Anyone who walked into the theater at Zurich’s Volkshaus on September 2, 2026, sensed it immediately: This wasn’t about some distant pipe dream, but about concrete budgets and tectonic shifts in marketing. Moderator Marc Götti (CEO of Excom Media AG) and IAB President Roger Baur summed it up right from the start: Retail media has come of age in Switzerland. What was still a vague promise just two years ago is now a top priority in the executive suites of retailers, brands, and agencies.

The fact that the industry is booming was evident not least in the audience. IAB Managing Director Urs Flückiger noted in an interview with m&k A happy conclusion:

„It was an extremely successful event—we had one of the lowest no-show rates ever. While the topic of retail media isn’t quite as advanced here as it is among publishers, that’s precisely where the enormous opportunity lies. The IAB working group is actively helping retailers exchange ideas on neutral ground, talk to one another, and establish common standards.“

- Urs Flückiger, Managing Director of IAB Switzerland (in conversation with m&k)

But what exactly is going on here? Why are CFOs suddenly eyeing shelf facades, why is MediaMarkt displaying cars next to coffee makers, and why might the RMD26 have been the last of its kind?

1. The Macro-Quake: Capital Allocation Instead of Advertising Romance

The theoretical and statistical highlight of the afternoon came from Daniel Knapp, Chief Economist at IAB Europe. With analytical precision, he dissected the European advertising market—and in the process debunked a myth: Advertisers do not think primarily in terms of media categories. For them, advertising is simply a matter of capital allocation: How do I achieve the highest return with the least amount of friction?

The numbers speak for themselves: In Europe, digital advertising now accounts for about 70 % of the total market. However, nearly 90 % of that growth goes to a handful of global U.S. platforms. The big exception, with true European champions: Retail Media.

Knapp estimated a hypothetical market potential for Switzerland of approximately 380 million Swiss francs if the local market were to reach the level of maturity seen in Germany or the United Kingdom. In an exclusive interview with m&k Daniel Knapp emphasized what matters most right now:

„The European retail media market is on track to reach 14 to 15 billion euros by 2026. To fully realize this potential, the retail sector must undergo a genuine cultural shift: Retailers must begin to think in a media-centric way and act like media companies—not just like retailers. At the same time, advertisers must reallocate their budgets and break down the traditional separation between traditional media budgets and retail promotion (WKZ).“

- Daniel Knapp, Chief Economist at IAB Europe (in conversation with m&k)

2. Are We Facing a Paradigm Shift? AI Commerce vs. Agent-Based Commerce

Immediately afterward, he threw Markus Caspari (Managing Partner of Digital Innovation & Transformation at Dentsu Germany) offers a nuanced perspective on the current hype surrounding artificial intelligence:

• 99.9% of the market's % are not yet autonomous: Following the model used in the automotive industry (Levels 0 through 5), we are still in the very early stages of fully autonomous shopping („Agentic Commerce“). The idea of bots shopping autonomously on behalf of people is fascinating, but it’s still a long way off.

• Shopping vs. Buying: Shopping is discovery, inspiration, and emotion. Buying is purely utilitarian—meeting basic needs (toilet paper, toothpaste). AI agents will primarily and radically optimize emotionless „buying.“.

• The Protocol Revolution: With standards such as the UCP (Google & Shopify's Universal Commerce Protocol) and WebMCP For the first time, platforms are joining forces. If Google starts rendering search results directly in the browser using AI, or if ChatGPT builds in-app stores through partnerships, the funnel will shift entirely.

Opposite m&k Markus Caspari emphasized the close interconnection between commerce and technology:

„Retail media and AI commerce are two sides of the same coin. Retail media is an interdisciplinary field at the intersection of retail and media—right where search, social, and e-commerce meet. For agencies and brands, this means that retail media should never be viewed in isolation as a standalone channel, but rather must be firmly embedded within a holistic overall strategy.“

- Markus Caspari, Managing Partner of Dentsu Germany (in conversation with m&k)

3. The Swiss Reality Check: From the Corner Store Poster to the 1,500-Screen Machine

It has been proven that Switzerland is not just a theoretical concept Sven Ruoss (CEO of Post Futurum) and Séverine Hubatschek (Head of Retail Media, Migros Supermarkt AG).

