retail media, Meta, and Google. This post answers the prior question. Should you be in retail media at all yet, given your stage? Get that right first.

The honest answer
before the rest of
the framework.

Whether you should spend on retail media yet comes down to a single test: do you have the margin to fund it and the fundamentals to make it work? If you're below roughly $5M with thin margin and a listing that doesn't convert, the answer is almost always no. If you're above $20M with healthy contribution margin and a hero product that already sells, the answer is usually yes, on a focused front. Everything in between is a judgment call.

I want to be precise about what "no" means here, because it's easy to misread. "Not yet" is not "never," and it is not "retail media doesn't work." It works, and the data backing that is overwhelming. What "not yet" means is that your scarce capital, at your stage, almost certainly earns a higher return somewhere you already control. A small brand's first job is to prove its owned economics, the unit math on its own site, before it rents distribution from a marketplace that will take a meaningful cut of every sale.

There's a real exception, and it matters. Some categories simply live on a marketplace. If you sell a consumable that customers reflexively reorder on Amazon, or you compete in a category where the buying decision happens almost entirely on a retailer's site, then being absent from retail media isn't conservative, it's negligent. In those cases even a small brand needs a defensive presence, if only to protect its own branded search terms from competitors bidding on them. The framework adjusts for category, not just size.

I'll give you the version I'd say across a table. If a founder asks me whether they should start retail media, my first response is almost never about retail media. It's about their owned numbers. Show me a clean contribution margin, a repeat rate that says customers come back, and a site that converts the traffic it already gets, and now we can have an interesting conversation about a new channel. Show me a brand that's still guessing at its real unit economics, and retail media is the wrong problem to be solving. The order of operations isn't a preference. It's the difference between a channel that compounds and one that bleeds.

The mistake I see most often is the brand that treats retail media as a growth lever before it has proven it can grow profitably on the channels it owns. That brand reads the headline numbers, hears that leaders allocate roughly a quarter of their media budget here, and concludes it's behind. It isn't behind. It's just not ready, and spending to catch up is how a thin-margin brand turns a manageable problem into a cash crisis. Readiness comes before allocation, every time.

What retail media
is, in plain
terms.

Retail media is advertising you buy on a retailer's own properties, placed against shoppers who are already in a buying mindset. The clearest example is a sponsored product slot at the top of an Amazon search result, but the category now spans Walmart Connect, Target's Roundel, Instacart, and a long tail of retailer networks. You're paying the retailer to put your product in front of its customers, on its site, using its first-party purchase data. Sponsored product ads alone topped $38 billion in 2025.

What makes it different from Meta or Google is proximity to the transaction. On social, you interrupt someone scrolling and hope to create demand. On retail media, you're bidding for attention from a shopper who has already opened a store and typed a query, which is why the channel converts so efficiently on high-intent terms. The retailer also closes the loop with its own checkout data, so it can tell you, by its own accounting, exactly which ad led to which sale. That closed loop is the channel's superpower and, as we'll get to, its blind spot.

The category has also stretched well beyond the search bar. On-site placements like sponsored products and sponsored brands are the core, but retailers now sell off-site inventory too, using their shopper data to target you across the open web and connected TV. Off-site retail media is forecast to grow about twice as fast as on-site through 2026, as retailers push past the ceiling of their own traffic. For a DTC brand, that means "retail media" is no longer one ad unit. It's a stack of very different products with very different economics.

Here's the part founders underrate. Retail media is not just a place to buy ads, it's a place where the retailer monetizes the relationship with the customer you thought was yours. When you advertise on a marketplace, you're paying for access to an audience the platform owns, and every sale teaches the platform more about that customer than it teaches you. That trade can be worth making. But you should make it knowing exactly what you're renting and what you're giving up, which is the theme that runs through this entire framework.

