eMarketer’s Sarah Marzano provides a data-driven look at why in-store retail media is lagging behind its e-commerce counterpart — and what it will take to finally unlock advertiser budgets.
Key Takeaways
In the third session of the “What’s In Store for Retail Media Networks” event at NRF 2026, Sarah Marzano, Vice President & Principal Analyst, Commerce Media at EMARKETER , delivers a necessary “reality check” for the industry. While retail media is projected to break the $100 billion mark by the end of the decade, the vast majority of that spend is currently trapped on retailer websites. Marzano argues that because the industry was “built by e-commerce for e-commerce,” physical stores have been quietly sidelined despite representing over 80% of total retail transactions.
Leveraging fresh, first-look data from eMarketer, Marzano reveals a striking paradox: while 60% of ad buyers are experimenting with in-store digital formats, they are doing so with extreme caution, often limiting their spend to just one or two networks. The culprit? A massive friction point in measurement and attribution. Ad buyers who “grew up” in the digital world expect the same rigor and reporting integration for the physical aisle that they get online — a standard that many current in-store networks struggle to meet.
This session goes beyond the numbers to look at the organizational hurdles within retail itself. Marzano shares insights from a joint study with Bain & Company, highlighting a significant “confidence gap” between retail media teams and their broader corporate leadership. For in-store to reach its inevitable future, retailers must move past fragmented ownership and build capabilities specifically designed for physical retail behavior rather than trying to force-fit e-commerce models into a brick-and-mortar world.
Speakers: Sarah Marzano – Vice President & Principal Analyst, Commerce Media at EMARKETER