The Q2 Wrap: Brand Partnerships and Retail Media

Last month, the brand partnerships and retail media world descended on London's ExCeL for Retail MediaX, one of the biggest gatherings of its kind in the industry calendar.  

Held on May 14, the 2026 edition brought together hundreds of senior professionals from brands, retailers, agencies and tech platforms for a day of frank conversation about where retail media is headed next. 

From the shift away from scale-at-all-costs thinking, to the measurement challenges still holding retail media back, and the rise of first-party data as a competitive weapon, the major talking points distilled what we’ve seen ourselves unfolding in Q2.  

Here were my big takeaways for those activating brand partnerships through their affiliate program.  

 1. Retail media's scale obsession is giving way to a focus on relevance  

"Reach only matters when it connects with relevance."  

Christian Raveaux 

Director Retail Media Connect, REWE Group

One of the clearest messages to emerge from Retail MediaX was that bigger isn't always better.  

Speaking at the event, Christian Raveaux from German tourism group REWE highlighted the importance of balancing audience reach with audience quality.  

While scale remains important, success increasingly depends on whether campaigns are reaching the right consumers rather than simply the largest audiences.  

It's a timely reminder as retail media networks continue to expand and brands face mounting pressure to prove the effectiveness of every dollar spent.  

Here's what I think:  

Retail media's rapid growth has naturally led many advertisers to prioritize scale, but maturity in the channel means we're beginning to see a shift towards quality, context and intent.  

That's good news for affiliate marketing.  

The channel has always been built around audience relevance. Whether through editorial publishers, creators or loyalty partners, success has traditionally come from connecting brands with consumers who are already in-market.  

As retail media strategies become more sophisticated, the ability to deliver engaged audiences, not just impressions, will become increasingly valuable. 

2. Measurement is still retail media's biggest challenge 

One of the standout panels of the day brought together Viv Craske (retail media consultant and podcaster), Laura Belchier (Ocado), Nick East (Mars), Guy Edmunds (CarWow) and Sarah Pattinson (LiveRamp) to discuss a question the industry continues to wrestle with: how do you prove retail media's value?  

As investment in the channel continues to rise, expectations around accountability are rising too.  

Brands want clearer evidence of incrementality, stronger attribution models and a better understanding of how retail media contributes to wider business objectives.  

While the industry has made significant progress, measurement remains one of the biggest barriers to unlocking further growth.  

Here's what I think:  

As affiliate marketing has spent years solving many of these challenges, this is great news.   

Performance, transparency and measurable outcomes are baked into the model, which puts the channel in a strong position as retail media evolves.  

The conversation is no longer just about ROI. Increasingly, brands are asking broader questions around customer acquisition, lifetime value and incrementality.  

That creates opportunities for affiliate and partnership activity to play a bigger role within commerce media strategies. 

When I spoke to brands about incrementality, it was natural to reference success stories from all the advertisers running brand partnerships through Awin’s platform.   

One of my favorites belongs to recipe box subscription brand SimplyCook, which has paid out over $1 million in commission to THG Ingenuity due to the quality of customer it provides through brands like Myprotein. 

As retail media and affiliate teams become more closely aligned, the distinction between the two may become less important than the outcomes they collectively deliver. 

3. First-party data is becoming retail media's competitive advantage 

Another standout session came from Richard Lallo, who shared the progress being made at Frasers Group with retail media activation platform Zitcha.  

The presentation showcased how smarter use of data is helping retailers make better decisions when it comes to investing in retail media, and delivering stronger outcomes for brands.  

That shouldn't come as a surprise. As third-party cookies continue to disappear and retailers strengthen their own ecosystems, first-party data is quickly becoming one of the industry's most valuable assets.  

Here's what I think:  

The retailers that win won't necessarily be those with the biggest media networks. They'll be those with the most actionable data.  

Affiliate programs generate a huge amount of performance insight, but too often that data is underutilized.  

Understanding which partners drive new customers, which audiences respond best to certain categories and where incremental value exists can provide a significant competitive advantage.  

Retail media isn't just becoming a media business. It's becoming a data business. And the retailers that can turn insight into action are likely to pull ahead. 

4. Retail media is entering its next phase of maturity

Perhaps the biggest takeaway from Retail MediaX wasn't any single announcement or trend, it was the overall tone of the conversations.  

A few years ago, discussions centered around the size of the opportunity and the excitement surrounding retail media's growth. Today, the focus has shifted.  

The industry is asking tougher questions around measurement, operational excellence and sustainable growth.  

That's often a sign of a market growing up.  

Here's what I think:  

Retail media is moving beyond experimentation, and as it matures, many of the strengths that have defined affiliate and partner marketing for years, like performance, accountability and audience relevance, are becoming increasingly important across the wider commerce media ecosystem.  

Rather than existing as separate disciplines, retail media and partnerships are starting to feel more interconnected.  

For brands, that's an opportunity.  

The winners won't necessarily be those with the largest budgets, but those that can bring together retail media, affiliate, content and creator strategies into a more cohesive approach.  

Because ultimately, consumers don't think in channels. Increasingly, neither should marketers. 

There’s plenty more where this came from  

For more insights and analysis, and to explore the latest brand partnership opportunities on Awin, check out our quarterly roundup.