Ruoss opened with a pointed provocation: „Retail Media Day 2026 will likely have been the last one—because in the future, we’ll be talking about Commerce Media.“ It has long since ceased to be just about supermarkets; it's now about all commercial transaction platforms—from SBB and Twint to the Swiss Post app.

The Five Unbeatable Advantages of Retail Media:

1. Actual purchase data: First-party transaction data instead of third-party cookies.

2. Brand Safety: Zero risk of deepfakes or questionable environments.

3. Context & High Intent: Anyone who's in a store or shop is in the mood to shop.

4. Native Integration: Advertising right at the shelf or at the digital checkout.

5. Closed measurability: Proof of actual sales (closed-loop).

Séverine Hubatschek highlighted how the Swiss giant Migros is putting these PS to use: «»We are Switzerland's new advertising space."

100 years ago, Migros was still advertising pears from its sales truck. Today, there are 660 stores in the center, where 97 %: All transactions still take place physically. By spring 2027, Migros will be rolling out across Switzerland 1,500 digital screens Combined with the tremendous reach of the Cumulus program (over 3.1 million households, more than 5 million people, over 70% in-store scan rate, and over 90% online), Migros is building an ecosystem for highly granular targeting.

In conversation with m&k Séverine Hubatschek explained the strategic dimension for the retail giant:

„For Migros, retail media isn’t just an afterthought that we do ‚on top‘ of everything else. We’ve firmly anchored retail media in our supermarket strategy and professionalized it. The biggest innovation in recent months has been the establishment of our technology partnership with Criteo for Sponsored Products on Migros Online. Through this partnership, we use our first-party purchase data in compliance with data protection regulations to offer consumers genuine guidance at the right moment.“

- Séverine Hubatschek, Head of Retail Media at Migros Supermarkt AG (in conversation with m&k)

4. The Marketer's Perspective: Why Retail Media Can't Scale Without Publishers

The fact that retail media has long since expanded beyond the confines of online stores was demonstrated by Mitja Grušovnik (Director of Ad Technology at Ringier Advertising). From a marketer's perspective, he shed light on the evolution of «Scale, Data & Reach»—and brought a dash of realism to the debate:

More than five years ago, Ringier was already experimenting with e-commerce models and on-site retail concepts (at the time, including geschenke.de, among others). Yet the fundamental problem facing many retailers remains their limited organic reach. With the gradual phase-out of third-party cookies and the demand for maximum brand safety and first-party data, the time has now come for strategic alliances:

„Retailers have fantastic purchase and transaction data, but eventually reach the limits of their reach on their own platforms. As marketers and publishers, we bring exactly what’s missing for scaling in the off-site space: mass reach and relevant journalistic contexts on the open web. The future lies in seamlessly integrating retail data with our publisher reach through smart interfaces.“

- Mitja Grušovnik, Director of Ad Technology at Ringier Advertising (on RMD26)

It is only through this integration of retail data and large media networks that retail media becomes programmatic and bookable on a large scale for agencies and brands.

5. The Comeback of Physical Spaces: 85 % Events Take Place in Stores

The contributions from MediaMarkt, OBI, and the One Tech Group reinforced the notion that the physical point of sale is the real gold mine. Daniel Siegmund (One Tech Group) provided the number of the day: 85 % of the trading volume in Switzerland is processed through brick-and-mortar locations. Anyone who thinks of retail media as nothing more than a banner in an online store is missing out on the lion's share of the market.

Just how spectacular in-store activation can be was demonstrated by Felicia Wegmann (Team Lead, Partner Marketing & Retail Media, MediaMarkt Switzerland), based on a best-practice case study developed in collaboration with Publicis for Opel: To launch the new Opel Frontera, MediaMarkt simply placed a real car right in the middle of its electronics store. Combined with synchronized TV walls, in-store screens, newsletters, and on-site advertising, the key metrics skyrocketed:

• +444 % Web Traffic for Opel

• +660 % more vehicle configurations

• Doubling (+100 %) of vehicle orders

Opposite m&k Felicia Wegmann emphasized the value of this cross-channel approach:

„Our case study with Opel and Publicis has impressively demonstrated how cost-effective retail media can be compared to traditional media—even for non-endemic brands outside the electronics sector. By combining a physical ‚space experience‘ in-store with a digital extension, we were able to demonstrate a massive increase in brand awareness and tangible leads.“

- Felicia Wegmann, Team Lead, Partner Marketing & Retail Media, MediaMarkt Switzerland (in conversation with m&k)

Joining us from Germany, [Name] presented Patricia Grundmann (Managing Director of OBI Advertising) on what the future looks like on the shelves: A pilot project is underway in the 15 OBI stores in Switzerland with Advertima. Using smart sensors, the displays analyze passing customers in real time (length of stay, eye contact, target audience segments) and programmatically deliver the appropriate advertising message. If a potential homeowner stands in front of the display, they see professional tools; if a family stops by, the gardening campaign plays.

