Retail Media Breakfast Club

Every year, Cannes Lions promises to bring the advertising world together. But if you work in retail media, you've probably noticed that our corner of the industry heads home long before the festival's biggest creative awards are handed out. After hosting an invite-only breakfast with Mirakl Ads on Thursday morning, I wanted to share the conversations that stuck with me before everyone scattered back home.In this episode, I unpack why the gap between commerce and creativity still exists, where I saw genuine progress this year, and why in-store retail media, measurement, and creative storytelling dominated the discussion. From Dollar General's approach to bringing leadership into the conversation, to Albertsons' bold experiment with original branded content, there are signs that retail media is evolving: but not necessarily in the ways many expected.This episode is sponsored by Mirakl AdsTimeline[00:00] Why the commerce crowd leaves Cannes before the festival's biggest creative moments.[02:14] My biggest takeaway from this year's Cannes: fewer retailers, stronger side conversations, and why the divide still exists.[03:15] Why Dollar General Media Network's decision to bring its CMO could signal an important shift for retail media leadership.[04:30] The real challenge with in-store retail media: why not every screen is actually valuable advertising inventory.[06:41] Mirakl Ads and Broadsign announce a partnership aimed at unifying online and in-store retail media campaigns (and the measurement questions that remain).[07:21] Albertsons and P&G's scripted series Rico's Tacos offers a glimpse into how retail media data could shape creative work from the very beginning.Links & ResourcesBroadsign and Mirakl Ads partner to help retailers deliver a more unified shopper experienceGrocery Dive: Albertsons turns to microdramas for new retail media offeringRead my related articles:When Sam's Club "Connects" With Walmart, What Actually Connects?Cannes Field Notes: stock tracking, creator networks & a Dollar General DOOH firstPayPal Ads had nothing to announce at Cannes. That was the point.Cannes Confessionals #1: Where are all the brands?I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Fresh from Cannes Lions, I'm unpacking one of the biggest themes that kept surfacing across analyst discussions: retail media's greatest obstacles aren't external — they're internal. While everyone is focused on AI, tariffs, and the next wave of disruption, the conversations I heard pointed somewhere much closer to home. Misaligned organizations, inconsistent measurement, and teams speaking the same language but meaning completely different things may be holding retail media back more than any emerging technology.I also share highlights from an analyst panel featuring Sarah Marzano, Andrew Lipsman, Debbie Aho Williamson and myself. We debated "dark search," AI-assisted shopping, attribution, and whether generative AI is fundamentally changing commerce, or simply accelerating trends that were already underway. If you're trying to understand where retail media is headed next, this episode connects the dots.This episode is sponsored by Mirakl AdsTimeline[01:00] eMarketer's forecast: Retail media surpasses $100 billion, and why slower growth could actually signal maturity.[02:16] The "same words, different forks" analogy explains why brands, retailers, and media teams keep talking past one another.[03:49] I share my perspective on "dark search" and how AI assistants are quietly reshaping product discovery before shoppers ever reach a retailer.[05:25] Andrew Lipsman challenges the "dark search" narrative, arguing the real issue is attribution, not visibility.[07:09] Our debate turns to agentic commerce: Is AI changing shopping behavior or simply improving search?[08:30] Debbie Aho Williamson shares real-world ChatGPT shopping examples and early advertising data that could reshape how retailers think about discovery.Links & ResourcesThanks to Sensor Tower for inviting me to speak at this event. You can check out their retail media insghts offering here.US retail media passes $100 billion by 2029eMarketer's survey of RMN leaders, run with BainReality Check(mate), Andrew Lipsman's most recent volleySensor Tower numbers on early ChatGPT advertisingRead my related articles:The Demons Inside Retail Media, Part 1: GROWTHDoes 'Dark Search' Help or Harm Retail Media?I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

When I sat down with Harvey Ma at Cannes Lions this week, I wanted to understand what was really happening behind Walmart’s announcement that it was bringing Walmart Connect, Walmart Connect International, and Sam’s Club’s retail media business into closer alignment. On the surface, it looks like a straightforward consolidation storY. But as Harvey explained, the reality is much more nuanced.In this episode, I unpack what the new Sam’s Club Connect brand means for advertisers, how Walmart and Sam’s Club plan to share technology and measurement capabilities, and why maintaining distinct shopper experiences may be more important than achieving scale. I also explore the surprising differences between Walmart shoppers and Sam’s Club members, and what this tells us about the future of retail media consolidation.This episode is sponsored by Mirakl AdsTimeline00:24 – Walmart announces a major restructuring of its global advertising business, bringing Walmart Connect and Sam’s Club closer together.02:05 – What the launch of Sam’s Club Connect actually means and why “operate separately, increasingly aligned” is the key phrase to understand.03:31 – Harvey explains how Sam’s Club’s deterministic member data creates a unique measurement advantage that can benefit Walmart.04:10 – How Sam’s Club’s experiential retail media expertise—from demos to sampling—could influence Walmart’s broader strategy.06:19 – Harvey shares why the overlap between Walmart shoppers and Sam’s Club members may be much smaller than advertisers assume.07:57 – The biggest misconception about the announcement: why Walmart isn’t trying to create “one blob” of retail media.09:05 – What the Sam’s Club Connect rebrand reveals about retail media consolidation, commerce media networks, and the limits of scale.Links & ResourcesFollow Harvey Ma, VP & GM, Sam’s Club Connect Retail Media, on LinkedInRead my related articles:'Not A Tax': How Sam's Club Is Fixing Retail Media's Trust Problem (Forbes)Sam's Club Cracked the Code on In-Store Retail Media—Here's How They Did ItSam's Club Bets Big on 'Experiential' Retail MediaWhat if there really are too many commerce media networks?I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I’m coming to you once again from Cannes, this time from the PayPal Ads Café on the Croisette. It’s been a whirlwind few days here, not just in terms of meetings and panels, but also the unexpected number of conversations I’m having about my upcoming move from the U.S. back to Australia. Let’s just say the global retail media community has opinions.In today’s dispatch, I’m sharing early signals from Cannes around agentic media buying, retail data infrastructure, and the evolving intersection of creators and retail media. From Walmart’s latest moves with Sam’s Club Connect, to how CPGs are thinking about data lakes and in-store stock accuracy, to the rise of hyper-local creative and 3D digital out-of-home, there’s a lot shaping what comes next for retail media.This episode is sponsored by Mirakl AdsTimeline[00:00] Kicking off from Cannes: reflections from the PayPal Ads Café and the unexpected reactions to my move back to Australia.[00:45] A preview of tomorrow’s conversation with Harvey Ma from Sam’s Club Connect and Walmart’s broader retail media rebrand and strategy shift.[01:27] Early CPG thinking on agentic media buying, including using data lakes for in-store stock tracking before even applying it to advertising use cases.[03:15] The rise of creator-led retail media strategies: how major retailers like Walmart, Amazon, Target, and Kroger are building creator networks and evolving affiliate models.[06:15] Nestlé, Dollar General, and Big Happy showcase how hyper-local creative, dynamic optimization, and 3D digital out-of-home are reshaping retail media execution.[09:00] Final reflections from Cannes and what I’ll be digging into next, including upcoming interviews and behind-the-scenes conversations.Links & ResourcesRecent Big Happy announcement on Adweek: Big Happy Launches Dynamic Creative Optimization for 3D DOOHSubscribe to The CPG Guys podcast on Apple PodcastsFollow Nicole Lesinski, Director, eCommerce Strategy @ Nestlé on LinkedInFollow Tony Rogers, CMO @ Dollar General Media Network, on LinkedIn Follow Gabby Stoller, CRO @ Big Happy, on LinkedInRead my related articles:The Last Mile of America: Inside Austin Leonard's Plan For Dollar General Media NetworkEveryone's Going Gaga Over Creators. I Had Some Questions.Agentic Shopping Might Seem Crazy. So Did Self-Service Supermarkets.I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubCatch me at Cannes 2026, check out all my EventsSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Reporting from Cannes Lions, I sat down with Dr. Mark Grether, SVP & General Manager at PayPal Ads, to explore a different perspective on retail media, one that cuts through the constant stream of announcements and focuses on solving real advertiser challenges. We discussed why PayPal is choosing not to chase the latest product launch headlines and instead is doubling down on helping the market understand the unique advantages of its existing capabilities.We also dug into one of the industry's most debated topics: shoppable ads. Why have so many shoppable ad initiatives struggled in the past? What makes PayPal’s approach different? And how could identity, payments infrastructure, and changing consumer behavior — especially in an AI-powered world — reshape how brands reach and convert shoppers? Tune in for a fascinating conversation about the future of retail media, commerce, and customer acquisition.This episode is sponsored by Mirakl AdsTimeline[00:56] Dr. Mark Grether explains PayPal Ads’ biggest differentiator: transaction visibility across merchants and why that changes measurement.[02:11] Why advertisers struggle with fragmented retail media networks and the industry's growing need for simplicity.[03:30] The vision behind industry collaboration and creating a more accessible retail media ecosystem.[04:15] What makes PayPal’s shoppable ads different: identity resolution, payments infrastructure, and frictionless commerce.[06:05] How “storefront ads” extend a merchant’s storefront beyond their website and drive incremental customer acquisition.[07:34] The consumer experience behind shoppable ads and how collapsing the purchase journey can improve conversion rates.[09:47] Why AI and LLM-driven shopping behavior may increase the importance of shoppable ads for merchants in the future.Links & ResourcesFollow Dr. Mark Grether, SVP & General Manager at PayPal Ads, on LinkedInPayPal Ads Delivers Bottom-Line Growth Advertisers Can MeasurePayPal Unleashes the Power of Retail Media for Small BusinessesAscendant Network’s inaugural SHOWCASE upfront on Sept 2, 2026 in NYCI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubCatch me at Cannes 2026, check out all my EventsSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

This week I’m at the 2026 Cannes Lions International Festival of Creativity wrapping up the final week of this season of Retail Media Breakfast Club. I also share some personal news: after Cannes, I’m taking a much-needed break to recharge, spend time with family in Europe, and prepare for a big move back to my hometown of Perth in Western Australia after 16 years living on and off in the US.But don’t worry, the show isn’t going anywhere! I’ll be back in late July with more retail media insights, conversations, and chaos (in the best way).In this episode, I also reflect on hitting 278 episodes, share how I continue to find endless retail media topics to explore, and give you a behind-the-scenes look at what I’ll be covering at Cannes: from live interviews and panels, to a retail media “couples therapy” stage session, and a late-week breakfast with industry leaders. I also introduce a new podcast project I’m part of called Basket Case, which explores why the physical store is still so often overlooked in commerce media strategy.This episode is sponsored by Mirakl AdsTimeline[00:00] Season update: wrapping up the season, heading to Cannes Lions, and announcing my upcoming relocation to Perth[01:40] Reflecting on 278 episodes of Retail Media Breakfast Club and how content ideas never seem to run out in retail media [04:19] What to expect from Cannes coverage: on-the-ground interviews, panels, and irregular but high-intensity content drops [05:25] Retail media “couples therapy,” debates with industry peers, and hosting a private breakfast with insights from RMN leaders [07:00] Launch of Basket Case podcast with The Drum and Qsic, exploring why in-store retail media is often overlooked [08:21] Closing reflections + teaser of a humorous skit about shelf talkers and commerce media blind spotsLinks & ResourcesMy essay on my personal Substack about my upcoming relocation back to Perth: I'm LeavingBasket Case podcast produced by The Drum & Qsic: Missing! In-Store MediaCatch me at Cannes 2026, check out all my Events I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Retail media is splitting into two distinct camps: retailers that see media as an extension of their core business, and those that see themselves as media companies first. In this episode, I unpack that debate through the lens of my conversation with Frank Mulcahy, Head of Chewy Ads, whose perspective challenges some of the industry's most entrenched assumptions.Drawing on insights from my recent Drum column, we explore why transparency has become one of the most important battlegrounds in retail media. Frank argues that many retail media networks are holding onto first-party data too tightly, and that advertisers are increasingly demanding visibility into what they're actually buying. We also dig into Chewy’s new advertising products, objective-based media buying, and why the company is betting that openness — not opacity — will win over brands in the long run.This episode is sponsored by Mirakl AdsTimeline[01:29] Frank Mulcahy’s path from Yahoo, Microsoft, Apple, and Wayfair to leading Chewy Ads.[02:17] The two competing philosophies shaping retail media today: retail-first versus media-first.[03:45] Why Chewy wants to become the largest and most effective pet media company (not just a retailer with advertising revenue).[05:00] The case against data hoarding and why transparency matters to advertisers.[07:30] Chewy’s “barbell strategy” and the launch of Chewy Max, Marketing Cloud, and incrementality measurement tools.[08:00] What media buyers really think about objective-based buying models and advertising automation.[09:20] Why sharing performance data is ultimately a bet on the strength of your results—and why Chewy is willing to make that bet.Links & ResourcesRead my original article for The Drum: Chewy’s ad boss thinks the data hoarders have it backwardsFollow Frank Mulcahy, Head of Chewy Ads, on LinkedInThe Drum: Why retail media needs Costco more than Costco needs retail mediaMeet the Mirakl team at Cannes Lions, June 22–26, for curated conversations, exclusive events, and 1:1 strategy sessions built for where the industry is headed. Commerce-first media starts in Cannes. Register here!Read my related articles:Costco: The Retail Media Network That Refuses to Promote ItselfBrian Monahan's 'Bloody Obvious' Bets Are Shaking Up Albertsons Media CollectiveWhy retail media’s ‘mid’ moment may be its turning point (The Drum)Catch me at Cannes 2026, check out all my EventsI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Everyone wants the upside of AI, agentic commerce, autonomous shopping agents, and LLM-powered product discovery. But there’s a problem: none of it works without clean, structured product data. In this episode, I’m joined once again by Anne Hallock, VP Americas at Mirakl Ads, to unpack the final installment in our “Retail Media Demons” series: The Shortcut Demon.We explore why so many retailers are rushing to announce AI partnerships without addressing the foundational work required to make those initiatives successful. Anne shares practical examples of how product attributes, catalog quality, and organizational alignment directly impact a retailer’s ability to surface in AI-driven shopping experiences. We also discuss why data hygiene, long-term digital strategy, and customer-centric thinking will determine which retailers thrive in the next era of commerce.This episode is sponsored by Mirakl AdsTimeline[00:21] - Introducing the "Shortcut Demon" and why AI ambitions like agentic commerce depend on foundational data work that retailers often overlook.[01:20] - Anne warns against AI hype and explains why retailers should ask a simple question when AI partnerships are announced: "How?"[03:00] - Why product attributes, delivery dates, reviews, fabrics, and other catalog data determine whether products can be discovered by AI shopping agents.[04:27] - The "eating your vegetables" problem: why data hygiene is critical for AI success but difficult to get executives excited about funding.[05:45] - The rise of the Chief Digital Officer and how leading retailers are creating organizational structures that connect e-commerce, retail media, and data infrastructure.[08:30] - Why retailers need a three-year vision for AI and retail media instead of chasing headlines and announcing partnerships without a clear strategy.[10:15] - Defining a retailer's core digital competency and preparing for a future where shopper behavior continues shifting beyond traditional store-centric journeys.[11:00] - How consumers are already using ChatGPT and AI assistants during in-store shopping trips to compare products and make purchase decisions.Links & ResourcesRetail Media Breakfast Club & Mirakl Ads Live in Cannes @ Hotel Martinez on Thursday, June 25 from 9:00AM – 11:00 AM. Join retail media leaders across EMEA and AMER for this invite-only event co-hosted by Kiri Masters and Mirakl Ads. A guided, authentic breakfast conversation on the next phase of retail media — what's working, what's shifting, and the decisions being made right now that will shape the industry's future. Register here!Part 1 of the Demons series: The Demons Inside Retail Media, Part 1: GROWTHPart 2 of the Demons series: The Demons Inside Retail Media: Part 2, SILOSFollow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInRead my related articles:Retail Media: Same Job Description, Different InvoiceDid we overcook in-store retail media measurement?Should You Measure Retail Media Like National Media?In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereCatch me at Cannes 2026, check out all my EventsI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Creators and retail media are two of the hottest topics in commerce media right now, and everywhere I turn, I hear that they're converging into a massive opportunity. But the more I listened, the more questions I had. Where does creator-led retail media actually begin and end? Who pays for it? Who measures it? And perhaps most importantly: is this really something new, or is it simply another form of advertising wrapped in fresh packaging?In this episode, I unpack the growing intersection between creators and retail media networks. Drawing on insights from a recent Inmar Retail Media Confessions Series episode, I explore why the real differentiator isn't the creator content itself: it's the retailer's data, targeting capabilities, and measurement infrastructure. Along the way, I separate influencer marketing from retail media, examine how brands are funding creator-led campaigns today, and share where I currently land on one of the industry's most debated topics.This episode is sponsored by Mirakl AdsTimeline[01:03] - Why creators and retail media have become one of the industry's most talked-about opportunities[02:00] - The powerful combination of creator storytelling and retailer first-party shopper data[03:15] - Applying the IAB definition to separate influencer marketing, social commerce, affiliate marketing, and true retail media[04:15] - Amazon Live as a real-world example of where the lines between affiliate marketing and retail media begin to blur[06:15] - How brands like Rust-Oleum are using creator content inside retail media networks and retailer-owned channels[09:30] - The evolving financial models behind creator-led retail media and how agencies and retailers are structuring programs[12:31] - The biggest misconception about creator-led retail media—and why data and measurement matter more than the creative format itselfLinks & ResourcesWatch the full Inmar episode: 2026 Inmar Retail Media Confessions Series - Episode 4Meet the Mirakl team at Cannes Lions, June 22–26, for curated conversations, exclusive events, and 1:1 strategy sessions built for where the industry is headed. Commerce-first media starts in Cannes. Register here!Read my related articles:Is retail media part of search, or is search part of retail media?How Can RMNs Tap Upper-Funnel Brand BudgetsWhy Creator Brands Are Flocking To WalmartIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In this episode, I reflect on a panel I joined at Mirakl’s Annual Outpace Summit in New York, where a World Cup analogy sparked a bigger realization about what it really takes for marketplaces to win. It’s not enough to “qualify” by launching a marketplace: you only start unlocking real enterprise value when you understand how to monetize the audience you’ve built.I break down why marketplaces and retail media networks aren’t separate strategies, but a single flywheel. From Lowe’s marketplace evolution to the rise of seller-funded advertising demand, I explore how assortment drives traffic, advertising monetizes attention, and reinvestment fuels the next wave of growth. I also dig into the risks, from marketplace hesitation to AI-driven disruption, and what retailers must do to stay ahead of what’s coming next.This episode is sponsored by Mirakl AdsTimeline[00:00] I open with a World Cup analogy from Mirakl’s summit and correct my own flawed sports metaphor about marketplaces vs. winning![01:41] I explain why marketplaces and retail media networks are actually one flywheel, not separate businesses[03:17] Key insights from the Mirakl panel featuring Mirakl, Lowe's, and Stanley Black & Decker on marketplace scale and strategy[05:31] Why sellers are actively requesting ads, and how that demand completes the marketplace advertising loop[07:23] How even high-awareness brands like Black & Decker use retail media to drive product discovery, not just awareness[10:23] A Forrester study reveals how top retail media networks outperform by tapping mid & long-tail advertisers[11:15] I explore the future disruption risk from AI shopping agents and why retailers must rethink ad formats and discoveryLinks & ResourcesMeet the Mirakl team at Cannes Lions, June 22–26, for curated conversations, exclusive events, and 1:1 strategy sessions built for where the industry is headed. Commerce-first media starts in Cannes. Register here!Read my related articles:The Retail Media Doom Loop7 Ways to Break the Retail Media Doom LoopBeyond banner ads: how retailers are monetizing the moments that actually matter (The Drum)In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereCatch me at Cannes 2026, check out all my Events I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Recent;u, I made the case that retail media is far more than a tax on brands or a rounding error disguised as a marketing channel. I still firmly believe that. But believing in the opportunity doesn't mean believing every retail media network will succeed.In this episode, I unpack a sobering reality facing the industry: while retail media continues to grow, the vast majority of that growth is flowing to a handful of dominant players. Drawing on a recent IAB white paper, I break down the six strategic paths available to commerce media networks, and explain why chasing scale may be the wrong goal for many retailers. From merchant-aligned media and experience-led commerce to coalition models and infrastructure plays, I explore the tough choices retail media leaders need to make before the market makes those choices for them.This episode is sponsored by Mirakl AdsTimeline[00:00] Why I can defend retail media's future while still believing many retail media networks won't survive.[01:07] The growth math behind retail media, plus why Amazon and Walmart continue to capture most of the upside.[02:45] The IAB's warning to commerce media networks and the coming industry reckoning.[04:18] Path 1 and Path 2: Building a full-scale media platform versus running a lean, profitable media business.[06:15] Path 3: How merchant-aligned media is changing the conversation, with lessons from The Home Depot.[09:21] Path 4: Experience-led media and why creating memorable shopper experiences may be a competitive advantage.[10:15] Paths 5 and 6: Infrastructure providers, retail media coalitions, and why collaboration remains difficult in practice.Links & ResourcesRead the IAB white paper: Building a More Competitive Commerce Media EcosystemRead my related articles:How retail media could become 'mid'Is Retail Media Actually Kinda 'Mid'? PART 2Dark Search, Broken Signals, and What Comes Next for Retail MediaIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereCatch me at these EventsI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today we continue our series on the biggest threats facing retail media by tackling what I call the “Silo Demon.” Joined by Anne Hallock, VP Americas at Mirakl Ads, we explore why one of the greatest challenges facing retail media networks today isn’t external disruption: it’s organizational structure.Anne and I discuss how retail media teams have evolved far beyond ad sales, often becoming the most technologically advanced and data-driven part of a retailer’s business. We unpack why retail media leaders are increasingly being asked to take on broader responsibilities across marketing, technology, customer data, and organizational transformation. We also explore what it takes to break down legacy silos, modernize operations, and unlock the next phase of growth for retail media networks.This episode is sponsored by Mirakl AdsTimeline[00:00] – Introducing the “Silo Demon” and why internal challenges may be retail media’s biggest threat. [01:15] – How retail media evolved from a bolt-on ad sales function into a core technology engine for retailers. [02:17] – Key insights from Possible Miami and the growing convergence of marketing technology and advertising technology (“Mad Tech”). [03:25] – Why retail media organizations often have more modern tech stacks than marketing departments. [05:05] – The hidden complexity of customer data, acquisitions, and legacy technology inside large retail organizations. [07:30] – Why leaders with cross-functional experience are being asked to take on larger roles across the business. [08:45] – Anne’s playbook for breaking out of the ad sales silo, and reigniting retail media growth through interoperability and smarter technology partnerships. [11:15] – Previewing our upcoming Cannes Breakfast Club event and next week’s discussion on the “Shortcut Demon.”Links & ResourcesRetail Media Breakfast Club & Mirakl Ads Live in Cannes @ Hotel Martinez on Thursday, June 25 from 9:00AM – 11:00 AM. Join retail media leaders across EMEA and AMER for this invite-only event co-hosted by Kiri Masters and Mirakl Ads. A guided, authentic breakfast conversation on the next phase of retail media — what's working, what's shifting, and the decisions being made right now that will shape the industry's future. Register here!Part 1 of the Demons series: The Demons Inside Retail Media, Part 1: GROWTHFollow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInRead my related articles:Retail Media: Same Job Description, Different InvoiceDid we overcook in-store retail media measurement?Should You Measure Retail Media Like National Media?In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

