Is Retail Media Kidding Itself? - Next in Media: The Business Stakes

Retail media’s claim to be a full-funnel advertising business is getting a concrete test as Walmart expands Walmart Connect beyond sponsored listings and into connected television. Walmart announced plans to acquire Vibe.co, a self-service CTV advertising platform built for small and midsize businesses and midmarket brands. Marketing Dive reported the cash transaction at approximately $1.2 billion, subject to customary closing conditions. It is Walmart’s largest CTV advertising investment since the retailer acquired smart-TV maker Vizio for $2.3 billion in 2024.

Vibe.co would give more advertisers a simpler route into Walmart’s advertising ecosystem. Walmart can combine its purchase data with Vibe.co’s probabilistic cross-device identity graph, potentially connecting ad exposure with shopping outcomes. Jesse Math, vice president of strategic partnerships at Keen Decision Systems, said the combination promises a more complete view of omnichannel return on investment, including how Walmart advertising affects brands’ direct channels and how outside spending influences Walmart sales.

The acquisition also raises the competitive stakes with Amazon. Walmart’s U.S. advertising business grew 36% in the first quarter of fiscal 2027, while Walmart Connect grew 44% excluding Vizio. Walmart has additionally brought its audiences to YouTube through Google Display & Video 360, opened Vizio inventory through Yahoo DSP using Magnite and launched the Connect Select streaming marketplace for smaller advertisers. Martin Kristiseter, CEO of Digital Remedy, said the combined retail data, Vizio inventory and Vibe.co platform could make CTV activation and measurement easier.

Retail media is simultaneously moving onto the physical product. Appetite Creative identified GS1-powered QR codes, NFC technology and dynamic digital experiences as tools that turn packaging into an interactive channel for product information, loyalty programs, rewards, authentication and first-party data collection. Carrefour and Tesco are expanding next-generation QR-code deployments that can support checkout, traceability, Digital Product Passports and consumer engagement through a single code.

ConsumerEXP analysis: Retail media is not kidding itself about expanding beyond retailer websites, but its larger promise remains conditional. Walmart must show that Vibe.co and Vizio can produce understandable, comparable measurement rather than another closed platform. Connected packaging must likewise deliver consumer value sufficient to prompt voluntary scans. Advertisers, particularly smaller businesses, gain new access to television and commerce data, while brands face harder budget decisions across Walmart, Amazon, Kroger, Google Search, Meta and owned packaging.