6. The Reality Check in the Panel: „Who Has to Deliver Now?“

The fact that retail media must become an integral part of media planning was also highlighted in the presentation by Albert Gubler (Director of Expert Practices at WPP Media) and Gian Berger (Head of Product & Business Development, Retail Media, Migros) in the spotlight. In conversation with m&k Albert Gubler summarized the agency's perspective:

„There’s a tremendous sense of momentum in the Swiss market. For us as a media agency and for our clients, retail media is an incredibly exciting field because it brings advertising messages extremely close to the point of sale. However, for retail media to become an established part of the media mix, it requires absolute transparency, standardized formats, seamless bookability, and reliable comparability with other media types.“

- Albert Gubler, Director of Expert Practices at WPP Media (in conversation with m&k)

At the closing panel discussion, moderated by Gian Berger (Migros) and Nicolas Bill (Co-Leaders of the IAB Retail Media Working Group) discussed Julia Sams (Henkel), Pierre Bohren (Brack.Alltron), Mitja Grušovnik (Ringier Advertising) and Tobias Kober (MediaMarkt Switzerland).

The answer to the panel question „Who has to deliver now?“ was unanimous: Everyone involved needs to pitch in.

• Retailers must deliver: A shift away from the siloed thinking of traditional advertising cost subsidies (WKZ) toward transparent, predictable digital and media standards. Advertisers are calling for standardized metrics, booking interfaces, and reliable measurability.

• Brands must deliver: Marketing decision-makers must reallocate their budget allocations. Retail media should no longer be funded from whatever is left over in the retail promotion budget; rather, it belongs in the core media mix as a permanent performance and branding channel.

• Tech companies and agencies must deliver: The fragmentation of the Swiss market is detrimental to scaling. Agencies need programmatic booking channels (DSP/SSP integrations) and standardized formats to manage campaigns across multiple retailers without incurring significant additional effort.

The bottom line: A gold rush atmosphere with a test of maturity

The 2nd Swiss Retail Media Day proved that retail media is not just a passing fad, but the link between digital precision and real-world consumption.

Switzerland is at a turning point. The potential is enormous, the technology is in place, and retailers sit on the country’s most valuable data treasures. But the era of siloed solutions is over. If retailers, brands, and tech service providers establish common standards now, retail media will transform Swiss marketing for the long term—and the targeted 380 million francs will become a reality sooner than some media planners currently believe.

125 guests, over 20 speakers and panelists, a packed schedule from 9:30 a.m. to 4:00 p.m., and a networking reception to wrap things up: RMD25 demonstrated just how much traction this topic has in the market. Organized by IAB Switzerland under Managing Director Urs Flückiger, with support from Gold Partners Advertima, Audienzz, Goldbach, Ringier Advertising, and Bring! Labs, the event focused on one central goal: advancing potential, standards, and collaboration across the entire retail media value chain.

Working Groups as a Catalyst

The opening was hosted by the presenter Sven Ruoss, IAB Vice President Roger Baur as well as the leaders of the retail media working groups. Their common message: The industry needs clear definitions and standards to put retail media in Switzerland on a solid footing. Nicolas Bill, Head of Marketing at OBI and Chair of the Retailer Working Group, aims to pool the strengths of retailers and raise the profile of retail media from a retailer’s perspective. His group facilitates the exchange of experiences among retail companies and identifies market trends based on these insights. Sven Ruoss emphasized the need to overcome fragmentation and establish a common understanding. Without clear structures, he noted, retail media would be virtually impossible for advertisers to book—standards are a prerequisite for growth.