For years, we've debated where retail media belongs. Is it part of search? Is search part of retail media? In this episode, I revisit a question I posed 18 months ago after a thought-provoking essay from Hershey's Vinny Rinaldi helped clarify what I was missing.I explore why retail media continues to be funded, measured, and evaluated differently from other media channels, and why that may have less to do with capabilities, and more to do with organizational structures and inherited expectations. I unpack the growing conversation around demand creation versus demand capture, the role of budget ownership, and why brands may need to rethink not just how they measure retail media, but what they expect it to accomplish in the first place.This episode is sponsored by Mirakl AdsTimeline[00:00] - Why "awareness and sales" is often a vague marketing brief that creates more confusion than clarity[01:16] - Revisiting the debate: Is retail media part of search, or is search part of retail media?[02:31] - Why retail media may be better understood as a way of buying media rather than a standalone channel[03:11] - Vinny Rinaldi's insight: retail media inherited the job description of the budgets it came from[04:15] - What brands like Hershey and Supergoop are teaching us about integrating commerce media into broader marketing objectives[07:24] - The measurement debate: Can retail media networks prove brand impact, or should brands bring their own measurement frameworks?Links & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself for Outpace in New York City on June 10, 2026. Strategies, insights, and connections built for the era of agentic commerce. Save your spot.Read Vinny Rinaldi's essay: Demand Creation and Demand Capture Aren't Two Budgets. They're One System.Follow Vinny Rinaldi, VP, Consumer Connections at Hershey, on LinkedInRead my related articles:Is retail media part of search, or is search part of retail media?Whoever Owns the Budget Determines What Retail Media Is Allowed to BeHow Can RMNs Tap Upper-Funnel Brand BudgetsIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Last week, I facilitated a closed-door workshop with brand leaders, retailers, agencies, and technology partners at the P2PI Retail Media Summit in Chicago. While much of the conversation centered on AI's impact on retail media and shopping behavior, what surprised me most wasn't panic: it was curiosity. Despite all the headlines about disruption, most brands aren't seeing dramatic changes in ad performance or sales outcomes just yet.What is changing, however, is where shopping journeys begin. In this episode, I unpack the emerging signals brands are seeing as consumers increasingly turn to AI assistants, communities, and social commerce platforms for product discovery. I explore the rise of "dark search," why traditional attribution models are becoming less reliable, the new metrics brands are experimenting with, and which retail media channels may be best positioned to withstand the AI-driven shift in shopper behavior.This episode is sponsored by Mirakl AdsTimeline[00:00] Highlights from a closed-door workshop at the P2PI Retail Media Summit in Chicago[02:03] What brands say is holding steady: ad conversions and sponsored product performance remain resilient[03:00] The biggest shift brands are seeing: shopping journeys are increasingly starting outside traditional search[03:45] Why Reddit, Pinterest, Wikipedia, TikTok Shop, and AI assistants are becoming key discovery channels[05:50] Understanding "dark search" and why AI-driven influence is often invisible in analytics platforms[07:33] New measurement frameworks emerge, including "share of agent recommendations" and agent readiness[08:21] Which retail media channels may be most defensible against AI disruption, and why influencers could have a lasting advantageLinks & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself at Outpace in New York City on June 10, 2026 for strategies, insights, and connections built for the era of agentic commerce. Save your spot.Read my related articles:'Dark Search' Makes AI-Facilitated Commerce Look Smaller Than It Really IsWhy Agentic Shopping Poses an Existential Threat to Retail Media 5 Markers Of A Lasting ShiftIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

At Advertising Week New York, I had a surprising encounter that perfectly captured a growing sentiment in the advertising industry: that retail media is nothing more than a tax on brands. It’s a criticism I’ve heard more than once, and one that raises some important questions about where the industry stands today.In this episode, I unpack the strongest arguments both for and against retail media’s future. Drawing on insights from leading industry voices, I explore whether retail media’s reputation problem is justified, why Amazon’s dominance continues to shape perceptions, and what could happen if retailers fail to evolve beyond the same old playbook. Is retail media truly becoming 'mid,' or are we underestimating one of the most important transformations in modern advertising?This episode is sponsored by Mirakl AdsTimeline[00:00] My unexpected encounter at Advertising Week and the claim that retail media is “the scourge of the advertising world.”[01:15] Why some industry leaders believe Amazon is the only real winner in retail media, and what they're missing.[02:15] The bigger concern: retail media’s growing perception problem among both consumers and industry professionals.[03:36] Andrew Lipsman explains why non-Amazon and non-search retail media are already massive businesses with significant growth ahead.[05:54] Anne Hallock compares retail media’s current stage to the early days of programmatic advertising and explains why “clunky” doesn’t mean insignificant.[07:30] Anna Laura Zane discusses why retailer data, not sponsored product ads, is becoming the industry's most valuable asset.[08:30] The real risk facing retail media: retailers copying the same playbook without making meaningful investments in growth and innovation.Links & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City for Outpace on June 10, 2026. Strategies, insights, and connections built for the era of agentic commerce. Save your spot.Subscribe to Andrew Lipsman's newsletter Media, Ads + CommerceFollow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInFollow Ana Laura Zain, Chief Marketing Officer at MetaRouter, on LinkedInRead my related articles:Is Retail Media Actually Kinda 'Mid'?Is Retail Media Actually Kinda 'Mid'? PART 2Dark Search, Broken Signals, and What Comes Next for Retail MediaIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Retail media has spent years chasing top-line revenue growth, but what happens when growth alone is no longer enough? In this episode, I’m joined by Anne Hallock, VP Americas at Mirakl Ads, to kick off our three-part series, The Demons Inside Retail Media. Together, we unpack the first and perhaps most pressing challenge facing the industry today: the growth demon.We explore why retailers are beginning to scrutinize retail media profitability, how internal pressures are reshaping expectations for retail media networks, and why driving the broader retail business — not just ad revenue — has become the new benchmark for success. From Costco’s member-first approach, to Home Depot’s self-serve scaling strategy, this conversation reveals the realities that retail media leaders can no longer afford to ignore.This episode is sponsored by Mirakl AdsTimeline[00:00] Introducing The Demons Inside Retail Media series and the industry's biggest internal challenges.[02:00] Why top-line revenue growth can become a trap, and why profitability is emerging as the new scorecard.[03:25] Anne explains why profitability pressure is coming from inside the retailer, not from retail media teams themselves.[05:15] How consulting firms, budget shifts, and internal politics are changing retail media accountability.[06:45] Lessons from Costco: why retail media must strengthen the retailer’s core business flywheel.[09:45] The role of technology, automation, and self-serve platforms in building profitable retail media networks.[11:15] What Home Depot’s latest retail media investments reveal about the next phase of industry growth.Links & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City for Outpace on June 10, 2026. Strategies, insights, and connections built for the era of agentic commerce. Save your spot.Follow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInRead my related articles:Growth Beyond Amazon: Retail Media's Broader OpportunitiesLong-Tail Advertisers Are A Quiet Growth Engine For Top Performing RMNs'Brand Media Lowers the Tax You Pay on Growth,' says Gildan's Jason O'TooleIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I recently noticed something strange while selling items on Facebook Marketplace: automated buyers sending automated messages, met by my own automated seller responses. It got me thinking about a much bigger trend happening in retail media right now.In this episode, I unpack the rapid rise of objective-based, AI-driven retail media buying and share the results of a LinkedIn poll I ran to find out what advertisers really think about handing campaign decisions over to algorithms. While automation promises efficiency, many marketers are raising important questions about transparency, control, incrementality, and long-term brand building. Are we removing friction from advertising, or removing humans from the process altogether?This episode is sponsored by Mirakl AdsTimeline[00:00] The Facebook Marketplace experience that sparked a bigger question about automation[01:07] How objective-based, AI-driven retail media buying mirrors the "bots talking to bots" phenomenon[01:45] Results from my LinkedIn poll: what advertisers really think about AI-powered media buying[04:00] Why automation may struggle to drive true incrementality, according to commerce media leaders[04:40] Retailer bias, "ROAS jail," and the measurement challenges facing AI-driven ad platforms[05:15] The risk of optimizing for short-term performance at the expense of brand equity[06:00] The question I'm still wrestling with: are we removing friction, or removing ourselves?Links & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City on June 10, 2026 for strategies, insights, and connections built for the era of agentic commerce. Save your spot.My AI-driven retail media buying LinkedIn pollFollow Corey Buller, Senior Director of Commerce Media at dentsu, on LinkedInFollow Evan Walsh, who heads partnerships at measurement firm Incremental, on LinkedInFollow James Tenser, longtime retail tech analyst & journalist, on LinkedInRead my related articles:AI Agents & The Evolving Path to Purchase: How Brands Must AdaptNo Eyes on the AdDoes 'Dark Search' Help or Harm Retail Media?In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In this episode, I’m pulling back the curtain on what it’s actually like being on the receiving end of PR pitches in the retail media industry, and why most of them completely miss the mark. Inspired by a standout interaction with LoyaltyLion and PR pro Francesca Baker Brooker, I unpack what separates relationship-building from transactional pitching, and why “spilling some tea” is often the difference between getting ignored and becoming a trusted source.I also dive into how influence in media is shifting away from traditional gatekeepers toward niche newsletters, podcasts, LinkedIn creators, and independent analysts. From fragmented authority and psychographic tribes, to what vendors, retailers, and PR teams should