Retail Media Breakfast Club

What happens when an ad finds you at exactly the right moment, but still gets the job wrong? I found myself standing in the bolts aisle at Bunnings, using ChatGPT to figure out which bolt I needed for my home studio setup, when an ad helpfully reminded me that I could buy bolts at Bunnings. The problem? I was already there. What I really needed was for my AI assistant to tell me whether the bolt I needed was in stock on the shelf in front of me. That experience got me thinking about the future of AI shopping, the limitations of the Amazon-inspired retail media playbook, and what actually makes a retailer different. In this episode, I explore why retail media networks need to build around their retailers’ unique strengths rather than simply maximize ad revenue, what new research tells us about how consumers validate AI-generated product recommendations, and why real-time inventory, physical store networks, and customer relationships could become retailers’ biggest advantages in the age of AI-enabled commerce. This episode is sponsored by GrowthLoop Timeline 00:00 – The Bunnings aisle experience that exposed a blind spot in AI shopping ads. 01:35 – Why AI shopping often starts with a general-purpose assistant and ends in a physical store. 02:25 – Why Amazon’s retail media revenue model doesn’t necessarily translate to other retailers. 03:35 – The operational realities of building an in-store retail media network across independently owned locations. 05:30 – Finding the “holy” part of your retail media network: protecting the competitive advantage that keeps customers coming back. 07:00 – What consumer research reveals about AI product recommendations, trust, and where shoppers go to validate their choices. 08:39 – Why retailer AI assistants need to solve real shopping problems, and how local inventory could be a retailer’s biggest advantage. Links & Resources Watch a conversation The Drum published this week, which was recorded in September after the AdClub of New York's Commerce Media Exchange. Myself, Gordon Young from The Drum and Marc Walkin of QSIC debated the concept of a retail media playbook. Kantar's latest Media Reactions study — watch the webinar The AI research I coauthored with Bazaarvoice Read my related articles: ‘I’m a realist’: Gopuff’s head of ads on why it handed its onsite adtech to Instacart (The Drum) The Shopping Signals That Are Changing With AI AI Makes Shopping Easier. But Shoppers Still Check The Receipts. Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop: latest episode I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

AI shopping agents are starting to change how people discover products, compare prices, and actually make purchases. But as these agents take on more of the shopping journey, there’s a much bigger question we need to be asking: who’s going to pay for them, and will they still be working in the shopper’s best interest when they do? In this episode, I’m sharing some of my favorite moments from Jason Goldberg and Scot Wingo’s discussion on The Jason & Scot Show , including a fascinating story about how Walmart approached AI adoption, why Amazon is building its own shopping agent ecosystem, and what happens when AI agents start handling the actual execution of a purchase. I also share details about my new podcast/newsletter AdGentic , dig into why advertising could ultimately become the business model behind personal AI agents, and what that means for retail media, brands, and consumer trust. This episode is sponsored by GrowthLoop Timeline [01:00] – The Walmart AI Wake-Up Call: How a conversation with former Walmart CEO Doug McMillon illustrates why AI adoption has to start at the top. [03:23] – Why Amazon Is Building Its Own AI Shopping Ecosystem: Could AI agents become another shopping and media surface for Amazon to dominate? [05:05] – What Actually Counts as Agentic Commerce? Scot Wingo’s broader definition of agentic commerce goes beyond autonomous shopping to include any AI-assisted part of the purchase journey. [06:11] – The Shift From AI Discovery to AI Checkout: Why shoppers handing over price comparisons, shipping research, and checkout to AI agents could disrupt retail media in unexpected ways. [08:50] – Who Pays for AI Shopping Agents? Jason Goldberg and Scot Wingo explore monetization, affiliate commissions, subscriptions, and the challenge of keeping agents on the shopper’s side. [11:34] – Will Advertising Fund the Future of AI Agents? Why I think ads could become the dominant business model for personal AI agents — and what we should be asking about relevance, transparency, and trust. [14:55] – Is Shopping Fun or Just a Chore? Why shoppers may want to keep the enjoyable parts of shopping while handing over the tedious work to AI agents. Links & Resources Listen to the full episode of The Jason & Scot Show, Episode 352 - Is Agentic Commerce a Mirage? Subscribe to The Jason & Scot Show on Apple Podcasts Check out my new project AdGentic! Ensh*ttification is Coming to Personal AI Agents is live as a newsletter and on YouTube Read my related articles: Not All Shopping Is Fun When the PDP Becomes the Homepage Discovery Has Moved Upstream. Here's What That Means for Retailers. Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Today I’m looking at what happens to brand loyalty when AI starts doing more of the shopping. We’ve all seen how shoppers stick with the brands they know, even when there might be a cheaper or supposedly better option sitting right next to them. But what happens when an AI assistant starts comparing products, making recommendations and potentially changing the way consumers discover and buy? I’m drawing on research I co-authored with Bazaarvoice, along with findings from WPP Media, Oxford University’s Saïd Business School, NP Digital and Kantar, to unpack how brand preferences are formed before a shopping trip even begins, and why that matters as AI reshapes the purchase journey. I’m also digging into what this shift means for retail media networks, particularly the future of sponsored product ads, on-site AI advertising, and the growing risk that shoppers will turn to third-party AI assistants instead of retailer-owned platforms. This episode is sponsored by GrowthLoop Timeline 00:37 – What the Bazaarvoice research reveals about why shoppers stay loyal to their favourite brands. 01:52 – Why brand preferences are often formed before the shopping mission even begins. 02:21 – The priming and active stages of the consumer purchase journey — and why brand building matters long before checkout. 04:34 – Will AI shopping assistants undermine brand loyalty? The surprising gap between trusted brands and AI recommendations. 05:38 – Why the consumer purchase journey is getting more crowded, with social media, influencers and new media touchpoints competing for attention. 08:07 – How agentic shopping threatens the traditional retail media model, and why sponsored product ads could be particularly exposed. 10:21 – Why retail media networks are betting on native AI ads, and the risk of shoppers asking ChatGPT instead of the retailer's assistant. Links & Resources Check out the newsletter version of this podcast episode for visual representations of the research discussed. Check out my POV: your Mum always buys the same brand comedy skit! Bazaarvoice, What Is a Brand Worth When AI Does the Shopping? | [September 2026. I co-authored this research. Based on Bazaarvoice's Brand Equity Survey of more than 3,600 shoppers in the US, EMEA and Australia. WPP Media, How Humans Decide | October 2025. Produced with Oxford University's Saïd Business School. Based on WPP Media's database of Momentum purchase-journey studies, covering a decade of research into 1.2 million consumer journeys across more than 200 categories in 47 countries. NP Digital, customer journey touchpoints | April 2025. Survey of 300 companies in 2021 and 800 companies in 2024. Kantar, Media Reactions 2026 | 2026. Consumer survey based on around 23,000 interviews in 33 markets. EMARKETER and Bain & Company, Retail Media's Growth Is Outpacing Confidence in What Comes Next | September 2026. Survey of 61 US sell-side retail media leaders, conducted July 2026. Read my related articles: Why Agentic Shopping Poses an Existential Threat to Retail Media (Part 1) The Return To Onsite Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Retail media has spent the last few years chasing growth through connected TV, influencer partnerships, social commerce, and in-store screens. But new research from eMarketer and Bain & Company suggests retail media network leaders are shifting their focus back to onsite advertising, where retailers have more control, higher margins, and a more established path to advertiser budgets. In this episode, an expansion on my recent article for The Drum, I explore why offsite retail media has been harder to scale than expected, what advertiser demand tells us about the industry's biggest growth opportunities, and why proving incremental revenue remains a challenge. I also look at the growing threat of AI shopping agents that could bypass retailer websites and disrupt traditional sponsored product ads. Is returning to onsite advertising a smart strategic move, or are retail media networks sacrificing future growth for easier wins today? Drawing on insights from eMarketer's Sarah Marzano and perspectives from the retail media community, I unpack the trade-offs facing retail media leaders and what it will take to unlock the next phase of growth. This episode is sponsored by GrowthLoop Timeline [00:00] - Why retail media is moving back toward its roots, with onsite advertising emerging as a leading growth opportunity. [02:35] - Sarah Marzano explains why retailers have more control, fewer third parties, and higher margins with onsite ads. [04:11] - Why offsite retail media is harder to sell, including the challenge of reaching brand budgets beyond ecommerce and sales teams. [06:22] - The disconnect between retail media's promised growth and advertiser demand for social and in-store placements. [08:21] - The retail media doom loop: declining confidence in incremental revenue, talent shortages, and underfunded technology. [11:33] - How AI shopping agents could bypass retailer websites and put traditional sponsored product ads at risk. [13:20] - The debate over whether returning to onsite is a sensible strategy or whether offsite is essential for the next wave of growth. Links & Resources A version of this piece was first published to my column at The Drum on October 12, 2026, as Should retail media get back to what it does best? EMARKETER and Bain & Company, Retail Media's Growth Is Outpacing Confidence in What Comes Next | September 2026. Survey of 61 US sell-side retail media leaders, conducted July 2026. Follow Sarah Marzano, Retail & Commerce Media at EMARKETER, on LinkedIn Read my related articles: Best Buy Ads’ showcase moves on from the sponsored product ad (The Drum) Why OpenAI’s ad announcement should worry retail media networks (The Drum) The Retail Media Doom Loop: 2026 Edition Retailers, here’s how your media network can still thrive in an AI-shopping era (The Drum) The AI assistant is the next ad surface. Only one retailer has actually built it (The Drum) I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Are bigger