Retail Media’s Off-Site Imperative

RMNs Eye Open Web Inventory for Their Next Growth Phase

Report by Sarah Marzano  | Mar 10, 2025
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Table of Contents
Executive Summary
The upper limits of on-site monetization are coming into focus
Off-site advertising will have a growing influence on retail media’s trajectory
Broader forces are creating tailwinds for off-site retail media
Off-site advertising puts retail media’s challenges in focus
EMARKETER Interviews
Sources
Media Gallery
About This Report
Retail media networks (RMNs) are eyeing the open web as an opportunity for scaled growth, but successfully integrating retailer data off-platform won’t happen overnight.
Topics
Retail Media
Digital Ad Spending
United States
Table of Contents
Executive Summary
The upper limits of on-site monetization are coming into focus
Off-site advertising will have a growing influence on retail media’s trajectory
Broader forces are creating tailwinds for off-site retail media
Off-site advertising puts retail media’s challenges in focus
EMARKETER Interviews
Sources
Media Gallery

Retail media has been defined by astronomical growth, but subdued results from industry heavy hitters hint at the limitations of on-site monetization. Many retail media networks (RMNs) are eyeing the open web as an opportunity for scaled growth, but successfully integrating retailer data off-platform won’t happen overnight.

Key Question: What will drive retail media success off-site?

Off-Site Retail Media Ad Spending Will Grow at 2 Times the Rate of On-Site Through 2026 (% change in US on- and off-site retail media ad spending, 2025-2028)
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Key Stat: US retail media off-site ad spending will grow by 42.1% in 2025, more than twice the rate of on-site ad spending (15.3%).

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    Table of Contents

    1. Executive Summary
    2. The upper limits of on-site monetization are coming into focus
    3. Off-site advertising will have a growing influence on retail media’s trajectory
    1. Broader forces are creating tailwinds for off-site retail media
    2. Off-site advertising puts retail media’s challenges in focus
    3. EMARKETER Interviews
    1. Sources
    2. Media Gallery

    Charts in This Report

    Off-Site Retail Media Ad Spending Will Grow at 2 Times the Rate of On-Site Through 2026 (% change in US on- and off-site retail media ad spending, 2025-2028)Amazon and Walmart Have Thoroughly Monetized Their Product Search Results (% of US retail site search result pages showing at least 1 sponsored product, by retailer, Q1 2024 vs. Q3 2024)
    Amazon's Retail Media Growth Rates Have Decelerated 3 Quarters in a Row (% change in Amazon retail media sales worldwide, Q1 2023-Q4 2024)Amazon Has Nearly 5 Times the Digital Traffic of Its Next Largest Retail Competitor (millions in US desktop/mobile visits, by retailer, Dec 2024)
    By 2027, $1 in Every $4 Spent on Retail Media Will Go to Off-Site (% of US retail media ad spending, by ad placement, 2024-2028)Despite Far Lower Site Traffic, Albertsons Closes the Loyalty Gap With Amazon (US Amazon vs. Albertsons Companies site visits and loyalty program members, 2024)
    Nearly All Digital Media Can Be "Shoppable"

    Interviewed for This Report

    Sean Crawford
    SMG North America
    Managing Director, North America
    Interviewed February 14, 2025
    Mark Heitke
    Symbiosys
    VP, Retail Media Strategy
    Interviewed February 25, 2025
    Kevin Kosinski
    The Trade Desk
    Senior Director, Client Strategy
    Interviewed February 13, 2025
    Vihan Sharma
    LiveRamp
    Chief Revenue Officer
    Interviewed February 11, 2025
    Nich Weinheimer
    Skai
    EVP, Strategy
    Interviewed February 10, 2025
    Claire Wyatt
    The Trade Desk
    GM, Client Service – Retail
    Interviewed February 13, 2025

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    authors

    Sarah Marzano

    Contributors

    Suzy Davidkhanian
    VP, Content
    Wendy Malloy
    Director, Reports Editor
    Evelyn Mitchell-Wolf
    Emma Noyes
    Graphic Designer, Data Visualization
    Amy Rotondo
    Director, US Research
    Sakina Thanawala
    Copy Editor
    Matt Torpey
    Senior Chart Editor
    Emman Velasco
    Chart Editor