Why are so many retail media networks struggling to scale — and can programmatic change that?
In this episode, Andreas Reiffen, Founder and CEO of Pentaleap, joins Commerce Media Matters to unpack the structural tensions shaping the next phase of retail media. From the fragmentation of retail media networks and the limits of walled gardens, to the challenge of unlocking real media budgets, Andreas offers a grounded view on what is really holding the category back. He also explores why measurement remains one of the industry’s biggest unresolved issues, what programmatic retail media could unlock, and how AI agents may reshape — but not replace — the retail and commerce ecosystem.
What you’ll learn from this episode:
Why retail media is growing — but still structurally messy: In this episode, Andreas Reiffen, Founder and CEO of Pentaleap, joins Commerce Media Matters to unpack the structural tensions shaping the next phase of retail media. From the fragmentation of retail media networks and the limits of walled gardens, to the challenge of unlocking real media budgets, Andreas offers a grounded view on what is really holding the category back. He also explores why measurement remains one of the industry’s biggest unresolved issues, what programmatic retail media could unlock, and how AI agents may reshape — but not replace — the retail and commerce ecosystem.
The real reason many RMNs struggle to scale: Why the challenge is not just infrastructure or reach, but the fact that many retail media budgets are still coming from trade, not true media investment — making growth harder than headline numbers suggest.
What breaks the old retail media stack: How AI is shifting engagement from static websites toward audio, visual, and conversational interfaces — reducing friction and moving brands from “ranking on a page” to building real-time, two-way relationships.
Why the future may belong to hybrid and programmatic models: As smaller and mid-tier retailers struggle to go direct at scale, programmatic access, ad networks, and interoperability may become essential to unlocking broader spend across multiple retail environments.
Why ROAS is still an unreliable comfort blanket: Andreas shares his candid take on measurement, why publisher-reported returns should always be treated cautiously, and why truly accurate retail media measurement remains difficult, resource-heavy, and often misaligned with industry incentives.
What AI and agentic commerce could mean for retail media: A look at the difference between retailer-owned AI experiences and third-party agents and whether these new interfaces are simply another channel or the start of a deeper threat to retail’s ownership of the customer relationship.
Programmatic retail media is starting to take shape: Why Andreas believes this could be the birth year of programmatic retail media — and how the lines between search, retail media, and broader media investment may start to blur.
Soundbites to listen out for:
On the complexity of the retail media landscape
“[Retail Media] It's definitely somewhat messy. It feels a bit like the Wild West. Everyone wanted to replicate what Amazon did. And everyone has started to start up a retail media network.”
On the gap between Amazon and other retail media networks
“If you take the GMV and compare the ad revenues a retailer makes against that GMV… let’s do this for Amazon. It’s about 8%. If you calculate that same number for retail media networks, you will see that most of them are probably below 1%.”
On how scale will shape the retail media ecosystem
“The smaller the retail media network is, the more reliant they will probably be on this programmatic approach. The ones in the middle will have a hybrid. The very big guys exclusively solve direct.”
On why retail media doesn’t behave like traditional media
“It’s not really a media play. It’s also not purely the same trade. It’s somehow between.”
Advertising Funds Big Tech Power On the illusion of ROAS
“Brands claim more transparency. But that's not what they really want. What they really want is to see a better ROAS and have an amazing methodology that is super accurate. But you can either see an amazing ROAS or you can have a very accurate measurement that will probably not show the same amazing, beautiful ROAS. I don't think we have a tech issue here, the question is: do large retail media networks really want to put thorough measurement in place? And do brands — when they know this is real, this is super accurate, and they 100% trust it — if they see a much lower ROAS, are they still willing to pour more budget into it? That's the real conflict.
Is the Dotcom Era Ending? If AI agents control discovery, what happens to retailers?
“What is a retailer that no longer owns the access to customers? If people no longer hit websites but buy from agents, retailers become fulfillment companies in the end. And that's clearly nothing they will ever want.”
Why retailers will fight to keep customer traffic
“I don't believe that retail will suddenly go away. Retailers don't want third-party AI agents, so they will try to pull traffic to their site. Users sometimes also like the usability, look and feel of the websites they are visiting, reason why they also don't all buy through marketplaces that are around.”
About the guest
Andreas Reiffen is the Founder and CEO of Pentaleap, a retail media technology company helping retailers improve onsite ad relevance, monetisation, and access to broader demand. Before Pentaleap, he founded CreaLyfix, where he worked with major retailers to rethink performance marketing and product advertising at scale. Widely regarded as one of the early architects of modern retail media infrastructure, Andreas brings deep expertise across sponsored products, retail media monetisation, programmatic demand, and the evolving mechanics of commerce media.
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