Strategic Turning Point

This was followed by Robert Jozić, Managing Director of Schwarz Media and Chair of the Retail Media Working Group at the BVDW, delivered the first keynote address titled «Retail or Media—At a Strategic Turning Point.» He painted a clear picture: The retail sector is under massive pressure—from the pandemic, from platforms, and from AI assistants that are increasingly taking over customer access. In this environment, he said, retail media is not a side business but a strategic necessity.

Speaking as a representative of the Schwarz Group, the world’s fourth-largest retailer, Jozić was unusually candid: With growth of over eight percent, its own recycling facilities, and an educational foundation, the group is independent of stock market expectations. This position allows it to expand retail media as a business segment over the long term.

He cautioned against using the revenue of platforms like Amazon, Ali, or Temu as a benchmark: It is 100 percent incremental and therefore not comparable to traditional retailers. He also criticized the «relabeling» of advertising subsidies as retail media budgets—without any real added value. The often-cited nominal RoAS is obsolete: «Nominal RoAS is dead.» What matters is incremental RoAS (iRoAS), which can be measured through rigorous A/B tests—differences by a factor of three are not uncommon.

He cited loyalty apps such as Lidl Plus and Kaufland—which combine purchase data and customer loyalty—as key channels. Advertising on these platforms is more measurable and effective than traditional online advertising. Jozić also advocated for retailers to assume the advertising risk themselves, for example through CPA models based on AI-driven forecasts.

Scaling requires standards: He referred to the BVDW’s product portfolio, adapted from IAB Europe, which covers the entire funnel. At its core, the goal is to distinguish between a «Red Ocean Game»—integration into existing commercial negotiations—and a «Blue Ocean Game»: The latter taps into new budgets from CMOs and agencies, regardless of sales, and is also open to non-endemic partners such as Disney+.

His conclusion was programmatic: Retail media must be established as a distinct media category—with clear metrics, standards, and partnerships. Only in this way can its full potential be realized: «Loyalty, Partnerships, and Content» as the foundation for a holistic customer journey.

Omnichannel and Cumulus Data

Gian Berger, Head of Product and Business Development for Retail Media at Migros, shed light on a wholesaler’s perspective. For Migros, retail media is an omnichannel initiative driven by first-party data. About 80 percent of all transactions are processed via the Cumulus card, giving Migros a precise picture of purchasing behavior. Berger defined retail media as the convergence of data and touchpoints—from online platforms to apps and loyalty programs to the point of sale (POS). The goal, he said, is to make advertising opportunities for advertisers transparent and customer-centric. For him, retail media is a «playing field» that is complex but offers enormous potential.

The challenges lie in developing a clear data strategy, securing management buy-in, and breaking down internal silos. Retail media must be part of the overall strategy, not an isolated department. In addition, leadership, cultural change, and investment in talent are needed.

Using a „test and learn“ approach, Migros develops small MVPs with partners, scales successful models, and selects topics that are marketable and scalable. For Berger, establishing standards and scaling up are the crucial next steps.

Retail Media on the Rise

Retail media is much more than just another advertising space. This was also evident in numerous case studies and discussions. Particular emphasis was placed on the measurability of campaigns. The focus is shifting from nominal RoAS to incremental impact—the actual increase in revenue, reliably measured through A/B testing.

Real-world examples demonstrated the impact: Marc Goetti (Excom Media) presented campaigns with Ricola and Carlsberg that, using real-time targeting, achieved 13 percent more relevant impressions and 86 percent fewer ad impressions per 1,000 contacts. A Carrefour study from the Middle East showed a 68 percent increase in revenue through programmatic targeting. The topic of omnichannel was also a focus: For Gian Berger, retail media is clearly a synergy between physical stores, online platforms, and loyalty apps, all connected via first-party data.

Swiss Retailers in Detail: Impact at the POS

Tobias Kober (MediaMarkt Switzerland) describes retail media as a «passion project.» Significant results can be achieved with relatively small budgets: 3,700 francs led to a ROAS of 1,027 percent. The mix is significantly more effective across the entire funnel—for example, by combining Sponsored Product Ads and Sponsored Brand Ads. The «Apple Days» were particularly impressive: a coordinated two-week campaign that combined product selection, pricing, in-store visibility, and first-party data—resulting in a 75 percent increase in sales across the entire Apple product line.

