Retail media has outgrown its traditional home. It now appears at every stage of the customer journey, from first awareness through to the moments after purchase, and in more creative formats than ever before. That raises an obvious question: how can agencies, retailers and media networks make the most of these new opportunities?
That was the focus of the RMA lunch discussion at Osteria by Bocconcino in Covent Garden. Our Senior Business Development Director, Richard Piper, joined a distinguished panel alongside representatives from Epsilon, Harrods, Pearson and WPP Media, sharing perspectives on the trends shaping the sector and the opportunities ahead. He was joined by Andrew Hayes, Senior Business Development Manager, who also attended the event on behalf of Webloyalty.
In this article are four takeaways from the discussion that every retailer, agency and media network should be thinking about, and why loyalty sits at the centre of them.
You Don’t Need the Whole Funnel, Just the Stages You Do Well
One speaker challenged the assumption that every retailer should run a full-funnel media business. Few networks have the data, technology, measurement and operational maturity to cover every stage well. The more useful goal is to connect the stages you already own.
Another speaker described how their business built its brand-storytelling capability first, then added the technology for lower-funnel activity. The result is a customer journey that flows naturally into measurable success.
Measurement: Why No Single Metric Tells the Whole Story
The sharpest debate of the day was about measurement. As touchpoints multiply, it becomes harder to say which one earned the sale.
Richard Piper, Webloyalty UK’s Senior Business Development Director, illustrated the problem with an example from the room. A new lead might be traced back to a conversation at the lunch, but it could just as easily stem from months of emails or a chance meeting at another event. His conclusion: “There is no one conversion metric that can be used to measure that.”
His advice was to learn from those who have wrestled with this problem for years, then consider how their findings map onto your own attribution model.
Other speakers echoed the caution against leaning too heavily on last-touch attribution and return on ad spend. One suggested blending customer value, incrementality and share of model. Another pointed out that full funnel extends beyond Retail Media, so the industry needs a broader conversation about how other commerce channels are measured too.
Every Touchpoint Has a Job, and It Isn’t Always to Sell
One speaker argued that offsite media should be treated as audience-building rather than performance. Asking for the sale too early, they suggested, is like proposing on a first date. Not every touchpoint needs to convert.
Another speaker supported this with research showing that most shoppers already have a brand in mind before they start shopping, which leaves only a small window to influence them.
Where the Store Fits In: Carrying the In-Store Experience Online
For one speaker, the physical store remains their greatest asset. The challenge is carrying that in-store feeling into digital channels through shared data and consistent content.
The Loyalty Link: Turning Anonymous Shoppers into Known, Repeating Customers
This is where loyalty comes in. Richard pointed out that to know who is shopping in-store, you need to give customers a reason to identify themselves, such as rewards or post-purchase perks.
That comes at a cost, and he was candid about it: “You will have to give some margin away” in the short term. But he argued that the price is modest compared with the long-term value of the data it unlocks.
That data is what makes everything else in this discussion work. First-party customer insight strengthens targeting across the funnel, gives Retail Media a firmer foundation, and helps brands and retailers measure what drives value rather than relying on a single metric. Loyalty and rewards are not a side project to Retail Media. They are one of the most effective ways to fuel it.
The Bottom Line
Retail Media’s expansion offers real opportunity, but the winners will be those who play to their strengths, measure with nuance and give customers a natural want to return.
About Webloyalty
Webloyalty helps retailers and brands build stronger customer relationships through loyalty and rewards programmes. By offering customers meaningful benefits at and after the point of purchase, Webloyalty helps partners generate valuable first-party data, deepen engagement and unlock new revenue opportunities.
Want to explore how loyalty and rewards can strengthen your Retail Media strategy? Get in touch with the Webloyalty team to discuss a solution for your business.