Table of Contents
Target Roundel is the fastest-growing tier of retail media networks, generating nearly $2 billion in total value for Target with direct ad revenue of $649 million in 2024 — up 25% year-over-year. The platform reaches 165 million+ omnichannel guests, leverages data from 100 million+ Target Circle loyalty members, and operates across Target.com, the Target app, 150+ premium publishers, social platforms, CTV, and in-store environments. With its February 2025 transition to second-price auctions, the launch of AI-powered Precision Plus, and a stated goal to double its business to $4 billion within five years, Roundel has become a must-understand platform for any brand selling at Target.
Target Roundel occupies a distinctive niche in the retail media landscape — not the biggest, but arguably the most curated. Its combination of an affluent, style-conscious audience, robust in-store attribution across 1,900 stores, brand-safe publisher-direct environments, and aggressively expanding AI capabilities creates genuine differentiation from Amazon’s scale-driven and Walmart’s value-driven approaches. The platform’s trajectory is unmistakable: 35%+ revenue growth through 2025, a doubling goal to $4 billion, and innovation across Precision Plus, shoppable CTV, in-store media, and incrementality measurement.This guide covers every dimension of the platform — from ad formats and bidding mechanics to category playbooks and competitive positioning.
Ad formats across 12+ channels
Roundel offers the broadest off-site capability of any non-Amazon retail media network. Its ad products span on-site sponsored listings, off-site programmatic, social, CTV, video, audio, influencer, out-of-home, and in-store formats. Understanding each format’s pricing model, service type, and best use case is essential for building effective campaigns.
Target Product Ads (TPAs) — conversion focused
TPAs are Roundel’s flagship self-service format: sponsored product listings that appear natively in search results, browse/category pages, and product detail pages (in “Featured,” “More to Consider,” and “Frequently Bought Together” carousels) on Target.com and the Target app. They are priced on a CPC basis using a second-price auction (transitioned from first-price on February 4, 2025), meaning the winning bidder pays just above the second-highest bid.
Key mechanics include three optimization modes — Clicks (constant CPC), Conversions (algorithm adjusts bids based on purchase probability), and Revenue (adjusts based on predicted revenue per placement). There is no minimum spend, no access fee, and no DSP fee. Ads pull product images, titles, prices, and ratings dynamically from the product listing, so no custom creative is required. Campaigns go live within 24–48 hours. Products cannot exist in multiple line items or campaigns simultaneously, and competitor conquesting keywords are explicitly prohibited.
Best for: Bottom-funnel conversion and ROAS-focused campaigns. TPAs consistently deliver 3x–6x ROAS, with top performers reaching 7x+.
On-site display — premium brand presence
Managed-service display banners appear across Target.com and the Target app in placements including homepage takeovers, megaboards, leaderboards, product listing pages, product detail pages, category pages, registry pages, the empty cart page, store locator, and order confirmation pages. Pricing is CPM-based (rates negotiated with Roundel sales representatives). Primary sizes include 300×250 and 300×50, with high-impact formats for homepage takeovers. Targeting leverages Target’s full first-party data suite — purchase-based, behavioral, demographic, spend-alike, and predictive segments.
Best for: Upper-to-mid-funnel awareness and consideration among active Target shoppers.
Search Ads by Roundel — capturing intent on Google
This managed-service product places ads on Google Search and Google Shopping using Target’s first-party data combined with Google’s audience segments. It drives traffic directly to Target.com, the Target app, or physical stores. Location-specific targeting can show nearby store availability and pickup options. Closed-loop measurement ties Google ad exposure to actual Target sales. Two strategic approaches are offered: in-flight (seasonal/tentpole activations) and always-on (year-round dedicated campaigns for continuous optimization).
Best for: Mid-to-lower-funnel consideration and conversion, capturing high-intent searchers on Google.
