The Secret Hopes & Dreams of RMN Leaders

Last week I sat in on a first look at some new research from EMARKETER and Bain, which is a gamechanger in the sense that a lot of research in the retail media landscape comes from the perspective of the buyer (brands and media buyers) and not from the seller (the leaders of an RMN).

This is the first research I've seen which turns the tables and asks the leaders of RMNs for their perspective on the promises and challenges of the industry.

The full research is forthcoming, but here are my personal highlights from the webinar and where relevant, some ties back to some related content.

But first, I need to educate my American readers on a concept that seems tragically limited to Australia: the babyccino. Traditionally served free to cafe patrons who brought small children along, a babyccino arrives in an espresso cup full of warm steamed milk with cappuccino-style chocolate dusting and a marshmallow on the side.

My son loved babyccinos, and he delighted in the theater of consuming them – swiping a marshmallow across the foam, dramatically dunking it in the warm milk, and sucking back the foamy drink.

But on a recent jaunt back to Perth, I ordered him a babyccino at lunch and he refused it, saying, "I'm 8 years old, I'm not a baby! I am not going to drink babyccinos anymore."

Later, I noticed the marshmallow had disappeared. Before we left, I asked him one last time if he'd drink it. "Fine! I'll drink it!" He picked up the cup, turned around to make sure no one was watching, and knocked the drink back like a shot of liquor.

That's the thing about growing up—you pretend you no longer care about the things you used to enjoy. Even if you'd secretly still love a warm, foamy babyccino with a marshmallow on top, there comes a time when you have to act your age.

That's retail media right now.

Public Confidence vs Private Reality

Retailers are talking a big game about the maturity of their measurement capabilities publicly, even though its self-described pain point for many RMN leaders in this anonymous survey. Measurement and attribution tops the list of challenges (48% cite it), followed closely by talent gaps (45%) and advertiser adoption (44%).

Nearly half of RMN leaders admitting measurement is their top challenge isn't just noteworthy—it's a confession that the industry's most basic value proposition remains unsolved. This aligns with what I hear in private conversations with RMN leaders who are often hamstrung by tech stacks that aren't fit for purpose.

Top challenges facing RMNs right now (% of respondents):

New leaders are arriving at RMNs and discovering what many suspected—the foundation isn't as solid enough to break through a plateau of growth intially fueled by redistributing trade spend into retail media.

Without careful planning around both tech and talent investments, many RMNs risk getting stuck in what I've previously called the retail media doom loop: unable to grow beyond repackaged trade dollars, unable to justify the investment needed to escape.

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Agentic AI tops the list of future concerns

The silence from most retailers around agentic commerce feels particularly conspicuous given where it ranks in the data. When asked about future disruptive forces, RMN leaders put "zero-click/genAI search disrupting discovery" first (36%), with "agentic AI changing ad buyer decision-making" second (28%).

What happens to offsite and onsite ad spend in a world where entire segments of the current ecommerce purchase journey is managed by an AI shopping agent? I would be concerned about my job if I were an RMN head. And if I were a CFO or CEO I'd be concerned about my net margin in 5 years. 

Stephen Mewborn, Partner & Global leader of Bain’s retail media and data monetization solutions said on the webinar that the threat of agentic commerce is so clear that new partnership models need to be explored: “Retailers need to experiment with alternate ways of working with brand partners.” I for one was intrigued by what that could mean, but he didn't elaborate on what those alternatives might look like – either the webinar was running short on time, or perhaps even the consultants are still working out the answers.

The Awkward Tween Years

Retail media is entering its awkward phase—no longer the scrappy startup that gets a pass for rough edges, but not yet mature enough to handle the scrutiny that comes with being a $60+ billion industry in the US. The things that worked when retail media was small – managed services covering for limited self-serve capabilities, trade dollars masking the need for genuine media buyer adoption, growth obscuring measurement gaps) don't work anymore.

My son eventually outgrew babyccinos. Will retail media networks eventually mature? Or will they keep sneaking marshmallows when they think no one's watching?

The full eMarketer/Bain research on retail media network perspectives was previewed in a webinar on October 22nd, 2025 and may be re-watched on demand.