actually be doing to build narratives that land, this episode is a candid look at the new communications playbook for retail media.This episode is sponsored by Mirakl AdsTimeline[00:00] – The LoyaltyLion pitch that actually worked, and why patience from PR pros matters more than persistence[02:30] – Why I’m sharing my honest perspective on being pitched by brands, retailers, and tech vendors[03:45] – How the media landscape is fragmenting, and why newsletters, podcasts, and LinkedIn creators are gaining influence[08:30] – My first rule for PR outreach: know your audience before you pitch[10:15] – “Spill some tea”: why executives who stick to talking points waste everyone’s time[13:00] – Why retailer store tours, media breakfasts, and thoughtful event experiences create lasting coverage opportunities[17:00] – My plea to research teams: stop commissioning generic retail media surveys and start using your actual platform dataLinks & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City on June 10, 2026 for strategies, insights, and connections built for the era of agentic commerce. Save your spot.Follow Francesca Baker-Brooker, PR @ And So She Thinks, on LinkedInMy LoyaltyLion piece that Francesca helped facilitate: Loyalty as the Retail Media BackboneSemrush piece about LinkedIn content: We Analyzed 89K LinkedIn URLs Cited in AI Search: Here's What Drives VisibilityRead my related articles:Standing Room Only: What Shoptalk Attendees Wanted Most Wasn’t on the Main StageWriting From the Middle of the RoomApply For The Damn AwardIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In this episode, I unpack one of the clearest real-world examples yet of how AI shopping is reshaping retail strategy. Ashley Furniture is officially experimenting with transactional commerce inside Perplexity, and their approach reveals how major retailers are thinking about AI discovery, customer behavior, and the future of shopping experiences.I break down key insights from Ashley Furniture’s SVP of E-commerce and Marketing, Nick Lezin, shared on an episode of Total Retail Talks, including why AI referral traffic matters even when it’s still small, why “content hygiene” suddenly became mission-critical, and how AI shopping is creating political momentum inside organizations to finally fix long-ignored catalog and customer experience problems. This isn’t a panic pivot: it’s a calculated early move with potentially massive long-term upside.This episode is sponsored by Mirakl AdsTimeline[00:00] Why I’ve been arguing that product discovery is moving upstream into AI tools [00:43] Ashley Furniture launches transactional commerce on Perplexity with PayPal and Stripe integration [01:30] Nick Lezin explains the exponential growth in AI referral traffic to Ashley Furniture [03:17] Why AI traffic may actually be undercounted because of “dark search” behavior [04:48] How AI shopping is forcing retailers to finally prioritize product catalog and content hygiene [06:23] Ashley  admits its product content has been too static, and why dynamic PDPs now matter more than ever [08:10] Why AI should be viewed as an amplifier for better retail operations, not a shortcut or crutch [10:40] My takeaway on why this Perplexity partnership represents a smart, low-risk experimentation strategy for retailersLinks & ResourcesListen to Nick Lezin's full appearance on Total Retail Talks: Inside Ashley's Plan to Launch AI Home ShoppingSubscribe to Total Retail Talks on Apple PodcastsFollow Nick Lezin, senior vice president of e-commerce and marketing at Ashley, on LinkedInFollow Joe Keenan, Total Retail Talks, Editor-in-Chief, on LinkedInRead my related articles:‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really IsDoes 'Dark Search' Help or Harm Retail Media?Dark Search, Broken Signals, and What Comes Next for Retail MediaI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Amazon has always operated in contradictions. And in this episode, I dissect comments made on Christine Russo's What Just Happened podcast made by Justin Honaman, AWS's global head of retail, consumer goods, and restaurants, to unpack one of the biggest contradictions emerging in the AI commerce era. On one hand, Amazon is encouraging retailers and brands to embrace “off-site search” and make themselves discoverable through AI agents like ChatGPT and Perplexity. On the other hand, Amazon is actively blocking outside shopping agents from accessing its own ecosystem while simultaneously sending its own Buy For Me agent onto everyone else’s storefronts.I break down the growing tension between agentic commerce, retail media, and platform control, including Amazon’s legal fight with Perplexity, the strategic implications of its DSP dominance, and why this all points to one core objective: owning the customer journey from discovery to checkout. I also explore why brands should pay far closer attention to Amazon’s actions than its public messaging as the next phase of commerce infrastructure takes shape.This episode is sponsored by Mirakl AdsTimeline[00:00] Amazon’s long history of contradictions between customer obsession and supplier impact [01:15] AWS discusses “off-site search” and why retailers are being told to optimize for AI discovery [02:18] The core contradiction: Amazon’s agents are allowed out, but outside agents are blocked from coming in [03:15] Breaking down Amazon’s lawsuit against Perplexity and the real debate around shopper permission [04:19] How Rufus and Alexa Shopping generated billions while Amazon blocks competing AI shopping agents [05:15] Why retail media is really the monetization layer sitting on top of shopper behavior [06:30] Google’s Universal Cart signals that commerce journeys no longer need to begin on Amazon [07:30] The key lesson for brands: watch what Amazon does, not what it saysLinks & ResourcesListen to the full Justin Honaman episode on Christine Russo's What Just Happened podcast: Justin Honaman, AWS: The Agentic Commerce Roadmap for RetailersSubscribe to What Just Happened on Apple PodcastsFollow Christine Russo on LinkedInFollow Justin Honaman on LinkedInRead my related articles:AI Agents & The Evolving Path to Purchase: How Brands Must AdaptNo Eyes on the AdDoes 'Dark Search' Help or Harm Retail Media?In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 27! RSVP hereI'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Recently I joined a retail media panel at Loyalty Connect in Atlanta, surrounded by the people who’ve spent decades building and evolving loyalty programs. What became crystal clear to me is that loyalty and retail media are no longer parallel industries: they’re fundamentally intertwined. In this episode, a recap of my article for The Drum, I unpack why loyalty data has become the backbone of modern retail media networks, powering audience creation, closed-loop measurement, and advertiser confidence at scale. From Kroger Precision Marketing and Costco to CVS and Marriott, I share the examples that prove the strongest retail media businesses are built on strong loyalty ecosystems.But the bigger shift is what happens next. As AI agents compress the shopping journey and consumers increasingly arrive at retailer websites already knowing what they want, many of today’s high-margin retail media ad surfaces are under threat. What survives? Loyalty. I explore why emotional drivers like status, belonging, and access may become retailers’ most defensible advantage in an AI-driven commerce environment. And why the future winners won’t just offer points and discounts, but experiences consumers genuinely care about.This episode is sponsored by Mirakl AdsTimeline[00:00] — Why loyalty and retail media are inseparable [01:18] — Kroger’s loyalty data advantage and retail KPI measurement [03:56] — Why measurement is the foundation of loyalty-powered media [04:30] — How AI shopping journeys threaten retail media revenue [05:18] — The emotional side of loyalty that AI can’t replicate [08:16] — Why AI agents may disrupt earning points, but not redemptionLinks & ResourcesRead my full article on The Drum: Loyalty data is becoming retail media’s strongest defenseRead my related articles:Why Agentic Shopping Poses an Existential Threat to Retail Media (Part 1)Agentic Shopping Poses an Existential Threat to Retail Media (Part 2)7 Ways to Break the Retail Media Doom LoopEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 27! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

At Xnurta’s Signal to Scale Summit this week, I heard some of the most practical conversations yet about how brands are actually using AI in retail media. Spark Foundry’s Kris McDermott summed up the mood perfectly: “We did AI. To what end? That is not a verb.” From Boiron managing 50,000 keywords with a two-person team, to AI-powered creative testing that drove a 29% sales lift, this episode explores where agentic workflows are delivering real operational value, and where they still require strong human oversight.I also break down why advanced practitioners are moving beyond ROAS as the primary metric, what Amazon Ads is building with MCP servers and Skills, and why Xnurta's new open-source AI evaluation framework could become critical infrastructure for the future of retail media automation. The biggest takeaway: AI can accelerate performance, but only when paired with clear goals, guardrails, and teams that still understand “the gears” behind the machine.This episode is sponsored by Mirakl AdsTimeline[00:00] — “We did AI. To what end?” and the real theme of the summit [01:18] — Boiron’s AI-powered retail media workflow managing 50,000 keywords [02:00] — AI image scoring drives a 29% sales increase [03:30] — Why ROAS alone is not the goal anymore [04:15] — The “automatic vs stick shift” analogy for AI media buying [06:04] — Xnurta launches open-source AI evaluation framework for retail mediaLinks & ResourcesIf you're interested in joining the Agentic Retail Media Council, Xnurta is recruiting members: sign up linkFind all the Signal to Scale 2026 speakers hereRead my related articles:No Incentive To Sound The AlarmDark Search, Broken Signals, and What Comes Next for Retail MediaWhy ROAS Refuses To DieAI in real life: how retailers and brands are leveraging AI (real numbers)EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 27! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In this episode, I share snippets of a recent episode of the Flywheel Commerce Collective podcast, and take you inside how Clorox has evolved its approach to data clean rooms. In short: an experimental investment just a few years ago has now become a foundational pillar of modern marketing. What’s changed? A lot. I break down how clean rooms are no longer just a “nice-to-have” piece of tech, but essential infrastructure powering personalization in a privacy-first world.I dig into real-world examples shared by Tiffany Tan, Head of eCommerce Growth Accelerator at Clorox, including how Clorox tailors messaging based on context, behavior, and intent rather than demographics. From back-to-college campaigns, to crisis-driven demand spikes, this episode explores how brands are finally getting closer to the “why” behind consumer behavior, and what that means for the future of retail media and AI-driven marketing.This episode is sponsored by Mirakl AdsTimeline[00:00] – Clorox’s early investment in clean rooms and the 2023 CES context[00:51] – Tiffany Tan’s recent insights and how the conversation has evolved[01:00] – Publicis acquires LiveRamp for $2.2B — why this validates the space[02:00] – Clean rooms reframed as a personalization enabler, not just technology[03:30] – Brita example: tailoring messaging for back-to-college moments[05:12] – Crisis scenario: lead in water and high-intent consumer behavior[08:15] – Measuring success: why personalization is cumulative over timeLinks & ResourcesListen to Tiffany Tan's full appearance on The Commerce Collective Podcast: How Clorox is building toward 1:1, personalized marketing in a multi-retailer worldSubscribe to The Commerce Collective Podcast on Apple PodcastsFollow Tiffany Tan, Head of eCommerce Growth Accelerator at The Clorox Company, on LinkedInFollow Emma Irwin, Brand Marketing Manager @ Flywheel & Host of The Commerce Collective Podcast, on LinkedInRead my related articles:LiveRamp's Acquisition: Three Hot Takes That Matter To Retail MediaWhoever Owns the Budget Determines What Retail Media Is Allowed to BeThe Retail Media Buffet Has Gotten A Lot Less EnticingEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I’m coming to you from an airport lounge (because business travel is always glamorous, right?) with the breaking news that I couldn’t ignore: Publicis has acquired LiveRamp in a multi-billion dollar deal. And it has major implications for retail media.In this episode, I unpack the biggest reactions from across the industry and what they really mean. From the bull case calling this the smartest deal of the decade, to serious concerns about neutrality, consolidation, and whether identity infrastructure can still be trusted: there’s a lot to digest. I also dig into the retailer-specific angle: are retail media networks truly owning their data, or just renting it? And why that question just became urgent.This episode is sponsored by Mirakl AdsTimeline[00:00] – Recording from Atlanta Airport + why this acquisition grabbed my attention [00:32] – Breaking down the $2.2–$2.5B Publicis–LiveRamp deal [01:00] – Reflections from RampUp: the role of data collaboration and RampID [02:10] – Top industry reactions: “smartest deal of the decade” vs. skepticism [03:15] – The neutrality problem: consolidation of identity under holding companies [05:00] – The retailer wake-up call: who really owns your customer data? [06:00] – Product debate: can LiveRamp evolve, or is the model fundamentally broken? [07:30] – What I’m watching next for retail media networks and data ownershipLinks & ResourcesMy full article on The Drum: LiveRamp’s new owner raises harder questions for retail mediaRead my related articles:Five Ad Servers, Four Takeaways, and One Thread That Tied RampUp Together"We're All Holding Our Breath"The ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year!Important to know that the survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. I'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Dollar General has been making serious waves in retail media. In this episode, I break down what’s really going on beneath the surface of their latest announcements. From AI-powered in-store audio to a fully unified on-site and off-site media buying solution, it might look like a story about better tech… but there’s a much bigger shift happening here.I dive into insights Kathryn Mazza shared on a recent episode of the Omni Talk Retail podcast that reveal the economic pressure forcing retail media networks to evolve. I also unpack why trade dollars are drying up, what it actually takes to win brand budgets, and why the sequencing of building a retail media network could make or break its future. If you want to understand where retail media is headed — and how Dollar General is positioning itself ahead of the curve — this one’s for you.This episode is sponsored by Mirakl AdsTimeline[00:00] – Dollar General’s back-to-back announcements and why they matter beyond the headlines [01:19] – The real problem: why retail media networks are running out of trade dollars [01:54] – The importance of full-funnel offerings to unlock brand marketing budgets [03:23] – Why shifting to brand dollars is no longer optional — it’s survival [04:30] – What agencies actually want (and why most RMNs fall short) [05:45] – The overlooked power of in-store media in a changing retail landscape [07:15] – The strategic sequencing behind building a profitable retail media networkLinks & ResourcesWatch the full Kathryn Mazza episode on Omni Talk Retail: ChatGPT Wants Your Ad Dollars, DG Goes Full Funnel & Audible Opens A Bookless BookstoreSubscribe to Omni Talk Retail hosted by Chris Walton: YouTube & Apple PodcastsFollow Kathryn Mazza, Chief Growth Officer US @ Barrows Connected Store, on LinkedInFollow Chris Walton, President & CEO @ Omni Talk, on LinkedInRead my related articles:How Can RMNs Tap Upper-Funnel Brand BudgetsThe Last Mile of America: Inside Austin Leonard's Plan For Dollar General Media NetworkManaging a Multi-Retailer RMN Stack: The Operational RealityI'm keynoting at Xnurta's Signal to Scale summit on Tuesday May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Last week, I stepped onto the stage at the Digital Shelf Summit here in Atlanta for a debate that’s been heating up across the industry: is agentic commerce an existential threat to e-commerce traffic? I took the “yes” side — boldly — and in this episode, I’m unpacking my full rebuttal to the idea that this is all just hype.I walk through where I agree with the skeptics (because yes, some of the data has been overstated), but more importantly, where I think the industry is missing the point entirely. This isn’t about transaction share: it’s about where decisions are being made. If AI shifts the moment of product discovery and comparison upstream, what happens to the retail media model as we know it? Let’s dig into the real implications before we all get too comfortable.This episode is sponsored by Mirakl AdsTimeline[00:00] – Setting the stage: My debate at Digital Shelf Summit and why this topic matters now[01:25] – Breaking down the “agentic commerce is a hallucination” argument[03:15] – The critical flaw: Measuring transactions instead of decision-making moments[04:30] – Why retail media depends on consumer behavior that may be disappearing[06:30] – New data reveals a shift toward direct-to-product-page shopping[08:00] – The hidden trade-off: Higher conversion, fewer ad impressions[10:30] – My final takeaway: The real hallucination isn’t disruption, it’s thinking nothing will changeLinks & ResourcesAndrew Lipsman's guest post on The AI Ad Economy: An Agentic Commerce Reality CheckSubscribe to Debra Aho Williamson's newsletter The AI Ad EconomySubscribe to Andrew Lipsman's newsletter Media, Ads + CommerceCriteo's 2026 COMMERCE & AI TREND REPORTAdobe's Quarterly AI Traffic Report (April 2026)Read my related articles:No Incentive To Sound The AlarmDark Search, Broken Signals, and What Comes Next for Retail MediaThe 3 Ways Agentic Commerce Could Destroy Retail MediaAgentic Shopping Poses An Existential Threat To Retail Media (Part 2)OpenAI is killing Instant Checkout. Don't dance on the grave of agentic shopping yet (The Drum)Loyalty data is becoming retail media’s strongest defense (The Drum)Retailers, here’s how your media network can still thrive in an AI-shopping era (The Drum)I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Most retail media networks are built to look backward. But what if the real opportunity is predicting what customers will do next? In this episode, a reprise of my recent article for The Drum, I dig into a fascinating new model that challenges the industry’s reliance on transaction data and closed-loop attribution.I’m unpacking my recent conversation with Marco Steinsieck, former head of Sephora’s media network and now GM of Backpack Media, an education-powered commerce media network built on Sallie’s ecosystem. I also play a snippet of Marco's recent appearance on The Middlemen podcast to explore how life-stage signals — like planning for college or making first financial decisions — might be a far more powerful indicator of future purchases than anything sitting in a transaction log. This one raises big questions about where commerce media is headed and whether the current playbook is already outdated.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why most commerce media networks are stuck selling the past [00:30] – Marco Steinsieck's big idea: predicting future purchases, not past behavior [01:04] – Life-stage data vs. transaction data: why one is a leading indicator [02:00] – Inside Backpack Media and how education data powers predictive modeling [03:15] – Lessons from Sephora: building a high-performing media network without massive scale [04:00] – The privacy-first challenge of building media inside a financial institution [07:30] – Is this really “commerce media”? Rethinking the definition of the category [09:00] – Why predictive commerce is still unproven, and what needs to happen nextLinks & ResourcesMarco Steinsieck profile on The Drum: Meet the former Sephora exec betting commerce media can predict the futureMarco Steinsieck's full appearance on The Middlemen podcast: Beyond Transactions — Marco Steinsieck (Backpack Media)Subscribe to The Middlemen on YouTube and Apple PodcastsFollow Marco Steinsieck on LinkedInRead my related articles:Best Buy Wants To Become An Ad Platform, Not Just Another RMNSam's Club Cracked the Code on In-Store Retail Media—Here's How They Did ItRetailers Hit 99% Ad Coverage Without Killing User Experience, New Research ShowsI'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I unpack a contrarian take that’s been sitting with me since my conversation with James Deaker on The Yield Doctor: what if the biggest threat to retail media is already here, but no one has the incentive to talk about it? I replay snippets from my convo with James, and dig into how AI-enabled commerce is reshaping the shopper journey long before customers ever land on a retailer’s site, and why that creates a structural risk for the entire retail media model.I also explore the uncomfortable truth about leadership incentives: why retail media executives may be disincentivized from sounding the alarm, even as behavioral data signals start to disappear and ad surfaces lose relevance. This isn’t about the death of retail media, but it is about a major reset. The question is: who’s actually preparing for it?This episode is sponsored by Mirakl AdsTimeline[00:00] - My opening take: why retail media leaders aren’t incentivized to sound the alarm on AI[00:50] - James Deaker on why retail media must prioritize advertiser relationships[01:26] - The fragility of endemic advertiser demand and why it matters[01:52] - The hidden assumption: shoppers still arrive with unformed intent[02:31] - The shift to AI-driven discovery before retailer interaction[02:45] - My contrarian answer: AI-enabled commerce as an underappreciated threat[03:27] - Real-world behavior change: using AI tools instead of retailer search[04:10] - Declining behavioral signals and shrinking ad surface engagement[05:07] - Why this signals a reset — not the end — of retail mediaLinks & ResourcesWatch the full replay of my appearance on The Yield Doctor: Maximum Yield: Kiri Masters on Growing Your Retail Media Bottom LineSubscribe to The Yield Doctor with James Deaker on YouTubeFollow James Deaker on LinkedInRead my related articles:'The Biggest Change in My Lifetime' — Marketecture CSO on AI ShoppingAI Is Claiming Browsing Behavior. Commerce Media Must Compete On Its Data AdvantageWhy AI Search Advertising Could Reach $25 Billion By 2029I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year!Important to know that the survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. I'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

A few weeks ago, Kroger Precision Marketing announced a major partnership with Google that allows brands to activate Kroger audiences directly inside YouTube and DV360 while tying campaign measurement back to actual Kroger sales. On the surface, this looks like another retail media expansion story. But in this episode, I share snippets of a recent LinkedIn Live, and unpack why it’s actually something much bigger.On the livestream I was joined by Christine Foster from Kroger Precision Marketing and Jon Flugstad from MetaRouter to explore the real competitive advantage emerging in commerce media: context. We discuss why retailer-owned shopper intelligence is becoming more valuable than rented identity solutions, how loyalty data changes the game for omnichannel measurement, and why the future winners in retail media won’t necessarily be the retailers with the most ad products, but the ones with the strongest infrastructureThis episode is sponsored by Mirakl AdsTimeline[00:00] Why Kroger’s Google partnership is really a story about shopper context, not just media activation [01:00] What retailers uniquely own that platforms and infrastructure companies can’t replicate [02:22] Christine Foster explains how Kroger’s 20+ years of loyalty data powers trusted audience intelligence [04:14] Jon Flugstad breaks down the fragmented retail media tech stack and why reconciliation is so difficult [05:30] Why retailer-owned context is becoming the “gold” of commerce media in the AI era [07:18] How Kroger designed its Google integration to give brands self-serve activation directly inside existing workflows [09:37] Why omnichannel visibility across online and in-store sales is the next evolution of retail media measurement [10:58] My biggest takeaway: the future winners in commerce media will be defined by infrastructure and context layers, not ad formatsLinks & ResourcesFull livestream replay: How Kroger Precision Marketing Is Plugging Into National Brand BudgetsFollow Christine Foster, Group VP @ Kroger Precision Marketing, on LinkedInFollow Jon Flugstad, Chief Business Officer @ MetaRouter, on LinkedInRead my related articles:How Kroger Is Cracking Into Brand Budgets With YouTubeManaging a Multi-Retailer RMN Stack: The Operational RealityAI Is Claiming Browsing Behavior. Commerce Media Must Compete On Its Data AdvantageI'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I dive into a powerful idea that completely reframed how I think about retail media in relation to communicating narrative. After listening to a conversation featuring Joe Zappa on the AdTechGod Pod, I couldn’t ignore how directly his framework applies to our world. We’re not struggling with innovation: we’re struggling with storytelling.I unpack why so many retail media announcements fall flat, even when the products themselves are solid, and what’s missing from the way we communicate value. I explore how shifting from feature-first messaging to problem-first narratives can transform how brands, agencies, and the industry as a whole responds. Plus, I break down practical ways leaders can stand out: not by being louder, but by being clearer and more intentional with their voice.This episode is sponsored by Mirakl AdsTimeline[00:00] - Why I’m looking outside retail media to rethink how we tell our story[01:00] - The core problem: leading with features instead of fixing what’s broken[02:30] - Why most retail media announcements fail to answer “why should anyone care?”