Bullseye Marketplace — brand-safe off-site reach
Roundel’s proprietary private marketplace encompasses 150+ premium publishers across 1,000+ sites, including Bloomberg, The New York Times, NBC Universal, Condé Nast, BuzzFeed, Hearst, USA Today, PopSugar, AMC Networks, and 30+ Spanish-language publishers. The marketplace was originally built for Target’s own ads and opened to partners, ensuring near-zero fraud rates through publisher-direct buying (no open exchange). Available formats include standard display (all IAB sizes), video (6/15/30 seconds via VAST/VPAID), in-stream and out-stream video, audio, and CTV. The SSP partner is Index Exchange. Both managed-service and self-service (via advertiser’s own DSP) models are available.
Best for: Upper-funnel awareness and mid-funnel consideration at scale beyond Target.com.
CTV by Roundel — shoppable tv
Non-skippable video ads on connected TV devices (Roku, Fire TV, Xbox, smart TVs) through premium publisher inventory. A key differentiator is shoppable QR codes that let viewers scan and add products directly to their Target cart from the TV screen. CTV inventory runs exclusively on TV screens (not desktop/mobile OTT), and 91% of Target guests subscribe to streaming TV. CTV product ROAS grew 2x in 2024 versus 2023, and shoppable CTV formats showed a 3x increase in average sales. Roundel recommends 8–12 week campaign cycles to capture halo effects and brand lift.
Best for: Top-of-funnel brand awareness and high-impact storytelling. Managed service only.
Social, YouTube, influencer channels
Social by Roundel is a managed-service offering across Facebook, Instagram, Pinterest, and Snapchat, using Target’s first-party guest data for audience targeting. Brands can co-brand with Target’s social handles — guests are 5x more likely to trust ads from Target than from unfamiliar brands. Pinterest is particularly strong: 7–14 second videos generate approximately 80% higher ROAS and 120% higher conversion rates versus longer formats.
YouTube by Roundel places in-stream, in-feed, Shorts, and bumper ads on YouTube using combined Target and Google audience data. 92% of Target guests watch YouTube, spending more time per day on the platform than the general U.S. population. YouTube Brand Lift studies are available for deeper measurement.
Influencers by Roundel operates through a partnership with LTK (formerly rewardStyle), creating co-branded content across Instagram, Pinterest, and TikTok. Roundel manages the entire process end-to-end.
Programmatic, DOOH, in-store
Programmatic by Roundel allows brands to activate Roundel’s cookie-free audiences within their preferred DSP, with The Trade Desk as the primary partner (offering validated daily matched sales conversions). No minimum investment or DSP fees from Roundel. Digital out-of-home placements include geo-targeted billboards near Target stores, now connected to Roundel Kiosk for closed-loop measurement. In-Store Hubs — interactive service hubs in high-traffic store areas — represent Roundel’s newest physical format, with demos, sampling, and digital screens planned for 2025–2026 expansion.
Roundel ad formats
| Format | Service model | Pricing | Min spend | Best funnel stage |
| Target Product Ads | Self-service | CPC (2nd-price auction) | None | Conversion |
| On-Site Display | Managed | CPM | Contact Roundel | Awareness/Consideration |
| Search Ads (Google) | Managed | PPC | Contact Roundel | Consideration/Conversion |
| Bullseye Marketplace | Managed + Self-service | CPM | None (programmatic) | Awareness/Reach |
| CTV | Managed | CPM | Contact Roundel | Awareness/Brand Lift |
| YouTube | Managed | CPV/CPM | Contact Roundel | Awareness |
| Social (FB, IG, Pinterest, Snap) | Managed | CPM | Contact Roundel | Awareness/Consideration |
| Programmatic (own DSP) | Self-service | CPM (RTB) | None | All stages |
| Influencers (LTK) | Managed | Negotiated | Contact Roundel | Awareness/Trust |
| Precision Plus | AI-powered managed | Varies | Contact Roundel | Full funnel |
| DOOH | Managed | Negotiated | Contact Roundel | Local awareness |
| In-Store Hubs | Managed | Negotiated | Contact Roundel | In-store awareness |
Building full-funnel Roundel campaigns
Always-on versus in-flight — and why you need both
The most effective Roundel advertisers run both strategies simultaneously: an always-on baseline of Target Product Ads for continuous data collection and conversion capture, supplemented by in-flight campaigns that ramp up during seasonal peaks. Always-on campaigns collect useful data year-round, enabling iterative optimization and maintaining strong ROAS through all seasons. In-flight campaigns reach guests at high-opportunity moments and should be ramped 2–4 weeks before seasonal peaks.
