Keen 2026 Retail Media Benchmarks Report
Where does the next retail media dollar come from?
Across 182 brands, Keen found that retail media growth is funded by bigger media budgets and a larger retail media share of those budgets, not by cutting trade or consumer promotion. The harder question is whether the next dollar pays back. This report answers it.
Here’s what’s inside:
- Profit ROI benchmarks across funnel, format, and retailer for 182 brands
- Where retail media growth is actually funded (and why it isn't coming from trade or promo)
- Top vs. bottom funnel ROI by brand size, including the gap small brands are missing
- A planned vs. optimized allocation gap worth several times the growth most brands plan
Get benchmarks you can use immediately to pressure-test your retail media plan.
182 brands
See how your mix compares across small, mid-tier, and large revenue bands.
5 retailers
Compare profit ROI across Amazon, Walmart, Target, Kroger, and Instacart.
To show whether your next retail media dollar is going up the return curve or down it.
Top 2025 retail media benchmarks from Keen
Our analysis surfaced the structural patterns most planning decks miss. Each benchmark below comes from Keen’s analysis of 182 brands.
Here’s a preview of the data inside the report:
Retail media's median profit ROI was 1.44, the lowest of any tactic Keen measured.
Across 182 brands, retail media returned a median profit ROI of 1.44, below trade (1.45), consumer promotion (1.45), and non-retail media (1.60). Among the brands growing retail media fastest, only about 1 in 4 earn more on retail media than on the non-retail media they were already running. This isn’t a “retail media is bad” story. It’s a mix problem, and mix is fixable.
86% of retail media dollars sit at the bottom of the funnel, where returns are lower.
Most brands keep retail media in sponsored search and performance placements that are simple to attribute and defend in a review. The returns point the other way. Top-of-funnel retail media returns a 1.85 median profit ROI versus 1.40 at the bottom, and the bottom-of-funnel trend is weakening. For small brands the top-to-bottom gap reaches 67%, and they weight the top of the funnel the least.
Search takes 71% of retail media budget. Display and streaming video pay back more.
Search holds 70.8% of retail media spend at a 1.41 median profit ROI. Display takes 24.7% and returns 1.94. Streaming video takes just 4.4% and returns 1.74. Both display and streaming video pay back more per dollar than search and are growing faster, which is where marginal dollars should move.
Amazon captures 48% of retail media dollars but isn't the highest-paying retailer.
Amazon takes 48.3% of retail media spend across brands, yet Kroger (2.31) and Target (1.93) deliver higher median profit ROI. The concentration is steepest for small brands, which send 71% of retail media to Amazon, their lowest-paying retailer at 1.2x. Large brands already run a multi-retailer portfolio.
Optimized allocation points to 30%+ profitable growth, versus the ~4% brands plan.
Make your next dollar decisions: actionable frameworks you can use
Use the marketing industry report to:
Reframe retail media as a media decision
Make it compete head-to-head with non-retail media on incremental profit ROI, instead of treating it as a trade line item.
Rebalance your funnel mix
Use top vs. bottom funnel ROI benchmarks by brand size to move dollars out of saturated bottom-funnel search and into higher-earning top-of-funnel placements.
Shift spend by marginal ROI
Find where search has passed the point of diminishing return and how much value sits in display and streaming video.
Build a multi-retailer portfolio
Benchmark your retailer mix against brands your size and see what an over-weight to Amazon costs you.
Match the play to your brand size
The mix problem is biggest for small brands. Start there.
Close the loop between measurement and weekly buying
Move past quarterly ROI snapshots so optimized allocation shows up in the weekly plan.
Download the retail media report
Inside the report, you’ll get:
- Profit ROI benchmarks across funnel, format, and retailer
- Decompositions of where retail media growth is funded by brand size
- Practical shifts you can make without raising total spend
Walk into your next planning meeting with a quantitative answer to “Where should the next retail media dollar go?” and the data to defend it. Download your report now.
Ready to put your next retail media dollar to work?
Frequently asked questions
What data is in Keen's retail media report?
Keen’s retail media report is built on an analysis of 182 brands. It includes profit ROI benchmarks across retail media, trade, consumer promotion, and non-retail media; funnel-level views by brand size; format benchmarks for search, display, and streaming video; retailer benchmarks for Amazon, Walmart, Target, Kroger, and Instacart; and planned-versus-optimized growth scenarios.
Is the retail media report free?
Yes. The report is free to download. Just click the button to access and download.
Who should read this retail media report?
It’s built for brand and performance marketing leaders running retail media and full-funnel plans, media buyers making weekly allocation calls, finance partners who want retail media tied to profit and the P&L, and agencies advising clients on retail media mix.
How is this different from other retail media reports?
Most retail media reports rely on surveys, platform-reported metrics, or isolated ROAS. This one uses incremental, profit-based ROI across the full media portfolio, brand-level decompositions of where retail media growth is funded, and response-curve modeling that shows what the next dollar does, not just the average one.
How can I use this report in planning?
Use it to pressure-test your current retail media mix across funnel, format, and retailer, build a case for reallocating dollars without raising total spend, and set guardrails for where the next retail media dollar should and shouldn’t go.