This year, US advertisers are expected to spend nearly $71.09 billion on retail media, according to EMARKETER’s December 2025 forecast. Yet close to 90% of that investment will go to just two players: Amazon and Walmart. That leaves a long tail of retail media networks competing for the remaining share. Differentiation will not come from claiming strong first-party data but from effectively addressing the gaps in that data.

Even robust first-party datasets have constraints. They reflect only shoppers who have engaged: customers who have logged in, joined a loyalty program, or completed a transaction. That leaves out irregular buyers, emerging segments, and high-value prospects actively in-market but invisible to a retailer’s systems.

Activation adds complexity. Retail media networks often focus on owned properties and a limited set of digital formats under direct control. However, advertisers are planning holistically across connected TV, social, digital out-of-home, and other channels beyond the retailer’s domain. When audience data cannot move into clean rooms, CDPs, and major DSPs, it becomes difficult to demonstrate how retail media audiences influence outcomes across the media mix.

The role of third-party data is being redefined. The conversation is no longer about choosing between first-party data and generic external segments. Instead, it’s about using high-quality, privacy-compliant third-party data to enrich and extend what retail media networks already know.

When applied thoughtfully, enrichment fills in missing attributes and reveals behavioral patterns that transaction data alone cannot capture. Demographic, interest, and lifestyle signals clarify who shoppers are beyond the basket. B2B and firmographic layers unlock visibility into business ownership and professional roles that matter for B2B2C campaigns. Contextual and intent signals provide insight into what people research and consume outside of retail environments.

Interoperability is crucial. Data that cannot move fluidly among clean rooms, cloud environments, CDPs, and activation platforms quickly loses value. High-quality datasets today are defined by their ability to connect across systems while preserving identity, governance, and privacy controls. This interoperability enables retail media networks to support complex, omnichannel advertiser strategies at scale.

How retail media leaders will pull ahead

As retail media matures, relying solely on first-party data will feel restrictive. Advertisers will gravitate toward networks that acknowledge their blind spots, collaborate with the right partners, and prove value across the full customer journey.

The next phase of retail media belongs to networks that treat data as an interconnected ecosystem rather than a closed garden. With the right enrichment and interoperability strategy, supported by partners like Eyeota, retail media networks can move from “we know our shoppers” to “we can help you reach the right customers, wherever they are, with confidence and scale.”