Roundel’s internal data shows that coordinating across three channels creates pattern recognition and message reinforcement. Pairing on-site advertising with two off-site channels yields 1.4x ROAS above baseline; adding a third off-site channel pushes this to 2.4x. This multi-channel approach is central to Roundel’s recommended strategy: combine on-site (Target.com + app), off-site digital (publishers, social, CTV), and physical (in-store, DOOH) touchpoints.
Full-funnel architecture: Precision Plus
Roundel’s Precision Plus (launched August 2025) represents its biggest innovation — an AI-powered performance engine that aligns campaigns to specific awareness, consideration, and conversion goals. It processes billions of daily guest signals and optimizes placements in real time across Google, Meta, Pinterest, TikTok, and The Trade Desk. Early results show a 55% reduction in CPM alongside CTR and ROAS improvements across all integrated platforms. The Oura Ring case study showed 51% higher ROAS when Meta ads were optimized for omnichannel sales rather than web-only conversions.
At the awareness stage, deploy CTV, DOOH, programmatic display, and social ads with broad audience targeting over 8–12 week windows. At the consideration stage, layer on-site display, contextual marketplace placements, and influencer content with progressively narrowed audiences. At the conversion stage, concentrate on Target Product Ads and Search Ads by Roundel with purchase-intent audiences. Full-funnel campaigns deliver 45% higher ROI than single-stage campaigns according to Nielsen research cited by Roundel.
Budget planning
Industry benchmarks show 61% of retail media dollars go to search ads, and Roundel’s own data confirms TPAs are the highest-ROAS format. A reasonable starting allocation for most brands: TPAs at 50–60%, display/programmatic at 20–25%, and social/CTV at 15–20%. Roundel’s Optimize by Roundel tool uses analytical AI to reallocate budgets across line items based on ROAS, delivery capacity, inventory forecasts, and seasonality.
Key seasonal tentpoles demand early planning:
- Target Circle Week (July and October): Generated Target’s highest digital traffic in 2024; directly competes with Prime Day
- Back-to-School/Back-to-College (July–September): Major cross-category tentpole with dedicated Roundel insights
- Q4 Holiday (October–December): Largest spending period; plan 8+ weeks in advance and rally around 1–2 hero SKUs
- Super Bowl, Mother’s Day, Valentine’s Day, Memorial Day: Category-specific activation windows
Second-price auction mechanics: bidding
The February 2025 shift to second-price auctions fundamentally changed TPA bidding. Advertisers now pay just above the second-highest bid rather than their full bid amount. When Walmart made the same transition in 2022, CPCs decreased 55% and clicks increased 134%. The implication: focus on true-value bidding rather than bid inflation. Set CPC caps at least 30% above the minimum bid to give the optimization engine room to work.
Three optimization modes are available: Clicks (constant CPC, best for traffic), Conversions (adjusts bids based on purchase probability — recommended by most agencies for best overall performance), and Revenue (adjusts based on predicted revenue). SKU-level bid overrides allow pushing priority products more aggressively. Keyword-level bidding is available through the Criteo API, and third-party platforms like Pacvue, Skai, and Perpetua offer rules-based automations that adjust bids based on ROAS targets and market demand.
Targeting 165 million+ guest profiles
Target’s first-party data advantage encompasses purchase-based segments (actual transaction history), behavioral segments (browsing and engagement patterns), demographic segments (age, gender, income, family composition), spend-alike/predictive models (lookalike targeting), and life-stage segments (new parents, new movers, seasonal shoppers). Target Circle’s 100 million+ members shop 3x more frequently and spend 5x more than non-members. Three Circle offer types enhance targeting: Circle Personalized (behavior-based), Digital Manufacturer Coupons, and Digital Manufacturer Rebates. Data clean rooms via Snowflake enable privacy-safe collaboration between advertiser and Target datasets.
Keyword research: how Roundel differs vs Walmart
Match types and keyword mechanics
Roundel’s keyword system, powered by Criteo, offers two match types: Exact Match (targets only search terms that precisely match inputs) and Broad Match (targets similar terms and variations, though misspellings are not captured automatically and must be entered manually as exact matches). All manually submitted keywords are Exact Match only and are subject to retailer review. Automated keyword targeting is enabled by default and cannot be deactivated — Criteo’s model automatically associates 100+ keywords per line item based on organic traffic data, purchase patterns, and AI analysis of product characteristics.
The platform supports up to 1,000 Exact Match submitted keywords per line item on Commerce Max (200 per campaign on the legacy Criteo platform). Keywords are not case-sensitive, and negative keywords take priority over positive keywords when conflicts exist. Negative Exact Match blocks specific strings while Negative Broad Match blocks a range of similar terms.
Optimization workflow for search terms
Pull search term reports weekly through Criteo’s Open Auction Activity breakdown or through Roundel Kiosk. The optimization cycle: identify underperforming keywords (high spend, low conversion) for negative matching, identify high-performing search terms not yet manually targeted for positive Exact Match submission, and monitor keyword-level ROAS trends. Let new campaigns run at least one week before adding or removing keywords to allow the auto-harvesting system to discover relevant terms. Competitor brand name keywords are automatically rejected — Roundel does not allow competitive conquesting.
How Target’s algorithm differs from Amazon and Walmart
Target’s search algorithm operates as a product-first and keyword-first hybrid: brands can set bids at the keyword level or product level. The automated model links keywords to SKUs based on first-party purchase and browsing data, then a unified CPC bid applies across all placements (search, product detail pages, category pages). Unlike Amazon’s A9/A10 algorithm, which heavily weights relevance factors like expected CTR and conversion rates to discount bids, Target’s system is less complex. The critical difference is competition: Target’s invite-only marketplace with ~1,325 sellers creates dramatically lower competition than Amazon’s millions of sellers, resulting in lower CPCs and higher share-of-voice opportunity. Brands can capture 100% share of voice for non-branded category search terms through premium display — something virtually impossible on Amazon.
ROAS and performance benchmarks
Target Product Ads (TPAs)
TPAs consistently deliver the strongest direct ROAS of any Roundel format. Across categories, expect 3x–6x ROAS, with optimized campaigns reaching 7x+. A Celerity CPG case study documented ROAS improving from 2.2 to 4.1 (a 95% boost) after transitioning from Criteo standalone to Roundel Media Studio. A pet foods brand achieved campaign ROAS of 437%. Traditional Medicinals reported 5x higher ROAS with a 3% CTR on tea TPAs. Roundel Media Studio reports an average ROAS of $4–$11, beating the $3–$5 average on other platforms.
Display formats deliver 1.5x–4x ROAS with significant view-through attribution. CTV should not be measured primarily on direct ROAS — brand lift and sales lift are the appropriate metrics, though Chobani’s CTV test showed higher average ROAS versus other video solutions. Off-site campaigns typically yield lower immediate ROAS (~1.5x) but stronger new-to-brand metrics — a 1.5x ROAS driving 40% new customers often outperforms 3x on retargeting.
| Category | Estimated ROAS range | Notes |
| Beauty & Personal Care | 3x–6x+ | Typically strongest on retail media platforms |
| Baby/Kids | 3x–6x+ | Enfamil CTV showed double-digit ROAS; baby consistently top performer |
| CPG/Grocery | 3x–5x | Strong on Product Ads; Chobani CTV success |
| Toys/Games | 3x–5x | Spin Master: significant ROAS increase + 40% new-to-brand via Precision Plus |
| Home/Household | 2.5x–4x | Solid mid-range performance |
| Electronics | 2x–4x | Higher CPCs offset by higher AOV |
| Fashion/Apparel | 2x–4x | Target’s style audience drives engagement |
CPC, CPM, and competitive pricing context
Roundel does not publicly disclose specific CPC or CPM rates. Estimated average CPC ranges from $0.50–$2.00+, positioning Target between Walmart Connect ($0.35–$0.75) and Amazon ($1.12 average in 2025). The second-price auction should moderate CPC inflation. Estimated CPMs: on-site display $8–$20+ depending on placement, Bullseye Marketplace display $5–$15, CTV $15–$35+, YouTube by Roundel $10–$25+ with Target audience data. No access fees or DSP fees apply for TPAs via Media Studio.
Closed-loop measurement and incrementality
Roundel’s measurement infrastructure connects ad exposure to actual Target purchases both online and across 1,900 physical stores. The Matched Market Model (launched 2025) uses a geo holdout approach comparing exposed regions to control regions for true incrementality measurement. Roundel describes incrementality — not ROAS — as its “North Star” metric. A portfolio approach to measurement includes synthetic control methods, randomized controls for channel-specific insights, and matched market tests. Attribution spans click-through conversions, view-through conversions, and cross-channel attribution across TikTok, YouTube, Pinterest, Meta, and DOOH (newly connected to Roundel Kiosk).
Category playbooks: strategies by vertical
CPG and Grocery
Target’s grocery expansion makes CPG a core Roundel revenue driver. Prioritize TPAs for search and browse placements (delivering highest CTR and ROAS), supplement with CTV for brand building (91% of guests subscribe to streaming), and leverage Search Ads by Roundel to capture Google shoppers. Key seasonal moments include Super Bowl (snacks/beverages), holiday baking/entertaining (Q4), Back-to-School stock-up, and Target Circle Week. Basket-building tactics work well: use “Frequently Bought Together” TPA placements and cross-category targeting (e.g., targeting baby product buyers with baby food). A CPG snack brand achieved 14 million+ impressions with sustained ROAS over 1,300%. Brands with 200+ Target store distribution see the strongest performance.
Beauty and Personal Care
Target is a top beauty destination undergoing major transformation: the Ulta Beauty at Target partnership ends in August 2026, and Target is executing its largest-ever spring beauty expansion with thousands of new products. This creates significant advertising opportunity. Roundel offers beauty-specific audience segments (online beauty purchasers, lapsed buyers, age-based segments), and a Roundel case study showed that targeting 5 distinct audience segments during Back-to-School drove 66% of total Add to Cart volume through the online beauty purchaser segment. Pinterest and Instagram through Social by Roundel are particularly strong for beauty content, and Influencers by Roundel enables managed TikTok/Instagram/Pinterest content. Target.com delivered the highest ROAS for personal care promotions, while Bullseye Marketplace performed best for natural personal care brands.
Electronics
High product values create higher CPCs but also higher potential returns. Use Roundel Media Studio’s Revenue optimizer for maximum ROAS or Conversions optimizer for lowest cost-per-order. The second-price auction helps manage costs. An audio brand achieved ROAS exceeding 700% over six months. Seasonal planning is critical: Black Friday/Cyber Monday (ramp 2–3 weeks early), Back-to-School tech (July–September), and holiday gifting. Weight budgets heavily toward search/TPAs (60–70%) given high purchase intent, with CTV/video for awareness during launch periods and social/programmatic for the remainder.
Home, Household, Fashion, and Baby/Kids
Target’s strength in these lifestyle categories creates natural audience alignment. Home: Leverage Pinterest-heavy Social by Roundel for décor inspiration; spring refresh, Back-to-College dorm, and fall/holiday décor are key seasonal windows. Fashion: Target operates 45+ owned brands generating $30 billion+ annually; co-brand with Target’s style positioning through Social and Influencer channels; refresh creative every 6–8 weeks to match merchandise rotation. Baby/Kids: Target’s baby registry data enables targeting at specific life stages (expecting, newborn, toddler); Enfamil’s shoppable CTV campaign achieved double-digit ROAS through QR-code format; a baby product manufacturer saw over 1.5 million impressions with 13% CTR. Back-to-School is the second-largest tentpole after holidays for kids categories.
