What Makes Retail Media Networks Work? New Insights from Retail-Supplier Relationships

An illustration showing a smartphone and a laptop displaying online shopping carts and marketing analytics, symbolizing retail media networks and digital advertising between retailers and suppliers.
December 30 , 2025  |  By Rodney Thomas, Stephanie Thomas, Molly Rapert, Brent Williams & Andy Murray

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Who is this research for? Retail executives, brand managers, supplier relationship leaders, and marketing strategists evaluating retail media networks (RMNs) as revenue and growth drivers.

Executive Summary

This study, conducted by Rodney Thomas, Stephanie Thomas, Molly Rapert, and Brent Williams of the Sam M. Walton College of Business in collaboration with industry leader Andy Murray, offers a grounded theory examination of how retail media networks (RMNs) develop, operate, and differentiate themselves in an increasingly complex retail ecosystem. Drawing on in-depth interviews with 27 professionals across retail, supplier, consulting, and service provider roles, the research traces RMNs’ roots in shopper marketing, CRM, and e-commerce while clarifying why these networks have rapidly become a strategic revenue engine for retailers and an essential marketing channel for brands.

The findings indicate that RMNs succeed when they can manage the shifting dynamics created by role reversals between retailers and suppliers, convert first-party data into actionable insight at scale, deliver transparent and credible performance measurement, align personalization efforts with evolving privacy expectations, and cultivate trust throughout the retail–supplier relationship. By framing these elements within a value stream model, the study provides industry leaders with a clearer view of how consumer data, reporting rigor, and relationship quality interact to influence RMN performance. The research also points to emerging policy considerations—particularly around data governance and standardized metrics—that may shape the future competitive landscape for RMNs.

Action Items for Industry

  • Adopt a customer service mindset: Treat suppliers as valued clients, not mandated participants.
  • Unlock first-party data responsibly: Provide usable insights while respecting privacy and legal constraints.
  • Invest in credible reporting: Ensure closed-loop reporting is accurate, timely, and ideally validated by third parties.
  • Balance privacy with personalization: Segment consumers based not only on shopping patterns but also on privacy preferences.
  • Build trust deliberately: Demonstrate ROI for supplier investments to avoid perceptions of exploitation.

Quote from the Researchers

“RMNs continue to grow in importance for retailers and brands seeking to make relevant connections based on first party data and closed loop reporting.  Many of the findings in this research, such as alignment on objectives and focusing on the customer problem to solve, are now being cited across the industry as key unlocks for the next-level of growth in this nascent technology.” 

- Andy Murray

"This was a uniquely boundary-spanning research effort that epitomizes the possibilities that exist when you work in a place that embraces innovation.  The five researchers represent two different departments (supply chain and marketing), two different backgrounds (academic and industry), and a variety of different roles wihtin academia.  Together, we forged a project that fostered collaboration, creativity, and allowed us to be on the forefront of change with RMNs".

- Molly Rapert

Published in Journal of Business Research, available here.


📩 Interested in learning more?
If you’d like additional information about this research or to connect directly with the researchers, please email us at research@walton.uark.edu.

Rod ThomasRod Thomas, PhD is an Associate Professor of Supply Chain Management in the Sam M. Walton College of Business at the University of Arkansas. He holds a Ph.D. in Management from the University of Tennessee and currently serves as Co-Editor Designate for the Journal of Business Logistics. His research focuses on leadership, motivation, and behavioral dynamics within supply chain organizations. His work has been published in journals such as Journal of Business Logistics, Leadership & Organization Development Journal, and International Journal of Physical Distribution & Logistics Management.






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Stephanie Thomas

Stephanie Thomas, PhD is an Associate Professor of Practice of Supply Chain Management in the Sam M. Walton College of Business at the University of Arkansas. Based on her work experience, she enjoys research on buyer-supplier relationships and supply chain negotiations. She also enjoys looking at the behavioral and psychological side of truck drivers as high turnover rates challenge transportation organizations. She brings extensive industry experience from her work with leading retail organizations and contributes regularly to practitioner-oriented publications including International Journal of Physical Distribution and Logistic Management, Transportation Journal and Journal of Supply Chain Management.





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Molly RapertMolly Rapert,PhD is an Associate Professor of Marketing and Director of the Center for Teaching Effectiveness in the Sam M. Walton College of Business at the University of Arkansas. Her teaching and research focus on marketing strategy, customer relationship management, and brand experience. She has received multiple teaching awards and her research has appeared in outlets including Journal of Business Research, Journal of the Academy of Marketing Science, Journal of Strategic Marketing and the Journal for Advancement of Marketing




, Brent D. Williams

Brent Williams, PhD is the Dean of the Sam M. Walton College of Business and the Sam M. Walton Endowed Leadership Chair at the University of Arkansas. A native Arkansan, he joined Walton College in 2011 and has held several key leadership roles, including Senior Associate Dean, Chair of the Department of Supply Chain Management, and Interim Dean.

Williams’ research and teaching focus on supply chain management, particularly how retail supply chains can enhance performance through innovation and collaboration. His work bridges academia and industry, emphasizing partnerships that advance both student success and applied research impact.

Before joining the University of Arkansas, Williams held faculty positions at Texas Christian University and Auburn University. He earned his Ph.D. in Business Administration from the University of Arkansas.

 

, Andy Murray

Andy Murray is the founder of bigQuest, where he helps companies and teams launch and lead innovation amid uncertainty, complexity, and limited resources. With more than 37 years of experience in marketing, business development, and executive leadership across multiple industries, he has a proven record of driving customer-centric innovation that fuels organizational growth and impact.

Murray is affiliated with the Customer Centric Leadership Initiative at the Sam M. Walton College of Business, where he contributes his expertise in strategic innovation and leadership development. Through his advisory work and workshops, he guides organizations in navigating the unknown, building alignment, and accelerating progress toward transformative goals.