Pierre Bohren (Brack.Alltron) outlined the strategy «»Show what you're made of" First: Creativity comes before funding. First, the idea is developed; then, production budgets are sought—or, if necessary, the project is carried out without them. That’s how the «Prince Charming» campaign for printers came about, for example. Another striking fact: 100 percent of Brack’s campaigns are AI-generated. Advertising should be natively integrated; the company rejects clunky banners. The next steps involve the further development of Sponsored Products, new brand formats, and first-party data products.

Nina Hoss (Digitec Galaxus) presented a broad portfolio - from print ads in a package to newsletters and offsite campaigns to truck branding. In order to maintain credibility, Digitec Galaxus deliberately refrains from advertising on the online store. With 3.3 million active customers - a third of the population - the platform offers enormous reach. Cases prove the effect: +200% growth for a socks supplier, +600% traffic for a smartphone campaign or 10 million impressions for gardening products with an average CPC of CHF 0.71.

Consolidate retailers and establish measurable metrics

Nicolas Bill, Chair of the IAB Retail Media Working Group and Head of Marketing at OBI, sees the main task as bringing together retailers’ interests and sharing collective insights with the market. With over 20 years of experience. Measurability is essential: ROAS and the cost-to-revenue ratio are key metrics that can only be reliably measured with clear standards. This is precisely what his group is working on—with the goal of creating a solid foundation for the Swiss market.

Voices from Agencies: Partnership and Precision

Manfred Strobel, a media expert at Webrepublic, described the RMD25 as a successful kickoff and an important signal for the market. He found the insights from Germany and OBI’s report on ten years of retail media development particularly valuable. For Strobel, retail media will only work within partnership-based models. The touchpoint at the point of sale—where context and consumer desire converge—is crucial. For agencies like Webrepublic, retail media has long been part of their business: their expertise in measurability and precision has been continuously expanded. The benchmark remains the clients’ revenue targets.

Learning from a Mature Market

Moritz Hoffmann, Managing Director of the pilot agency group and Chair of the Retail Media Ecosystem at the BVDW, highlighted the trends in Germany. Retail media began there over 20 years ago in the marketplace business, gained volume in 2015–2016, and has experienced a boom in recent years—accelerated by the pandemic and e-commerce. Today, most of the top 10 retailers offer retail media solutions.

The market is currently in a consolidation phase. The biggest challenge is the convergence of retail and media—two historically separate worlds with different operating principles. Retailers entering the media business are venturing into a new industry with new competitors. Media companies, in turn, must understand that retailers’ core business remains more important to them than media.

Retail media is driving new models: sellers and buyers are becoming partners who purchase reach, inventory, and data from one another. Retail media also influences media planning as a whole: Access to transaction and demographic data enables more precise targeting that goes beyond traditional market research. Hoffmann’s message: Collaborative partnerships are the only way to develop standards and learn from one another.

What Needs to Be Resolved Now

In addition to the great potential, the challenges also became clearly apparent. Technical Complexity and the need for Standardization remain key issues. Representatives from Advertima, for example, emphasized that this is the only way to scale. At the same time, there is a need for a Culture change. Retailers must learn to see themselves as media companies. Management buy-ins, data strategies, and breaking down silos are essential to this. It is also important to distinguish retail media from traditional trade marketing. New business can only be generated if there is genuine incremental growth.

The consumer's perspective remains the guiding principle. Advertising should inform and offer added value—not be a nuisance. Juan-Pablo Schmid (Bring! Labs) spoke of «Pretail Media,» which engages consumers as early as the shopping planning stage. Pierre Bohren also emphasized that user experience takes precedence over media budgets.

Looking Ahead: Data, Standards, and Double-Digit Growth

The RMD25 made it clear: Switzerland has woken up to the concept of retail media. Experts expect double-digit annual growth rates. First-party data is considered a «key asset,» and common standards are seen as essential for building trust and scaling operations.

There are varying estimates regarding the market size: excluding Amazon, it ranges from 100 to 150 million Swiss francs; including print media, it is around 250 million. However, there was agreement that retail media must be an integral part of media plans going forward.

Virginia Ruggieri (Ricola) summarized the expectations: Retail media must realize its full potential, use budgets more efficiently, and offer customers a relevant, inspiring shopping experience. The first Retail Media Day laid the groundwork for this—and sparked a discussion that will bring about lasting change in the Swiss marketing landscape.