Roundel Media Studio: Target’s self-service platform
Roundel Media Studio is Target’s proprietary self-service platform for managing Target Product Ads, built in partnership with Criteo. After a pilot phase in late 2023 and beta migration starting April 2024, it opened to all Roundel advertisers on August 1, 2024 — including brands of all sizes and Target Plus marketplace sellers. Access requires a Partners Online (POL) account. There is no minimum spend, no DSP fee, and no access fee (eliminating the previous ~20% Criteo DSP fee).
Core capabilities include campaign creation with flight scheduling, total/monthly/daily budget controls, automatic and manual keyword targeting, three optimization engines (Revenue, Conversions, Clicks), CPC bidding with cap controls, in-app data visualization, and integration with Roundel Kiosk for advanced reporting with customizable data cuts and metric views.
Self-service versus managed service
Media Studio covers Target Product Ads only. All other formats — display, CTV, social, YouTube, influencers, programmatic, DOOH, in-store, and Precision Plus — require Roundel’s managed service. Self-service offers full advertiser control with no fees and no minimum spend; managed service provides access to the full format suite with custom audience builds, creative development, and omnichannel strategy but typically requires higher commitments (Flywheel starts at $60K per quarter; other managed partners vary from $10,000–$25,000 monthly).
Third-party integrations
The platform integrates with a robust partner ecosystem: Pacvue (launched Commerce for Target in March 2025 — the first fully integrated omnichannel solution connecting store operations, inventory, digital shelf, and advertising), Skai (enterprise campaign management since 2021), Perpetua (AI-powered always-on optimization), CommerceIQ (with built-in incremental ROAS tracking), Criteo (core technology partner), plus Flywheel, Intentwise, MarinOne, Tinuiti, Quartile, and Rithum. The Trade Desk and StackAdapt serve as DSP partners for programmatic self-service, with Index Exchange as the SSP.
How Roundel compares to Amazon Ads and Walmart Connect
The scale reality
Amazon dominates retail media with $56.2 billion in global ad revenue (2024) and approximately 75–80% of U.S. retail media spend. Walmart Connect is second at $4.4 billion with ~6.8% share. Roundel’s $649 million direct ad revenue represents roughly 3–4% of the market. This scale gap is the fundamental competitive context.
Where Roundel wins
Roundel’s advantages are qualitative rather than quantitative. Its audience is distinctly more affluent and style-conscious than Walmart’s value-oriented shoppers or Amazon’s mass-market base. The in-store purchase data from 1,900+ stores and 30 million+ weekly visitors provides omnichannel attribution that Amazon cannot match for physical retail. Bullseye Marketplace’s publisher-direct buying model ensures brand safety at a level open-exchange programmatic cannot guarantee. Lower competition (Target’s invite-only marketplace has ~1,325 sellers versus Amazon’s millions) translates to lower CPCs and greater share-of-voice opportunities. And guests are 5x more likely to trust Target ads than ads from unfamiliar brands — a meaningful conversion advantage.
Where Roundel trails
Self-service maturity is the most significant gap. Amazon’s Campaign Manager and DSP are far more developed, and Walmart’s Ad Center is more mature. Most Roundel formats remain managed-service only, creating friction and longer lead times (6–10 weeks for social campaigns). Amazon allows competitive conquesting; Roundel does not. Amazon’s marketing cloud and clean room infrastructure are years ahead. Target.com has far less digital traffic, limiting on-site ad inventory. And grocery, despite Target’s expansion, remains a secondary destination versus Walmart or Kroger.
