Introduction
Retail media is the new buzzword in the marketing world. In just two years, it has evolved from a niche topic to a fixed point on boardroom agendas and media plans. Both advertisers and agencies talk about its enormous potential: access to valuable first-party data, a direct link to sales, and a new revenue stream for retailers.
But behind that promise lies a more complex reality. The Belgian market is still in its infancy, with plenty of enthusiasm but also fragmentation, limited scale and a lack of standardisation. Time to look beyond the hype: where do we really stand with retail media in Belgium, and what do we still need to reach maturity?
1. What retail media really is today (and what it is not)
Retail media refers to advertising inventory that retailers offer within their own ecosystems, often powered by their customer data. In essence, it involves ads shown close to the purchase moment, supported by unique insights into shopping behaviour.
The landscape consists of three main categories:
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On‑site media: ads displayed within the retailer’s own environment, such as sponsored products on bol.com or banners on Carrefour.be.
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Off‑site media: ads shown outside the retailer environment (e.g., on Meta or YouTube), but targeted using retailer data.
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In‑store media: physical screens, displays or radio in shops, often linked to digital campaigns.
Many brands still see retail media as “something extra”—a channel to test because it's new rather than because it fits a strategy. The essence, however, is not the banner but the data: insights into who buys, when and what.
2. The Belgian landscape: many initiatives, little ecosystem
The Belgian market is rapidly evolving. Between 2024 and 2025, nearly all major retailers launched some form of retail media.
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Colruyt Group offers the ‘largest retail databank in Belgium’: 3 million households, 150 million transactions per year, turned into valuable insights.
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Carrefour Links & Publicis started with Unlimitail in Belgium already in 2023. An entity that stands on its own and even won an IAB Gold this year in the “Retail & Commerce Media category”.
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Bol.com Retail Media has strengthened its Belgian offering with new reporting and targeting features.
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Players like Medi‑Market and Delhaize (MMD) are developing their own advertising platforms.
The result? A market with many initiatives, but little cohesion. Each platform uses its own tools, definitions and reporting logic. As a result, for an advertiser or agency it is nearly impossible to compare performance one-to-one between retailers.
There is a second challenge: scale. Belgium is a relatively small market, which means that even the largest retailers have limited volumes and data points. This makes it difficult to scale or automate campaigns profitably in the way we do with Google or Meta.
In short: we have the building blocks, but not yet an ecosystem.
3. What already works well
Despite the limitations, retail media clearly excels in three areas:
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Contextual relevance. Retail media reaches consumers at a moment when they are already in a buying mindset. That is fundamentally different from classic awareness channels. A sponsored product listing in an online grocery list or targeting based on purchase history does not feel intrusive but relevant.
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First‑party data as a strength. In a world without third-party cookies, retailer data offers a valuable alternative. Retailers have reliable transactional data that other platforms do not. This makes it possible to build audiences based on actual purchase intentions instead of inferred interests.
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Closed‑loop reporting. In principle, advertisers can measure the entire chain: from ad impression to actual sale. In practice, this reporting is still not equally transparent everywhere, but the potential is enormous.
4. Where things get stuck
a. Measurement and standardisation
Each retailer uses its own reporting model and KPIs. Where one reports “ROAS”, another uses “sales uplift” or “incremental reach”. As a result, comparing results or optimising strategically across retailers is difficult. IAB Europe is working on a first European standard, but in Belgium adoption remains limited.
b. Operational complexity
Unlike Google Ads or Meta, there is little self-service tooling. Campaigns are often set up manually through account managers. This makes retail media sluggish, time‑consuming and less scalable.
c. Limited creative possibilities
Many retail media formats are still strongly performance‑oriented: product listings, carousels, banners. Upper‑funnel formats that can convey brand story or emotion (video, dynamic creative testing, storytelling) remain scarce. As a result, the channel risks being reduced to “last‑click media”, while its potential is broader.
d. The Belgian scale paradox
Belgium has a rich retail tradition, but no giants like Amazon or Tesco. This makes collaboration crucial, yet at the same time complex. Without shared data or platforms, advertisers remain dependent on isolated deals, which limits efficiency.
e. What about non-endemic?
The basis for retail in Belgium is strong when it comes to endemic products. Companies that sell on bol.com or FMCG players selling in Delhaize can richly use the many options available. The next step, however, will be to use retailer data on other channels. Imagine being able to tell from someone’s retail purchase behaviour whether they are older, very sporty or very health-conscious. How valuable would it be to target these people in your social campaigns? Increased relevance makes potential ad acceptance stronger.
5. From hype to strategy
Retail media will only create real value if it is integrated into the broader media mix. It should not be a separate experiment but a structural component of the marketing strategy.
This means marketers must think about three crucial building blocks:
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Integration with the rest of the funnel. Retail media is not an island. Combine awareness campaigns on social with conversion campaigns on retail platforms to create synergy. For Example: a brand campaign on YouTube combined with retargeting via Unlimitail or MMD.
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Data and measurement integration. Develop your own framework to include retail media in multi‑touch attribution or media mix modelling. Do not wait for retailers to standardise; take initiative as an advertiser.
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Partnerships and education. In coming years, agencies and retailers will need to work together more closely. Agencies bring expertise in automation, data analysis and strategic planning; retailers bring unique purchase data and context.
In short: from transaction model to partnership model.
Conclusion
Retail media is more than a buzzword. It is a structural shift in how brands reach consumers: closer to the purchase moment, with better data and more accountability.
But the Belgian landscape remains fragmented, small‑scale and operationally challenging. The development of advertising space offline or for endemic customers is taking shape, but the use of data in the broader whole (meaning: being able to use retailer data in the rest of the media mix) is still missing.
The next phase will determine whether retail media in Belgium evolves from a promising experiment into a sustainable channel. I end with one thought: we know this will not happen by itself. All beginnings are difficult. This too will require effort, investment, collaboration and above all realism. Something is clearly emerging — but we are not there yet.
Pieter Maesmans
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