[03:30] - The real opportunity for executives: sharing learnings instead of self-promotion[05:15] - A simple 4-part framework for creating impactful LinkedIn content[07:30] - Why being present and opinionated beats being technically “different”[08:45] - The shift retail media needs: from “we launched” to “here’s the problem we solve”Links & ResourcesListen to the full AdTechGod Pod episode with Joe Zappa: Ep. 130 The Power Flip: Joe Zappa on Why Leaders Must Become the MediaSubscribe to the AdTechGod PodFollow Joe Zappa on LinkedInRead my related articles:Why RMNs Keep Their Tech Stacks SecretGet On The Damn StageApply For The Damn AwardTODAY (Thursday May 7) I'm hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE [signup link]I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today, I’m doing something a little different. After attending Possible Miami and The Drum's Global Commerce Media Leaders Forum, my brain is overflowing, in the best way possible. I’ve got pages of notes, dozens of conversations swirling around, and one big question: which buzz-y trends actually matter most to you?So instead of pretending I’ve got all the answers, I’m opening this up. In this episode, I walk you through seven of the most pressing, debated, and under-the-radar topics in retail media right now — from agency misalignment to AI agents — and I want your take. Which of these deserve a deeper dive? Which ones are hype vs. a real opportunity? Let’s figure it out together.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why my brain is overflowing after Possible Miami and why I’m asking for your input[01:20] – Why brands don’t want retail media as a line item anymore[02:28] – Objective-based buying: breakthrough solution or black box?[03:11] – The hidden impact of ad sales team compensation on retail media performance[04:00] – Untapped potential in email, SMS, and CRM as retail media channels[05:45] – Experiential retail media and the return of in-store human connection[06:52] – Data clean rooms and AI agents: real use cases vs. vendor hypeLinks & ResourcesRecap of the panel I hosted at The Drum's inaugural Global Commerce Leaders Forum: Bring the "Retail" back to Retail MediaRead my related articles:Best Buy Wants To Become An Ad Platform, Not Just Another RMNAgentic Commerce Is a Sequencing Problem, Not an Existential OneSam's Club Cracked the Code on In-Store Retail Media—Here's How They Did ItOn Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE [sign up link]I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I unpack the intense industry reaction to a piece of Albertsons Media Collective, Ovative Group, and Kellogg School of Management research that challenged how we measure iROAS in retail media. When a single campaign’s return can swing wildly — up to 6.5x — based purely on methodology, it raises some uncomfortable but necessary questions. I walk through the biggest critiques that surfaced from practitioners and academics, and why this debate matters more than ever for brands trying to make sense of their performance data.I also share how the authors of the study responded to the pushback, and what they didn’t address. More importantly, we get into what this all means for real-world advertisers, especially mid-market brands navigating opaque reporting standards. If you’ve ever questioned whether your campaign results are telling the full story, this episode will give you a fresh lens to evaluate retail media measurement.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why controversial research is better than silence, and what sparked this debate[00:31] – The headline finding: iROAS can vary dramatically depending on measurement methodology[01:24] – Key critique: Are these methodologies even comparable in the first place?[02:07] – The BSTS debate: causal method or misapplied forecasting tool?[03:08] – A practical question: What are brands actually using iROAS for?[04:30] – The authors respond: what the study was, and wasn’t, designed to prove[05:39] – What mid-market brands should do next: pushing for transparency and better disclosureLinks & ResourcesThe white paper in question, titled iROAS Demystified, is a collaboration between Albertsons Media Collective, Ovative Group, and professors from Northwestern University's Kellogg School of Management. My original article on the white paper: iROAS results can be easily gamed. But we shouldn't just throw it awayThe LinkedIn comment thread in which the research was fiercely debatedCheck out Prof. Koen Pauwels' Substack Amazon DaysRead my related articles:Why ROAS Refuses To DieRetail Media's Measurement Problem: It's Not Just the Retailers'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing forOn Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE.I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Last week, I had the opportunity to moderate a powerhouse panel at the The Drum's inaugural Global Commerce Leaders Forum in Miami. And let me tell you, the insights that came out of our lightning round were too good not to share. I asked each expert a simple but loaded question: What’s one thing you’d fix in the next 12 months to make retail media networks more mature? The answers cut straight to the core of where this industry is headed.In this episode, I break down the most compelling takeaways. From why we need to reconnect retail media with its retail roots, to the urgent need for better collaboration, clearer measurement, and a long-term vision. If you’re building, buying, or scaling within retail media, this conversation will challenge how you think about growth and what really drives impact.This episode is sponsored by Mirakl AdsTimeline[00:00] – Setting the stage: Highlights from the Global Commerce Leaders Forum panel[01:05] – Why it’s time to “bring the retail back” to retail media[02:00] – How performance data is winning over merchants and driving adoption[03:30] – The industry’s biggest challenge: agreeing on measurement and “the math”[05:45] – Finding your North Star in a maturing and more competitive landscape[07:45] – Breaking down silos to unlock the next phase of retail media growthLinks & ResourcesContent from The Drum's 2026 Commerce Media Global Leaders’ ForumRead my related articles:Ace Hardware's RedVest Media: Notes From My Interview With Molly HjelmBrands Are From Mars, Retailers Are From VenusRetail Media's Measurement Problem: It's Not Just the RetailersOn Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE.I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I’m coming to you a little under the weather today, but this recap of my recent article for The Drum was too important not to share. In this episode, I break down Kroger’s new YouTube integration and why it could be a turning point for retail media networks trying to crack into elusive national brand budgets.I dig into what Kroger Precision Marketing actually built with Google’s DV360, why it matters for both measurement and media buying workflows, and how this move could finally align retail media with the expectations of brand marketers. If you’ve been wondering what it really takes to unlock CMO-level budgets, this episode connects the dots, and challenges the old playbooks many of us have been relying on.This episode is sponsored by Mirakl AdsTimeline[00:00] – I kick things off (slightly sick!) and introduce Kroger’s YouTube integration[01:00] – Why retail media networks are struggling to unlock brand budgets[01:30] – What Kroger’s DV360 integration actually enables for advertisers[02:15] – The three biggest barriers to brand budget adoption and how Kroger addresses them[03:00] – Why YouTube video changes the game for emotional brand storytelling[04:00] – The measurement breakthrough: SKU-level attribution and real-time optimization[06:00] – Why workflow simplicity (and fewer dashboards) is a bigger deal than you think[08:30] – What happens when online ads connect to in-store purchases (and why that’s the real test)Links & ResourcesMy article on The Drum: Kroger’s YouTube deal is the brand budget bridge retail media has been waiting forRead my related articles:iROAS results can be easily gamed. But we shouldn't just throw it awayThe ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.Brian Monahan's 'Bloody Obvious' Bets Are Shaking Up Albertsons Media CollectiveNEXT WEEK on Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE. I launched an Instagram account with comedy skits about the retail media industry! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I’m sharing highlights from a recent LinkedIn Live I hosted with Paul Brenner from In-Store Marketplace and Michelle Dooley from Catalyst Media Consulting. We dug into one of the most pressing challenges in retail media today: how we measure in-store performance, and whether the industry is actually optimizing for the wrong outcomes.We explored their new research report that proposes a shift away from overly narrow metrics like one-to-one attribution and toward a more meaningful standard: shopper purchase rate. The conversation unpacks why current scorecards are falling short, how in-store media is being misunderstood across stakeholders, and what a more unified, product-movement-driven measurement system could look like.This episode is sponsored by Mirakl AdsTimeline[00:00] – I introduce the core problem: whether we’re measuring in-store retail media the right way[01:04] – Paul Brenner breaks down the gap between RMN tech expectations and real-world retail execution challenges[02:39] – Michelle Dooley explains how “in-store” means very different things across brands, retailers, and RMNs[03:45] – Key research insights: in-store is broader than digital, and product movement is the dominant success metric[06:46] – Introduction of “shopper purchase rate” and why it’s emerging as a better measurement framework[09:00] – Why shopper purchase rate could unify RMNs and merchants around a shared scorecard and shift focus back to in-store effectivenessLinks & ResourcesFull webinar replay: In-Store Retail Media: Are We Measuring the Wrong Things? [New Research]Download the report: In-Store Media Has a Measurement Problem – Just Not the One You ThinkIn-Store Marketplace (ISM)Catalyst MediaFollow Paul Brenner, SVP, Global Retail Media and Partnerships @ In-Store Marketplace (ISM), on LinkedInFollow Michelle Dooley, Expert Advisor @ Catalyst Media, on LinkedInRead my related articles:In-Store Retail Media Evolved Differently in Europe. Here's Why.Who's Signing the Check For Experiential In-Store Media?Sam's Club Cracked the Code on In-Store Retail Media—Here's How They Did ItI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I made the trek through Atlanta traffic to attend Home Depot’s Orange Apron Media upfronts, and let me tell you, it was absolutely worth it. In a year where brands are scrutinizing every dollar spent on travel and events, this one-day gathering managed to draw hundreds of suppliers from across the country. That alone says something. But what really stood out wasn’t just the announcements: it was how the event was designed.In this episode, I’m breaking down the seven smartest decisions Home Depot made with their upfronts. From resisting the urge to copy Amazon’s playbook to creating a tightly focused, high-impact experience for advertisers. If you’re building or scaling a retail media network, there are some seriously valuable lessons here about audience, format, messaging, and momentum.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why hundreds of suppliers showed up for a one-day event (and why that matters right now) [00:56] – Why Home Depot didn’t try to replicate Amazon’s “Unboxed” (and why that’s a good thing) [01:37] – The power of a closed advertiser ecosystem and how it becomes a strategic advantage [02:15] – Why putting merchants on stage before media teams sends a stronger message [02:58] – Serving three audiences at once: suppliers, partners, and internal teams [04:15] – How supplier voices and testimonials added credibility and broke up the sales pitch [05:41] – Why venue choice reinforced Home Depot’s brand identity [07:00] – The “narrow and deep” press strategy that led to meaningful coverageLinks & ResourcesMy OAM piece from last week: Orange Apron Media is leaning into the things only Home Depot can doKaren Jacobs from Emarketer's piece from last week: Home Depot deepens retail media push with Reddit and Pinterest partnerships and new toolsRead my related articles:Why Home Depot put its merchants on stage at its retail media upfronts (The Drum)Home Depot’s Retail Media Chief Puts Suppliers At The CenterThe ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.I launched an Instagram account with comedy skits about the retail media industry! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I’m taking you behind the scenes of a packed stretch of travel — three major industry events in just a few days — and using it as a jumping-off point to unpack a bigger question: are work trips and in-person events still worth it in today’s commerce media landscape?I dive into fresh data from my LinkedIn poll and explore the growing divide between those constantly on the road and those opting out entirely. I talk about budget pressures, decision fatigue, and the real, often unspoken value of being in the room. If you’ve ever felt torn between FOMO and JOMO when it comes to industry events, this episode will give you a clearer lens on how to think about where and when to show up.This episode is sponsored by Mirakl AdsTimeline[00:00] – A whirlwind week: juggling three major commerce media events across multiple cities[01:00] – Why I ran a LinkedIn poll on event attendance and what sparked the question[01:45] – The surprising stat: 28% of industry professionals aren’t attending any events[02:45] – The real reason behind declining attendance: budget pressure vs. calendar overload[03:30] – The explosion of commerce media events and why choosing is harder than ever[05:00] – Decision fatigue, FOMO vs. JOMO, and the emotional side of skipping events[06:00] – What makes an event truly worth attending in 2026Links & ResourcesRead my related articles:Writing From the Middle of the RoomMy Media DietGet On The Damn StageI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I’m focusing on my recent article for The Drum, breaking down what really stood out from Home Depot’s third annual Infronts event, and there’s more going on than just incremental progress. Sure, merchant alignment and the shift toward self-service are important, but what really caught my attention is how Orange Apron Media is doubling down on the things only Home Depot can do.From turning the Pro customer into a powerful media asset, to rethinking how in-store and online performance are measured, this episode explores how differentiation (not scale) is becoming the real competitive edge in retail media. I also dig into how tighter integration between media and merchandising data is changing the game for suppliers, and why Home Depot’s so-called “limitations” might actually be its biggest strengths.This episode is sponsored by Mirakl AdsTimeline[00:00] – Two major themes from InFronts: merchant alignment and self-service evolution[00:30] – Why Orange Apron Media is focusing on what makes Home Depot uniquely powerful[00:45] – The Pro customer as a high-value, deeply owned media audience[01:45] – Scaling in-store media: 1,400 stores and a layered retail media ecosystem[02:45] – Why paint is a top performer when you measure beyond e-commerce[04:00] – Connecting media spend to real sales through integrated analytics[06:30] – Home Depot’s hybrid tech stack strategy: build vs. buy decisions[07:15] – “Quirks are a feature”: turning specialization into a competitive advantageLinks & ResourcesMy article on The Drum: Why Home Depot put its merchants on stage at its retail media upfrontsRead my related articles:Home Depot’s Retail Media Chief Puts Suppliers At The CenterThe ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.‘Retail Media has a PR problem’ Says CVS Media Exchange's Parbs DhariwalI launched an Instagram account with comedy skits about the retail media industry! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I dig into a question that’s been coming up more and more from retail media leaders: Should we be measuring retail media the same way we measure national media? It sounds simple, but once you get into it, things get complicated fast. I share insights from experts across my network to unpack why there’s no clean, one-size-fits-all answer, and what brands should actually be doing instead.I explore the tension between commerce-specific measurement models and traditional marketing mix models. Where each one works, and where they fall apart. I also break down real-world failure modes, who should actually own measurement, and the critical mindset shift brands need to make before they even start analyzing performance. If you’ve ever struggled to reconcile ROAS, MMM, and retail media impact, this episode will give you clarity (and a few strong opinions).This episode is sponsored by Mirakl AdsTimeline[00:00] – The big question: Can retail media and national media be measured the same way?[01:00] – Why different objectives require different measurement frameworks[02:00] – The “camera lens” analogy: why one model can’t do it all[03:15] – What goes wrong when brands force a single MMM across everything[04:00] – How measurement issues start influencing business decisions (in the wrong way)[05:00] – Who really owns measurement: brands, agencies, or retail media networks?[07:30] – The maturity gap: why not all brands are ready for advanced measurement[08:15] – The key takeaway: define the job of each dollar before measuring successLinks & ResourcesRecap of my LinkedIn Live with Jordan Witmer from SALT XC: Whoever Owns the Budget Determines What Retail Media Is Allowed to BeRead my related articles:iROAS results can be easily gamed. But we shouldn't just throw it away'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing forWhy ROAS Refuses To DieI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HEREFollow my new Instagram account for comedy skits about the quirks of retail media @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I recently had the pleasure of joining one of my favorite retail media podcasts, Unlocked, with Austin and Elizabeth. Today, I’m sharing a snippet from that conversation in which we get into something much more personal: my process as a writer, how I consistently create content, and why storytelling has become such a powerful tool in my work.I also open up about how I actually use AI in my day-to-day workflow (and why I still feel behind!), plus a storytelling framework that’s completely changed how I approach content. And to top it off, I share a slightly embarrassing — but very real — story from my early days in retail media that you likely haven’t heard before.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why I love the Unlocked podcast and what makes it different from typical retail media shows [00:45] – My real, unfiltered process for creating consistent content (yes, sometimes it’s last-minute) [02:00] – How I think about content ideas and why I never run out of things to say [03:00] – The AI tools I actually use (and how they help me scale output) [04:00] – My storytelling framework and the “Homework for Life” habit [08:00] – The origin of my retail media journey and the moment that changed everything [09:15] – The unexpected legal drama behind one of my booksLinks & ResourcesListen to my full appearance on UnlockedSubscribe to Unlocked with Austin and Elizabeth on Apple PodcastsFollow Austin Leonard, Vice President and General Manager of DG Media Network, on LinkedInFollow Elizabeth Neubauer-Donovan, EVP, Global Head of Commerce & Retail Media Networks @ Acxiom Omnicom, on LinkedInRead my related articles:Writing From the Middle of the RoomMy Media DietGet On The Damn StageI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HEREFollow my new Instagram account for comedy skits about the quirks of retail media @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I'm unpacking a blind spot that completely changed how I’m thinking about AI’s impact on retail media. Recently I’ve been talking a lot about the long-term threat of agentic commerce — fewer ad surfaces, weaker first-party data— but there’s a more immediate issue already happening right now. AI agents are actively browsing retail sites, clicking around, and triggering ad impressions… without a human ever seeing a single ad.I walk through how this is quietly distorting ad metrics, inflating performance data, and concerningly, corrupting the behavioral signals that power retail media targeting. If AI agents are shaping audience data and driving “fake” intent, what does that mean for the entire measurement system? And are we even asking the right questions yet?This episode is sponsored by Mirakl AdsTimeline[00:00] – Why a Business of Fashion article made me rethink AI’s impact on retail media[00:45] – The structural threat of AI shopping agents to ad surfaces and first-party data[01:15] – How AI agents are already clicking ads, and why brands are paying for it[02:18] – The illusion of impressions: from humans scrolling to bots with no eyes[03:06] – The “relentless agent” problem: repeated clicks and inflated ad events[03:45] – How AI activity is poisoning behavioral data and audience targeting[05:36] – “Cost per human”: the emerging fix, and why it’s harder than it sounds[06:00] – What this means for retail media networks right now (not someday)Links & ResourcesBusiness of Fashion article: How AI Shopping Agents Are Reshaping Fashion’s Ad EconomyLearn more about AI analytics company DoubleVerifyRead my related articles:‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really IsDark Search, Broken Signals, and What Comes Next for Retail MediaAgentic Commerce Is a Sequencing Problem, Not an Existential OneI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HEREFollow my new Instagram account for comedy skits about the quirks of retail media @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In this episode, I dive into a fascinating recent conversation featuring Gildan’s Jason O’Toole on The CPG Guys podcast and unpack a powerful idea that stopped me in my tracks: brand media lowers the tax you pay on growth. If you’ve ever struggled to justify upper-funnel spend or connect brand investment to real performance outcomes, this one’s for you.I break down three key takeaways from the discussion, including how Gildan is structuring its teams to align brand and commerce, why traditional metrics like impressions are losing relevance, and what a high-impact Amazon campaign can teach us about speed, scale, and full-funnel execution. There’s a lot here that challenges conventional retail media thinking so let’s get into it!This episode is sponsored by Mirakl AdsTimeline[00:00] – Why apparel is one of the most competitive and margin-pressured categories in retail[01:12] – The idea that “brand media lowers the tax you pay on growth” and why it matters[02:40] – How budget ownership shapes the role retail media plays inside organizations[03:31] – Why impressions are a flawed metric and what to focus on instead[05:13] – The two metrics that actually matter: branded search and incrementality[06:30] – Inside Gildan’s Amazon homepage campaign and what made it so effectiveLinks & ResourcesListen to the full CPG Guys episode: Winning in Social Commerce with Gildan's Jason O'Toole & Katie TripodiSubscribe to The CPG Guys: Apple Podcasts and YouTubeFollow Jason O'Toole, Head of Connected Commerce & Media @ Glidan, on LinkedInFollow Katie Sierveld Tripodi, Director, Ecommerce Activation and Strategy @ Hanesbrands Inc., on LinkedInRead my related articles:iROAS results can be easily gamed. But we shouldn't just throw it away'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing forEcommerce Signals Are Shrinking. Why Retailers Must Earn New OnesI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HEREFollow my new Instagram account for comedy skits about the retail media industry @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I’m taking you behind the scenes of something I don’t talk about enough: what it really feels like to start over, even after years of experience. From launching a brand-new Instagram account @retailmediabreakfastclub with barely any followers, to reflecting on my early days writing “into the void,” I share the uncomfortable truth about building content, credibility, and confidence in public.I also dig into the process that’s helped me generate ideas consistently, navigate mistakes, and find my voice in a fast-moving industry like retail media. If you’ve ever struggled with imposter syndrome, wondered how to build your content muscle, or questioned whether your perspective is “enough,” this one’s for you.This episode is sponsored by Mirakl AdsTimeline[00:00] - Starting from zero (again!): launching Instagram after building a LinkedIn audience [01:00] - Writing in obscurity: the early days of publishing with no audience [01:30] - My breakthrough moment: landing a paid contributor role at Forbes [03:00] - Why quantity drives creativity (and how I generate endless content ideas) [04:20] - The power of being wrong: how mistakes lead to better, richer content [06:45] - “The middle of the room”: finding your voice between expertise and curiosity [09:45] - Getting comfortable being bad at something new (and why it matters)Links & ResourcesMy new Instagram account: @retailmediabreakfastclubRead my related articles:My Media DietGet On The Damn StageApply For The Damn AwardI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HERESubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Not all shopping is created equal. And honestly, not all of it is fun. Today I'm unpacking the tension between the idea of AI-powered shopping and the reality of how we actually shop today. While we love the experience of discovering products and making intentional choices, a huge portion of shopping — especially groceries — is repetitive, operational and tedious.I explore where consumers are already signaling openness to AI assistance (hint: it’s not where you might think), and why the current tools still fall short of solving the real problem. From meal planning to managing the “messy middle” of grocery lists, I break down what’s missing, what’s coming, and why the future of agentic commerce may arrive faster than expected, once the technology finally catches up to demand.This episode is sponsored by Mirakl AdsTimeline[00:00] – My daily cooking ritual and why grocery shopping is the least enjoyable part[01:15] – The difference between “fun” shopping and repetitive shopping missions[01:37] – What consumer behavior data reveals about how we actually shop [02:15] – Where consumers are already comfortable letting AI step in [03:00] – A real-world example of DIY grocery automation [04:30] – Why current retail tools fail to solve the “messy middle” of shopping [06:00] – The trust gap in grocery delivery (yes, even bananas matter!) [08:30] – The real barrier to AI shopping adoption: technology, not psychology [10:00] – Consumer attitudes toward AI agents completing purchases [11:00] – What needs to happen before agentic commerce goes mainstreamLinks & ResourcesAndrea K. Leigh's LinkedIn post about the grocery ordering browser extension she builtFollow Andrea K. Leigh, Founder @ Allume Group, on LinkedInRead my related articles:Agentic Commerce Is a Sequencing Problem, Not an Existential OneDon’t Dance On The Grave Of Agentic Shopping Just YetHow To Be Right About AI, And Still LoseI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HERESubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I'm unpacking a fascinating shift happening right under our noses in retail media — what has been coined “dark search.” I explore how AI-driven discovery is quietly reshaping the way consumers find and buy products. The big question: is this trend actually helping retail media grow, or is it eroding the very signals it depends on?I dive into two new pieces of research that seem to tell completely different stories: one suggesting AI is expanding the e-commerce pie, and the other arguing we’re flying blind when it comes to measuring its true impact. If you’re in retail, e-commerce, or media, this episode will challenge how you think about attribution, conversion, and the future of shopper behavior.