| Dimension | Target Roundel | Amazon Ads | Walmart Connect |
| Ad revenue (2024) | ~$649M | $56.2B | $4.4B |
| Guest/customer reach | 165M+ | 300M+ | 230M+ |
| Physical stores | ~1,900 | Limited (Whole Foods) | 4,700+ |
| Avg TPA/SP ROAS | 3x–6x | 3x–4x (Sponsored Products) | 3.5x–5x |
| Est. avg CPC | $0.50–$2.00 | ~$1.12 | $0.35–$0.75 |
| Auction model | Second-price (2025) | Second-price | Second-price |
| Self-service maturity | Developing (2024 launch) | Highly mature | More mature |
| Off-site spend share | 30%+ | Extensive (Amazon DSP) | Growing (Vizio CTV) |
| Competitor conquesting | Not allowed | Allowed | Not allowed |
2025–2026 trends in Target Roundel advertising
Sarah Travis was promoted from SVP & President of Roundel to EVP and Chief Digital and Revenue Officer for all of Target in January 2025 — a signal of Roundel’s strategic importance. Matt Drzewicki, previously VP of Partner Solutions Group with 10+ years at Google, was appointed SVP of Roundel effective June 2025. Target’s incoming CEO Michael Fiddelke has emphasized technology acceleration and merchandising authority, both of which feed Roundel’s growth trajectory.
AI-powered campaign management
Precision Plus represents a fundamental shift toward AI-driven retail media. The tool integrates with Google, Meta, Pinterest, TikTok, and The Trade Desk, using real-time guest signals to optimize placements automatically. Early results are striking: 55% CPM reduction alongside CTR and ROAS improvements. The Oura Ring case study showed a 30% ROAS increase using Precision Plus, while the brand’s Target channel sales grew ~90% year-over-year. By 2026, AI is expected to move from experimentation to daily execution across retail media.
Revenue acceleration
Roundel’s growth has been remarkably resilient. Through Q3 2025, Roundel revenue reached $621 million — up 35%+ versus 2024 — even as Target’s overall sales declined 2.7%. The small business advertiser segment grew 40%+ in the past year. Target Plus marketplace GMV surged ~50% year-over-year, bringing new advertising partners into the Roundel ecosystem. Non-merchandise revenue (including Roundel, memberships, and marketplace) grew nearly 18% in Q3 2025.
Off-site and in-store
Already at 30%+ of partner media spend occurring off Target properties (versus 21% industry average), off-site is Roundel’s fastest-growing segment. U.S. offsite retail media spending is projected to grow 42.1% in 2025 versus 15.3% for on-site. Simultaneously, in-store retail media is the next frontier: Target is testing demos, sampling stations, and digital screens, building on its DOOH billboard network. The IAB released in-store retail media measurement standards in 2025, establishing frameworks for verified impressions that will accelerate this channel.
Measurement standardization
Roundel contributed as a “Main Contributor” to IAB/MRC Retail Media Measurement Guidelines and is aligning with industry standards. The platform’s shift toward incrementality as its North Star metric — replacing simple ROAS — reflects a broader industry evolution. The Matched Market Model, clean room data collaboration via Snowflake, and portfolio measurement approaches (synthetic controls, randomized controls, geo holdouts) give advertisers increasingly sophisticated tools to understand true campaign impact. Nearly 66% of organizations now use data clean rooms for retail media, up from a small minority just two years ago.
For advertisers, the practical implications are clear. Start with always-on Target Product Ads on Roundel Media Studio to build a conversion baseline at no minimum spend and zero platform fees. Layer managed-service formats — CTV, social, and Bullseye Marketplace display — to create the multi-channel amplification that Roundel’s own data shows delivers 1.4x–2.4x ROAS above baseline. Use Precision Plus for AI-optimized off-site campaigns. Invest in keyword optimization with weekly search term report reviews, remembering that Roundel’s lower competition means category share-of-voice dominance is achievable in ways impossible on Amazon. And measure what matters: incrementality and new-to-brand acquisition, not just last-click ROAS. The brands that treat Roundel as a full-funnel ecosystem rather than a simple sponsored product channel will capture disproportionate value as the platform scales toward $4 billion.
