I'm wrapping up my three-part series with Jordan Witmer, Managing Director of Unified Commerce at Nectar First, where we've been exploring how "retailers are becoming retailers again". After examining the brand perspective in our previous conversations, today we're shifting focus to understand the retailer point of view and how both sides can work together more effectively.

Before we begin, you can catch up on our previous topics here:

• Part 1: The Evolution of Retail Media Networks
• Part 2: Standardization vs. Secrecy

The Retailer's Perspective on Transparency

When I asked Jordan to help us understand why retailers might be reluctant to share details about their network setup, he offered a compelling "steel man" argument from the retailer perspective. He outlined three primary concerns retailers face:

1. Risk of commoditization: Revealing every component of their media network could lead advertisers to conclude there's nothing unique about their offering
2. Pricing leverage issues: If advertisers can break down the cost structure, conversations shift from partnerships to pure price negotiations
3. Competitive vulnerability: Detailed disclosures could enable competitors to replicate and improve upon their model

The Evolution from Minor to Major League Retail Media

One of the most insightful frameworks Jordan shared was distinguishing between "minor league" and "major league" retail media approaches:

In early stages, limited transparency makes sense - your advertising partners may not be asking sophisticated questions about ad tech, and disclosures might only create confusion. However, as networks mature, expectations change.

But "Major League" Retail Media looks different, Jordan notes. "It does look more like traditional media buying. It does look like the expectations are that you have an interoperable system."

At this advanced stage, differentiation comes not from controlling how investment flows in, but from unique strengths: better audience building capabilities, distinctive ad units, and innovative ways to deliver spend.

The Self-Serve Revolution

Our conversation shifted to PepsiCo's recent announcement about requiring retail media partners to meet Google and Meta-like performance legibility, and specifically calling out direct API access as one of a few criteria for continued investment. This trend toward self-service from advertisers is putting pressure on retail media networks still operating primarily through managed services.

Jordan was unequivocal about the industry direction, and highlighted two compelling reasons for this shift:

1. Financial efficiency: With managed services, brands often pay twice - once to their agency and again through the retailer's managed service fee. Self-service allows more dollars to work directly for the brand.
2. Incentive alignment: Managed service teams are incentivized to maximize dollars coming into the media network, which can lead to suboptimal media mixes for advertisers. As Jordan put it, "People generally do what they're incentivized to do."

This final conversation with Jordan brought our series full circle - from understanding how retailers are approaching media as a product to sell, to recognizing the path toward more mature, transparent partnerships between retailers and brands.

As retail media continues to evolve, the most successful networks will likely be those that embrace greater transparency, self-service capabilities, and true differentiation based on unique audience insights rather than walled garden approaches.