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why I’m cautious about extrapolating from my own shopping habits and how the Hawthorne Effect plays into consumer behavior[00:45] – The “dark search” moment: how AI influenced my purchase before I ever hit a retailer’s site[02:01] – Criteo’s report: AI-driven traffic converts 1.5x higher and lands directly on product pages[03:45] – RefiBuy’s findings: up to 70% of AI-influenced traffic is invisible to analytics tools[05:00] – The shocking conversion rates of “dark” AI traffic and what that means for retailers[06:30] – Reconciling two opposing views: AI growth vs. measurement blind spots[08:00] – Why this shift could be a structural threat to retail media economicsLinks & ResourcesRead Criteo's 2026 Commerce & AI Trend ReportRead ReFiBuy's DACT piece by Scot Wingo on LinkedIn: Dark Agentic Commerce Traffic (DACT): Answer Engines Are Sending High-Intent Shoppers to your PDPs, But Your Analytics Miss >70%Read my related articles:‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really IsDark Search, Broken Signals, and What Comes Next for Retail MediaAgentic Commerce Is a Sequencing Problem, Not an Existential OneI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HERESubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

The conventional wisdom says AI advertising is something for the future, but I’m not buying that. Today, I extrapolate on Debbie Ajo Williamson’s insights shared on a recent Retailgentic episode, and break down why AI ads are already here, moving fast, and reshaping how retail media works in real time. Debbie digs into what’s actually happening behind the scenes with ChatGPT’s ad rollout, and why this is far more than a simple experiment.I also unpack what this means for retailers: from early adoption trends to the emerging tension between platforms and brands, and ultimately where this is all headed. Finally, I delve into the idea that ads may soon stop targeting humans altogether, and start influencing AI agents instead. If you’re in retail media, this is one of those “pay attention now or regret it later” moments.This episode is sponsored by Mirakl AdsTimeline[00:15] - Why ChatGPT’s ad rollout is not a test: it’s the beginning of a major shift [01:15] - How early ad formats are intentionally simple (and why that matters) [03:00] - The “18 years vs. 18 months” comparison between Amazon and OpenAI [05:00] - Retailers jump in early and the rise of the “frenemy” dynamic [06:30] - The next wave of AI ad formats and evolving user interfaces [08:00] - The future of ads targeting AI agents instead of humansLinks & ResourcesListen to the full Retailgentic episode: The AI Ad Gold Rush: Inside ChatGPT’s Ad Test, Retail Media’s Next Battle, and the Rise of “AI Media” with Debra Aho WilliamsonSubscribe to Retailgentic: Apple Podcasts and YouTubeSubscribe to Debra Aho Williamson's newsletter: The AI Ad EconomyFollow Debra Aho Williamson, founder @ Sonata Insights, on LinkedInRead my related articles:ChatGPT Ads Are Here. I'm Not Panicking.What Is Your AI Agent Buying? [New Research]Should Your Industry Advertise in AI Media in 2026?I'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HERESubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

A few months ago, it felt like everyone in retail media was bracing for impact. Agentic commerce, zero-click search, and Gen AI were being treated as existential threats. But lately, I’ve noticed a shift. In this episode, I unpack what I’m hearing behind closed doors and on the ground at Shoptalk. The panic is cooling, and smarter, more strategic conversations are taking its place.I dive into what this transition actually means for retailers right now. Are they behind? Are they ignoring the disruption? Or are they playing a longer, more deliberate game? From Costco’s methodical approach, to Target’s massive AI overhaul, I explore why the real challenge isn’t reacting quickly: it’s building the infrastructure to respond at all. If you want to understand where retail media is truly headed in an AI-driven world, this episode is for you.This episode is sponsored by Mirakl AdsTimeline[00:00] – The 2025 survey that revealed retail media’s biggest fears around Gen AI and zero-click search [00:45] – Why the mood is shifting from panic to practical strategy among retail leaders[01:30] – Costco’s “order of operations” mindset and why patience may be a competitive advantage [03:00] – Why modular tech stacks and data layers are becoming critical for future AI integration [04:45] – Target’s bold move: rewriting 60% of its app to become AI-ready [07:00] – The shift toward focusing on onsite experience instead of chasing external AI trendsLinks & ResourcesEMARKETER/Bain survey from 2025: Retail Media, Unfiltered: What RMNs Told Us About Scaling, Struggling, and SucceedingReplay of my livestream with Mark Williamson (Costco) and Jon Flugstad (MetaRouter): Costco Retail Media & The Commerce Media Tech Stack 2.0Read my related articles:The 3 Ways Agentic Commerce Could Destroy Retail MediaDark Search, Broken Signals, and What Comes Next for Retail MediaThe Secret Hopes & Dreams of RMN LeadersWhile We Debate What's 'Really' Agentic, Retail Media's Foundation Is Already ShiftingSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I’m revisiting my recent article for The Drum and digging into a piece of research that stopped me in my tracks. And honestly, it might change how you think about retail media measurement altogether. I walk through new findings showing that something as simple as methodological choices can dramatically swing incremental ROAS (iROAS), sometimes even flipping campaign results from positive to negative. If you’ve ever trusted a single performance number at face value, this conversation is going to challenge that assumption.I also explore what’s really going on beneath the surface of iROAS, why transparency might matter more than standardization, and what both brands and retailers need to start doing differently. Plus, I share a perspective shift inspired by Brené Brown that reframes how we approach metrics, uncertainty, and decision-making in retail media. This one’s all about asking better questions: and getting closer to the truth behind the numbers.This episode is sponsored by Mirakl AdsTimeline[00:12] – Why methodological choices can drastically impact iROAS results [01:17] – The shocking finding: same campaign, wildly different iROAS outcomes [02:23] – What “iROAS Demystified” reveals about hidden variability in measurement [03:00] – The four key variables that influence how iROAS is calculated [04:00] – Why better match quality can actually lead to lower iROAS estimates [05:15] – Should iROAS still be a headline KPI? Industry perspectives [08:19] – How mid-market brands can ask smarter questions about their reportsLinks & ResourcesMy original article on The Drum: 83% of retail media campaigns can be gamed on iROAS. Here’s howWhite paper from Albertsons, Ovative Group, and Northwestern University’s Kellogg School of Management: iROAS Demystified: Understanding Your Brands Incremental ROASFollow Liz Roche, VP @ Albertsons, on LinkedInFollow Derek Nelson, Senior Director of Retail Media Consulting @ Ovative Group, on LinkedInRead my related articles:Why ROAS Refuses To DieBrands demand retail media standards. Retailers say it's too hard. Do they kind of have a point?Brian Monahan's 'Bloody Obvious' Bets Are Shaking Up Albertsons Media CollectiveSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Recently an essay stopped me in my tracks. My friend Drew Cashmore (Chief Strategy Officer at Vantage) wrote a brilliant piece for his Retail Media Leapfrog Series newsletter that draws a surprising parallel between the famous Fermi Paradox and the current state of retail media. And with Drew's permission I'm sharing sections of his essay in today's podcast.The piece delves into a big, uncomfortable question: if retail media is such a massive opportunity, why are so few retailers actually winning? I walk through Drew’s concept of the “Retail Media Fermi Paradox” and unpack the structural challenges (what Drew calls “the great filters”) that are preventing most retailers from scaling. If you’ve ever wondered why the gap between Amazon/Walmart and everyone else keeps widening, this episode will get you thinking.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why I’m featuring Drew Cashmore’s essay and why it’s a must-read [00:39] – The original Fermi Paradox explained and why it matters here [02:15] – Introducing the “Retail Media Fermi Paradox” [03:00] – The shocking concentration: Amazon & Walmart dominate ~90% of spend [04:10] – Great Filter #1: The “tactic trap” and copying Amazon’s playbook [05:32] – Great Filter #2: The retail media “doom loop” and underinvestment [08:19] – Great Filters #3 & #4: Commoditization and fragmented tech stacks [09:30] – Quick preview: how retailers can break through these barriersLinks & ResourcesRead Drew Cashmore's essay: Retail Media Leapfrog Series: The Fermi ParadoxSubscribe to Drew's newsletter: Retail Media Leapfrog SeriesFollow Drew Cashmore, Chief Strategy Officer at Vantage, on LinkedInRead my related articles:The Retail Media Doom LoopRetail Media's Next Challenge: Proving Real Results7 Ways to Break the Retail Media Doom LoopSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I'm unpacking a fascinating conversation from a recent episode of the Unlocking Retail Media podcast with Andrew Covato and host James Avery that reframed how I think about measurement in retail media networks. If you’ve ever wondered why brands keep getting frustrated — or why retail media struggles to prove its value — this conversation gets right to the heart of it.I use snippets from the podcast to break down three major gaps that are holding retail media back, from misaligned measurement strategies to outdated data approaches. I also explore why the biggest ad platforms succeed where retail media often fails, what sophisticated advertisers are really asking for today, and how measurement needs to evolve to stay credible. If you're in retail media, brand marketing, or ad tech, this is an important primer on how to tackle measurement head on.This episode is sponsored by Mirakl AdsTimeline[00:00] - The recurring disconnect: why brands ask for data but get dashboards instead[01:09] - Lesson #1: Why big ad platforms win by staying measurement agnostic[04:00] - Lesson #2: Retail media is solving for the wrong measurement questions[05:15] - The shift from user-level attribution to aggregated modeling & experimentation[07:03] - Lesson #3: Why first-party lift is “grading your own homework”[09:00] - The measurement maturity curve: from attribution to incrementality to MMM[10:00] - The hidden problem: why most brands can’t actually evaluate the data they’re givenLinks & ResourcesListen to the full Unlocking Retail Media episode: Measurement Science and the Future of Performance with Andrew CovatoSubscribe to Unlocking Retail Media on Apple PodcastsFollow Andrew Covato, Founder & CEO @ Growth By Science, on LinkedInFollow James Avery, Founder & CEO @ Kevel , on LinkedInRead my related articles:83% of retail media campaigns can be gamed on iROAS. Here’s how (The Drum)Brands demand retail media standards. Retailers say it's too hard. Do they kind of have a point?Retail Media's Measurement Problem: It's Not Just the RetailersSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn