Instacart Ads’ Third Act: Ali Miller on Building the Infrastructure Powering Retail Media’s Future

Instacart’s advertising business is officially in its third act, and it’s the most ambitious one yet. In this recap of my recent article for The Drum, I break down how Ali Miller, GM of Ads at Instacart, is thinking about the company’s evolution from sponsored products to something much bigger: becoming the infrastructure that powers an entire retail media ecosystem.I walk through Instacart’s three-act playbook, why its early bets on incrementality and self-serve set it apart, and how platforms like Carrot Ads are quietly reshaping how brands and retailers think about scale, measurement, and simplicity. If you’re feeling the weight of a fragmented retail media landscape, this episode offers a clear lens into where things are heading, and why Instacart may be further ahead than many realize.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why I see Instacart’s ads evolution as a three-act play[01:56] – How Instacart prioritized incrementality when others focused on attribution[02:38] – Act Two: expanding into display, video, and objective-based buying[03:21] – Act Three begins: Carrot Ads and the infrastructure play[04:04] – “Buy once, activate everywhere”: the brand value proposition[05:28] – What retailers gain by tapping into Instacart’s national advertiser demand[07:15] – Fragmentation, slowing growth, and why simplification is the next frontierLinks & ResourcesInstacart’s new ad chief on revving up for a third act, my full article on The DrumFollow Ali Miller on LinkedInRead my related articles:Best Buy Wants To Become An Ad Platform, Not Just Another RMNAmazon bets on 'crystal box' transparency in ads product upgrade (The Drum)Subscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn