diff --git a/CHANGELOG.md b/CHANGELOG.md
index 34ddaec07fe9..16d90d3a32de 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -87,6 +87,9 @@ Main (unreleased)
 
 - Flow: improve river config validation step in `prometheus.scrape` by comparing `scrape_timeout` with `scrape_interval`. (@wildum)
 
+- Flow: add `randomization_factor` and `multiplier` to retry settings in
+  `otelcol` components. (@rfratto)
+  
 - Add support for `windows_certificate_filter` under http tls config block. (@mattdurham)
 
 - Add `openstack` config converter to convert OpenStack yaml config (static mode) to river config (flow mode). (@wildum)
diff --git a/component/otelcol/config_retry.go b/component/otelcol/config_retry.go
index 227246b01f49..8b1d7b35991a 100644
--- a/component/otelcol/config_retry.go
+++ b/component/otelcol/config_retry.go
@@ -1,27 +1,37 @@
 package otelcol
 
 import (
+	"fmt"
 	"time"
 
-	"github.com/cenkalti/backoff/v4"
+	"github.com/grafana/river"
 	otelexporterhelper "go.opentelemetry.io/collector/exporter/exporterhelper"
 )
 
 // RetryArguments holds shared settings for components which can retry
 // requests.
 type RetryArguments struct {
-	Enabled         bool          `river:"enabled,attr,optional"`
-	InitialInterval time.Duration `river:"initial_interval,attr,optional"`
-	MaxInterval     time.Duration `river:"max_interval,attr,optional"`
-	MaxElapsedTime  time.Duration `river:"max_elapsed_time,attr,optional"`
+	Enabled             bool          `river:"enabled,attr,optional"`
+	InitialInterval     time.Duration `river:"initial_interval,attr,optional"`
+	RandomizationFactor float64       `river:"randomization_factor,attr,optional"`
+	Multiplier          float64       `river:"multiplier,attr,optional"`
+	MaxInterval         time.Duration `river:"max_interval,attr,optional"`
+	MaxElapsedTime      time.Duration `river:"max_elapsed_time,attr,optional"`
 }
 
+var (
+	_ river.Defaulter = (*RetryArguments)(nil)
+	_ river.Validator = (*RetryArguments)(nil)
+)
+
 // DefaultRetryArguments holds default settings for RetryArguments.
 var DefaultRetryArguments = RetryArguments{
-	Enabled:         true,
-	InitialInterval: 5 * time.Second,
-	MaxInterval:     30 * time.Second,
-	MaxElapsedTime:  5 * time.Minute,
+	Enabled:             true,
+	InitialInterval:     5 * time.Second,
+	RandomizationFactor: 0.5,
+	Multiplier:          1.5,
+	MaxInterval:         30 * time.Second,
+	MaxElapsedTime:      5 * time.Minute,
 }
 
 // SetToDefault implements river.Defaulter.
@@ -29,6 +39,19 @@ func (args *RetryArguments) SetToDefault() {
 	*args = DefaultRetryArguments
 }
 
+// Validate returns an error if args is invalid.
+func (args *RetryArguments) Validate() error {
+	if args.Multiplier <= 1 {
+		return fmt.Errorf("multiplier must be greater than 1.0")
+	}
+
+	if args.RandomizationFactor < 0 {
+		return fmt.Errorf("randomization_factor must be greater or equal to 0")
+	}
+
+	return nil
+}
+
 // Convert converts args into the upstream type.
 func (args *RetryArguments) Convert() *otelexporterhelper.RetrySettings {
 	if args == nil {
@@ -38,8 +61,8 @@ func (args *RetryArguments) Convert() *otelexporterhelper.RetrySettings {
 	return &otelexporterhelper.RetrySettings{
 		Enabled:             args.Enabled,
 		InitialInterval:     args.InitialInterval,
-		RandomizationFactor: backoff.DefaultRandomizationFactor,
-		Multiplier:          backoff.DefaultMultiplier,
+		RandomizationFactor: args.RandomizationFactor,
+		Multiplier:          args.Multiplier,
 		MaxInterval:         args.MaxInterval,
 		MaxElapsedTime:      args.MaxElapsedTime,
 	}
diff --git a/docs/sources/shared/flow/reference/components/otelcol-retry-block.md b/docs/sources/shared/flow/reference/components/otelcol-retry-block.md
index b15911d1f4eb..3fb04e99ad1d 100644
--- a/docs/sources/shared/flow/reference/components/otelcol-retry-block.md
+++ b/docs/sources/shared/flow/reference/components/otelcol-retry-block.md
@@ -14,14 +14,23 @@ Name | Type | Description | Default | Required
 ---- | ---- | ----------- | ------- | --------
 `enabled` | `boolean` | Enables retrying failed requests. | `true` | no
 `initial_interval` | `duration` | Initial time to wait before retrying a failed request. | `"5s"` | no
+`randomization_factor` | `number` | Factor to randomize wait time before retrying. | `0.5` | no
+`multiplier` | `number` | Factor to grow wait time before retrying. | `1.5` | no
 `max_interval` | `duration` | Maximum time to wait between retries. | `"30s"` | no
 `max_elapsed_time` | `duration` | Maximum amount of time to wait before discarding a failed batch. | `"5m"` | no
 
 When `enabled` is `true`, failed batches are retried after a given interval.
 The `initial_interval` argument specifies how long to wait before the first
 retry attempt. If requests continue to fail, the time to wait before retrying
-increases exponentially. The `max_interval` argument specifies the upper bound
-of how long to wait between retries.
+increases by the factor specified by the `multiplier` argument, which must be
+greater than `1.0`. The `max_interval` argument specifies the upper bound of
+how long to wait between retries.
+
+The `randomization_factor` argument is useful for adding jitter between retrying agents.
+If `randomization_factor` is greater than `0`, the wait time before retries is
+multiplied by a random factor in the range 
+`[ I - randomization_factor * I, I + randomization_factor * I]`, 
+where `I` is the current interval.
 
 If a batch has not sent successfully, it is discarded after the time specified
 by `max_elapsed_time` elapses. If `max_elapsed_time` is set to `"0s"`, failed