Todd argues that siloed retail media ROAS misleads in two ways: it claims credit for demand built elsewhere and ignores halo effects on other channels. He recommends modeling channels together and validating incrementality with geo-lift experiments and holdouts.
Todd argues that retail media data should ground marketing decisions in observed shopper behavior, not demographic assumptions. Its real value is showing how content, media, promotions, and merchandising interact, so brands stop optimizing channels in isolation.
Todd argues that evaluating retail media in isolation hides whether it creates new demand. Using a World Cup example, he describes modeling TV, retail media, digital, social and promotions together to find which investments amplified response and which merely shifted existing demand.