It also helps to be clear about the shapes retail media takes, because "retail media" gets used as if it were one thing. Sponsored products are the workhorse: pay-per-click ads that put a single product into the search results for a query. Sponsored brands sit above them, promoting a logo and a small product lineup to build a little awareness at the shelf. Then there's the display and off-site inventory, where the retailer uses its purchase data to follow shoppers across the web and connected TV. Each of these has a different cost, a different intent, and a different fit for a DTC brand, and a founder who treats them as interchangeable will overspend on the wrong unit. The high-intent search placements are where a small brand starts. The awareness and off-site products are where a scaled brand expands.

Why retail media is
the fastest-growing
channel in advertising.

Retail media is growing faster than any other major ad channel, and the numbers are not subtle. US retail media ad spend is forecast at about $71 billion in 2026, up 17.8% year over year, outpacing the growth of both search and social. It now represents close to 30% of all US digital ad spending, up from roughly 15% in 2022 and about 22% in 2025. Globally, the category is pushing past $174 billion. This is not a fad you can wait out.

Why is it growing this fast? Three forces, stacked. First, the channel sits closest to the purchase, so it converts, and in a market obsessed with measurable performance, advertisers chase the channel that shows the cleanest line from spend to sale. Second, retailers discovered that selling ads against their own traffic is the highest-margin business they have, far better than selling product, so they've poured resources into building it out. Third, the deprecation of third-party cookies made retailers' first-party purchase data more valuable than almost any other targeting signal in advertising.

The demand side confirms it. Roughly 75% of US advertisers plan to increase their retail media budgets in 2026, and the most sophisticated brands are leaning in hardest. Retail media leaders now allocate about 27% of their total media budgets to the channel, against 23% for laggards, and they activate across an average of 7.2 networks versus 6.2. That four-point allocation gap sounds small, but typical year-over-year budget shifts run two to four points, so the leaders are effectively a year or two ahead.

None of that growth tells a single DTC brand whether to spend. This is the trap the headline numbers set. A channel can be the fastest-growing in the world and still be wrong for your stage, because aggregate growth says nothing about your margin, your category, or your readiness. The brands driving those numbers are overwhelmingly large CPG and established sellers with the scale to absorb the channel's fragmentation and fees. A $6M DTC brand reading the same chart and concluding it's behind is misreading what the chart measures.

One more structural fact worth holding onto: the channel is enormously concentrated. Amazon and Walmart are forecast to capture roughly 89% of incremental retail media spending in 2026, with Amazon alone accounting for the lion's share of US retail media. For a DTC brand deciding where to start, that concentration is useful. You don't need to be present across 200-plus networks. You need to be excellent on the one or two where your category actually transacts, which is a far more achievable goal than the leaders' seven-network sprawl suggests.

The three prerequisites
before you spend
a single dollar.

Before retail media is even a question of stage, it's a question of readiness, and readiness has three gates. Are you even on the marketplace and selling? Does your listing convert the traffic it already gets? And do you have the margin to fund paid traffic on top of the platform's fees? Fail any one of these and retail media will lose money no matter how big you are, because the channel amplifies whatever economics you bring to it.

Gate one: presence and organic traction. If you aren't on the marketplace yet, advertising isn't your first move, listing is. And once you're on, the question is whether the product sells organically before you pay for traffic. A product that can't earn a single unsponsored sale has a product or listing problem that ad spend won't fix, it'll just mask. The cleanest signal that you're ready to advertise is a listing that's already converting some organic demand, because ads on a proven listing pour fuel on a fire, while ads on a cold listing pour fuel on concrete.

Gate two: conversion readiness. Retail media sends traffic to a listing, and a listing converts or it doesn't. If your detail page has weak imagery, thin copy, no enhanced brand content, and a handful of mediocre reviews, paid traffic will arrive, bounce, and leave you poorer. The discipline here is the same one I push for owned-site product pages in the product page audit framework, applied to a marketplace listing instead. Fix the conversion surface first, then buy the traffic. Never the reverse.

Gate three: margin to fund it. This is the gate that quietly disqualifies the most brands. Retail media spend comes on top of the platform's referral and fulfillment fees, so you need genuine contribution margin to absorb both and still profit. A brand that hasn't rebuilt its contribution margin around marketplace economics is flying blind into a channel that will happily spend its way to negative unit profit. If the math doesn't leave room for ad spend after fees, the answer is no, regardless of how ready the listing is.

