S6E4 Exploring the rise of performance TV, off-site retail media, and what it means for retailers and brands.

Retail media is evolving fast, and if you're still stuck in 2022, you're already behind. In this episode of The Retail Razor Show, hosts Ricardo Belmar and Casey Golden sit down with retail media expert Andrew Lipsman to explore how Retail Media Networks(RMNs) are expanding into Connected TV (CTV) and off-site retail media to drive growth in 2026 and beyond.

From Amazon and Walmart’s bold moves into performance TV to the rise of off-site retail media as a full-funnel strategy, this episode is packed with insights for retailers and brands navigating the next wave of retail media strategy. Andrew breaks down the challenges of measurement, the myth of ROAS, and why CMOs and agencies need to rethink their approach to retail media.

What You’ll Learn in This Episode:

Why connected TV is the next frontier for retail media networks
How off-site retail media is growing 3x faster than on-site
The real story behind ROAS and why it’s often misleading
How Amazon and Walmart are dominating performance TV
What smaller RMNs can do to compete through partnerships
Why CMOs and agencies must evolve their retail media strategy
How to build a full-funnel retail media approach that works

Whether you're building a retail media network or buying ad space for your next brand campaign, this episode is packed with the sharp insights you need to stay ahead.

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About our Guest

Andrew Lipsman. https://www.linkedin.com/in/andrew-lipsman-10b2162/

Analyst, Consultant, and Founder - Media, Ads + Commerce.

Andrew Lipsman is an independent analyst and principal consultant at Media, Ads + Commerce. His industry coverage specializes in retail media—which he is known for anointing as “digital advertising’s third big wave”—and other areas of the digital media, advertising, and commerce ecosystem. He has published more than a half dozen articles in the Journal of Advertising Research and is frequently quoted in The New York Times, The Wall Street Journal, The Economist, The Financial Times, and Advertising Age.

Media, Ads + Commerce. https://mediaadsandcommerce.substack.com

Media, Ads + Commerce is a consultancy providing strategy and insights for companies in retail media and the broader media, advertising, and commerce ecosystem.

Chapters

00:00 Teaser Open

00:51 Show Intro

04:19 Welcome Back Andrew Lipsman!

06:12 How Retail Media Evolved

07:56 Closed Loop And ROAS Limits

10:57 Retail Media Connective Tissue

15:24 CTV Goes Performance

21:19 Partnership Paths To CTV

24:53 Trade Desk And Agency Gap

27:32 Offsite Media Growth Drivers

29:27 Onsite Relevance First

30:40 Connected TV Landscape

31:46 Inventory Quality and Fraud

33:02 Target and Nordstrom Playbook

35:34 Full Funnel Measurement

36:33 CMO Perception Gap

38:09 Brands and Merchant Alignment

41:49 CTV Attribution Reality

44:06 Rethinking ROAS Metrics

46:17 Last Touch Misleads

47:59 Inefficiency as Opportunity

50:15 Talent and Org Alignment

53:21 2026 Priorities and Mindset

57:13 Where to Follow Andrew

58:00 Show Close

Meet your hosts

Helping you cut through the clutter in retail & retail tech:

Ricardo Belmar is an NRF Top Retail Voice for 2025 and a RETHINK Retail Top Retail Expert from 2021 – 2026. Thinkers 360 has named him a Top 10 Thought Leader in Retail, a Top 25 Thought Leader in AGI and Careers, a Top 50 Thought Leader in Agentic AIand Management, and a Top 100 Thought Leader in Digital Transformation and Transformation. Thinkers 360 also named him a Top Digital Voice for 2024 and 2025. He is an advisory council member at George Mason University’s Center for Retail Transformationand the Retail Cloud Alliance. He was most recently the partner marketing leader for retail & consumer goods in the Americas at Microsoft.

Casey Golden, is the North America Leader for Retail & Consumer Goods at CI&T, and CEO of Luxlock. She is a RETHINK Retail Top Retail Expert from 2023 - 2026, and Retail Cloud Alliance advisory council member. After a career on the fashion and supply chain technology side of the business, Casey is obsessed with the customer relationship between the brand and the consumer and is slaying franken-stacks and building retail tech!

Music

Includes music provided by imunobeats.com, featuring Overclocked, and E-Motive from the album Beat Hype, written by Heston Mimms, published by Imuno.