The margin math of
marketplace selling
plus ad spend.

Retail media lives or dies on a margin equation most founders run too late. On Amazon, the average seller now spends about 26% of revenue on platform fees, up from 19% in 2020, and that's before a single ad dollar. Referral fees run 8 to 15% of the sale price, with most categories at the top of that range, and once you stack fulfillment, storage, the 2026 fee increases, and the 3.5% FBA surcharge, total platform take can reach 30 to 45% of a product's price.

Now layer advertising on top. Retail media advertising already accounts for roughly 40% of what the average Amazon seller pays the platform, making it the second-largest cost line after referral fees. So the real question isn't "what's my ROAS on retail media?" It's "after the platform takes its 30-to-45% in fees, is there enough margin left for ad spend to be the thing that creates profit rather than the thing that erases it?" A brand running 60% gross margin on its own site can look very different once a marketplace takes its cut and ads take theirs.

Let me put it in plain numbers. Take a $40 product. If the platform's all-in fees consume 35% of the price, that's $14 gone before marketing. Add your landed cost of goods, say $12, and you're left with $14 of contribution before a single ad. Spend $7 of that on retail media to win the sale, and your contribution drops to $7, or about 17.5% of the price. That can still be a fine outcome if those are incremental sales you wouldn't have won otherwise. It's a terrible one if you were paying to capture a sale that would have happened anyway, which is exactly the failure mode the next section is built to catch.

The discipline that protects you here is the same one that protects every paid channel: knowing your ceiling before you spend. Your maximum allowable customer acquisition cost on a marketplace is lower than on your own site, because the platform has already taken a cut the owned channel never charged. If you import your owned-site CAC ceiling onto a marketplace without adjusting for fees, you'll authorize ad spend the unit economics can't support. Run the marketplace math as its own model, with its own ceiling.

There's a second-order cost that rarely makes the spreadsheet: the customer you don't keep. A sale on your own site gives you an email, a profile, and a shot at a second purchase at near-zero acquisition cost. A sale on a marketplace gives you a transaction and very little else, because the platform owns the relationship. So even a profitable marketplace sale is worth less to your enterprise value than a profitable owned-site sale, because it doesn't compound into lifetime value the same way. Price that into your willingness to spend.

One more wrinkle that catches brands off guard: the fees aren't static, and they're moving the wrong way. Amazon's 2026 changes raised base FBA and referral rates, then layered a 3.5% surcharge on fulfillment fees on top, citing logistics and fuel costs. Every one of those increases comes straight out of the contribution margin that funds your ad spend, which means the margin math you ran a year ago is already stale. A brand that built its marketplace plan on last year's fee schedule is quietly less profitable than its spreadsheet thinks. Rerun the model whenever the platform changes its rate card, because the platform absolutely will, and the direction is rarely in your favor.

The takeaway from all of this isn't that marketplace selling is bad. Plenty of brands make excellent money on it. The takeaway is that the margin structure of a marketplace is fundamentally tighter than your owned site, so the bar for adding paid ad spend on top has to be higher, not lower. The instinct to treat a marketplace like a second storefront with the same economics is exactly the instinct that gets brands into trouble. Different channel, different math, different ceiling.

The stage-by-stage
framework: sub-$5M,
$5–20M, and $20M+.

Retail media should play a completely different role at each stage of a DTC brand's life, and conflating those roles is how founders waste money. Below $5M, it's mostly a distraction with a narrow defensive exception. Between $5M and $20M, it's a deliberate, measured test on one or two networks. Above $20M, it becomes a real, managed channel with its own budget and its own team. Here's what each looks like in practice.

Sub-$5M: mostly skip it

At sub-$5M, your constraint is capital and focus, and retail media is rarely the best home for either. Your money compounds faster proving the unit economics on your owned site, building the email and SMS base that lowers future acquisition cost, and nailing the product. The brands that reach the $5M inflection cleanly almost never get there by splintering a tiny budget across marketplaces. They get there by being excellent on one channel they control.

The defensive exception is real, though. If your category genuinely lives on a marketplace, and a customer's first instinct is to search for your product type on Amazon, then a small, surgical retail media presence isn't growth spending, it's brand protection. Competitors will bid on your branded terms, and a customer searching your exact brand name should find you, not a knockoff, at the top of the page. That narrow defensive spend can be worth it even at $3M. Broad offensive spend at $3M almost never is.

$5M–$20M: test deliberately

This is the band where retail media becomes a genuine consideration, because it's also the band where over-reliance on paid social starts to bite. A brand that has gotten to $10M almost entirely on Meta is carrying a concentration risk, and retail media is one of the cleaner ways to diversify. But "test" is the operative word. You're not allocating 27% of your budget here. You're carving out a deliberate, capped test on the one or two networks where your category transacts, on your hero products only, and you're measuring whether it actually adds incremental revenue.

The structure that works at this stage is narrow and defensive first, then offensive. Start with sponsored ads on your own branded terms and the highest-intent category keywords, because that's where conversion is strongest and waste is lowest. Prove that pays, then expand carefully into broader terms. Treat it as one experiment inside a deliberate channel mix strategy, not a new religion. The goal at this stage is to learn whether the channel works for your specific economics before you commit real budget to it.

What does a sensible test budget look like in this band? Small enough that a bad result is a tuition payment, not a wound. I'd rather see a brand commit a contained monthly number to one network for a full quarter, with a clear incrementality read at the end, than sprinkle the same money across three networks and learn nothing from any of them. The point of the test isn't to move the revenue needle this quarter. It's to answer a binary question: does retail media produce genuinely incremental, margin-positive sales for this specific brand? You can't answer that with a budget so small it never reaches significance, or so spread out that you can't isolate the variable. Concentration is what makes a test legible.

$20M+: run it as a real channel

Above $20M, retail media graduates from experiment to managed channel, with its own budget line, its own ownership, and its own targets. At this scale you have the margin to absorb the fees, the catalog depth to advertise more than a hero product, and the operational maturity to manage the channel's fragmentation. This is where the full toolkit comes into play: sponsored products and brands on-site, off-site retail media against the retailer's shopper data, and a genuine full-funnel approach. It's also where a brand starts to look like the diversified, multi-channel operators that command the strongest valuations, the same logic behind the omnichannel path to $100M.

The discipline that changes at this stage is allocation. Now the question of how much to put into retail media versus owned channels versus wholesale becomes a real portfolio decision, and the leaders' benchmark of roughly a quarter of media budget across multiple networks becomes a reference point rather than a warning. But even here, the incrementality discipline doesn't relax. A $40M brand running retail media without measuring true incremental lift is wasting money at a larger scale than a $10M brand, not avoiding the problem.

How to start small
and measure what
actually matters.

When you do start, start narrow and measure incrementality, not the ROAS the network hands you. This is the single most important discipline in retail media, because the channel's reported numbers systematically flatter the spend. Incremental ROAS typically runs 30 to 60% below the last-click ROAS retail networks report, since much of the credited revenue would have converted anyway. Spend that you think is paying 4x might really be paying 2x once you strip out the sales you'd have won for free.

Why the gap? Because retail media networks grade their own homework. A shopper who searches your exact brand name and clicks your sponsored ad gets counted as ad-driven revenue, even though that customer was going to buy you regardless. The platform has every incentive to claim that sale, and its closed-loop reporting does. The result is a beautiful ROAS number that overstates what the spend actually caused. The whole game is separating caused sales from captured ones, and the network's dashboard will not do it for you.

The industry knows this now. About 71% of advertisers rank incrementality as their number one retail media KPI, ahead of ROAS, yet only about 20% are good at both measuring it and acting on the result, and just 15% say they're very or extremely effective at measuring retail media performance at all. That gap between knowing and doing is your opportunity. A brand that runs disciplined holdout tests, even simple ones, is operating with a clearer picture than the large majority of advertisers who are still optimizing to a vanity number.

The reason to cap spend tightly at the start isn't caution for its own sake. It's that roughly a third of retail media spend across the industry delivers incremental ROI below 1x, which means a meaningful slice of all the money flowing into this channel is destroying value, not creating it. The brands that avoid being in that third are the ones that measure honestly and act on what they find, killing the spend that doesn't clear the bar instead of letting a flattering dashboard talk them out of it.

If a true holdout test feels out of reach for your team, there are simpler proxies that get you most of the way. Watch what happens to your total marketplace revenue, not just your sponsored revenue, when you turn ad spend up and down. If you double ad spend and total sales barely move, you're mostly shifting organic sales into the paid column, which is the cannibalization signal in plain sight. If total sales rise roughly in step with spend, you're likely finding incremental demand. It's a rougher read than a clean geo holdout, but it's miles better than trusting the network's attributed ROAS, and any operator can run it from the data they already have.

The mindset shift that matters here is to stop treating the network's dashboard as a scoreboard and start treating it as a sales pitch. The platform is a counterparty, not a neutral referee, and its reporting is built to make its product look as effective as possible. None of that is sinister, it's just incentives. But it means the operator's job is to bring independent measurement to a channel that would much rather you didn't. The brands that win at retail media are the skeptical ones, the ones who assume the reported number is generous and spend only against the lift they can prove on their own terms.

The traps that turn
retail media into a
slow leak.

Retail media has two failure modes that don't show up as obviously bad numbers, which is exactly what makes them dangerous. The first is cannibalizing your own DTC, paying a marketplace to win a sale that would have happened on your site. The second is training customers to buy you on a channel you don't own. Both can look like growth on the surface while quietly eroding the value of the brand underneath.

Cannibalization is the subtler trap. When a customer who already knows your brand searches for it on a marketplace and buys through your sponsored ad, you've paid the platform a fee plus an ad cost to capture a sale you might have gotten for free on your own site, where you'd have kept the full margin and the customer relationship. Multiply that across enough loyal customers and you've built an expensive machine for moving sales from a channel you own to one you rent. The fix is the incrementality discipline above, plus a hard look at whether your marketplace ads are mostly catching demand you already created.

The second trap is strategic and slower. Every sale you push to a marketplace is a sale that doesn't build your owned audience, your first-party data, or your direct relationship with the customer. Over time, a brand that leans too hard on marketplace selling can wake up to find that the platform, not the brand, owns the customer. Some brands have looked at this math and pulled back from marketplaces precisely because the channel was training their best customers to buy somewhere the brand had no control and no second-purchase economics. The convenience is real, and so is the dependency it creates.

There's a third trap that's purely operational: fragmentation. The channel now spans more than 200 named networks, advertisers run an average of six and climbing, and managing campaigns across many of them costs brands close to 20% in lost efficiency from the fragmentation alone, with 15 to 20 hours a week swallowed by manual reporting. For a DTC brand, the lesson is to resist the leaders' seven-network sprawl until you're large enough to manage it. Depth on one or two networks beats thin presence on many, every time, because the operational drag of breadth quietly eats the returns.

How retail media fits
the rest of your
channel mix.

Retail media is one channel in a portfolio, and the brands that use it well treat it that way rather than as a silver bullet. Its job is specific: capture high-intent demand at the point of purchase on channels where your category already transacts. It is not a demand-creation engine the way social can be, and it doesn't build owned audience the way your site and email do. Slot it into the mix for what it's good at, and don't ask it to do the jobs it can't.

The cleanest way to think about it is by funnel role. Paid social and influencer create demand, your owned site and email capture and compound it at the highest margin, wholesale and retail extend your reach into channels customers already shop, and retail media captures intent at the marketplace shelf. A healthy brand isn't choosing one. It's assembling a mix where each channel does the job it's best at, and retail media earns its slot only when the marketplace is genuinely where a meaningful share of your category's purchases happen.

This is also where the underrated channels deserve a mention, because retail media isn't the only diversification play. A brand over-indexed on paid acquisition often finds more durable margin in channels it half-ignored, from owned email and SMS flows to the B2B and wholesale revenue hiding inside a DTC business. Retail media should compete for budget against those options on the merits, not get a free pass because it's the channel everyone's talking about. Sometimes the highest-return move isn't the fastest-growing channel, it's the boring one you've been neglecting.

And it's worth holding the whole thing in perspective. The point of diversifying your channel mix isn't to be everywhere. It's to reduce dependence on any single source of demand so that a CAC spike or an algorithm change doesn't take the whole business down with it. Retail media can be a valuable part of that resilience, especially for a brand whose category lives on a marketplace. But resilience comes from a deliberate mix matched to your economics, not from chasing whichever channel the latest report crowned as fastest-growing.

I'd add one practical caution about sequencing. Brands often reach for retail media right when paid social gets expensive, looking for relief from rising CAC. That instinct is half right. Diversification is genuinely the answer to channel concentration. But reaching for a new paid channel as the first move skips the cheaper diversification that's usually sitting right there: the owned audience you've already paid to acquire, the wholesale accounts you haven't pursued, the retention flows you've under-built. Paid retail media is a legitimate part of the mix, but it should rarely be the first place a margin-pressured brand turns, because it adds cost before it adds the kind of owned leverage that actually lowers your blended acquisition cost over time.

The decision tree:
should you spend,
right now?

Here's the whole framework collapsed into a sequence of yes-or-no questions. Walk them in order, and stop at the first no, because a no anywhere upstream means retail media isn't your next move yet. The discipline of working the tree in sequence is what stops a founder from skipping straight to "the channel is growing, so I should be in it," which is where most of the bad spending decisions start.

Question one: does your category transact on a marketplace? If a meaningful share of your category's purchases genuinely happen on Amazon, Walmart, or a similar retailer, continue. If your category is overwhelmingly bought direct, retail media is low priority, and you should be investing in owned demand instead. This is the gating question, because everything downstream assumes the marketplace is somewhere your customers actually shop.

Question two: are you ready? Are you on the marketplace, is your listing converting organic demand, and do you have the contribution margin to fund ad spend on top of platform fees? If any of those is no, fix it before you spend. A yes here means you've cleared the three prerequisite gates, and the question shifts from readiness to stage.

Question three: what's your stage? Below $5M, default to defensive-only spend that protects your branded terms, and keep the rest of your capital on owned channels. Between $5M and $20M, run a capped, measured test on one or two networks with a real incrementality read. Above $20M, build it into a managed channel with its own budget and ownership, while keeping the incrementality discipline intact. At every stage, the answer to "how much" follows from the answer to "is it actually incremental," never the other way around.

Question four: is it incremental? Once you've spent for a quarter, run the holdout and look at true lift. If the spend is creating sales you wouldn't otherwise have won, scale it within your margin ceiling. If it's mostly capturing demand you already created, pull it back to defensive levels and put the money where it compounds. This question never goes away. It's the one you re-ask every quarter for as long as you run the channel, because the moment you stop asking it, the flattering dashboard takes over.

So, should your DTC brand spend on retail media yet? For most brands, the honest answer is: not as much as the headlines suggest, not as broadly as the leaders do, and never before the fundamentals are in place. The channel is real, it's the fastest-growing in advertising, and for the right brand at the right stage it's a genuine source of profitable, diversifying demand. But it rewards margin, readiness, and measurement, and it punishes the brand that spends to keep up. Earn the right to spend, start narrow, measure what's actually incremental, and let your stage, not a growth chart, set your allocation.

If you're weighing this call and you want a second set of eyes from someone who has made it inside a nine-figure portfolio, that's exactly the kind of channel and margin work the consumer commerce practice exists for. And if you want the head-to-head on where the dollars actually convert, the companion piece on retail media versus Meta and Google picks up exactly where this one leaves off.

Questions founders ask
before they spend
on retail media.