retail media networks automatically better? And what really makes a network worth investing in? In this episode, I'm picking up the debate sparked by Brian Spencer at Kroger Precision Marketing about what it takes to build a successful retail media network. Scale matters, but so do audience relevance, addressability, and technology. I also unpack GrowthLoop's 2026 Commerce Media Investment Index to explore what advertisers really want from audience targeting, whether faster audience fulfillment is worth paying more for, and what United's Connective restructuring reveals about the technology needed to turn valuable audiences into measurable results. This episode is sponsored by GrowthLoop Timeline [00:30] – Brian Spencer's challenge: What really qualifies as a retail media network? [02:09] – Audience relevance versus audience size. [03:03] – Why specialty retailers can compete with the giants. [05:30] – What advertisers want from retail media audiences. [06:30] – Why more audience segments could drive greater spending. [08:17] – Is faster audience fulfillment worth the premium? [10:28] – United's lesson: Why audience data alone isn't enough. Links & Resources GrowthLoop's new research report: The 2026 Commerce Media Investment Index Lots of great discussion in the LinkedIn comments under my Does Size Matter in Retail Media? It Depends Who’s Buying newsletter from Tuesday The contentious LinkedIn post from Brian Spencer that first sparked the debate Follow Brian Spencer, Marketing Director at Kroger Precision Marketing, on LinkedIn ADWEEK reported this week that United has folded Kinective's media sales and operations team into the partnerships team for its MileagePlus loyalty program. Read my related articles: Does Size Matter in Retail Media? It Depends Who’s Buying 7 Ways to Break the Retail Media Doom Loop The Retail Media Doom Loop: 2026 Edition How Can RMNs Tap Upper-Funnel Brand Budgets Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop: latest episode I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Why are retail media networks bringing back multi-touch attribution (MTA) when many marketers consider it outdated? In part 2 of my MTA series, I explore why Albertsons Media Collective and Best Buy Ads are investing in MTA, and how better measurement could help retailers unlock national brand advertising budgets beyond sponsored products. I also look at the limits of current MTA solutions, why measurement matters when brands choose retail media networks, and three questions retailers should ask before building their own attribution capabilities. Plus, I preview the next big question in commerce media: are retail media networks growing market share or simply stealing conversions from other platforms? This episode is sponsored by GrowthLoop Timeline [00:35] — Why the industry may be wrong about MTA being outdated, and why retailers see a different opportunity. [01:51] — The case for earlier measurement signals, and why market share and quarterly marketing mix models aren't enough for week-to-week decisions. [03:26] — The real incentive behind retailer MTA investments: unlocking national brand advertising budgets beyond sponsored products. [05:39] — Why measurement capabilities matter when brands are choosing which retail media networks deserve a place in their media plans. [07:42] — Where Albertsons and Best Buy's MTA solutions differ, and why brands still face gaps in cross-platform measurement. [11:31] — The three-part test for deciding whether a retailer should build MTA in the first place. [12:39] — A preview of part three: Are commerce media networks growing share or stealing conversions from other platforms? Links & Resources This is part 2 of my series on MTA. Part 1) Do brands really want MTA? Part 2) Why retailers are reviving MTA [What you're listening to right now!] Part 3) Is MTA past its expiration date? [ Subscribe to get it!] Check out the discussion in the LinkedIn comments after I shared part 1 of this MTA series Read my related articles: RMNs Are Launching MTA. Do Brands Want It? [Part 1] Best Buy Ads’ showcase moves on from the sponsored product ad (The Drum) Kiri Masters: Why retail media networks are resurrecting multi-touch attribution (The Drum) Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Are there really only 10 or 20 successful retail media networks, or are we overlooking the value of the other 180? A recent LinkedIn post from Brian Spencer at Kroger Precision Marketing sparked a debate about what it takes to be a successful retail media network, and I wanted to dig into one of his key criteria: scale. Because while scale absolutely matters to some advertisers, I think the bigger question is: scale for whom? In this episode, I unpack why national CPG media teams gravitate toward the biggest retail media networks, what that means for smaller and regional players, and why shopper marketing teams could be the key to unlocking the long tail of retail media. From Amazon and Walmart, to Woolworths in Australia and H-E-B in Texas, I explore why a network that looks small on a national media plan can be absolutely critical to winning in a specific market. And as the biggest networks chase upper-funnel brand budgets, I look at the very different growth challenges facing the rest of the industry. This episode is sponsored by GrowthLoop Timeline [00:00] – The LinkedIn debate that got me thinking: Are there really only 10 or 20 successful retail media networks? [02:10] – Why even the biggest CPG advertisers don't want to manage more retail media networks. [03:14] – Inside the $1 billion club: The commerce media networks publicly reporting more than $1 billion in ad revenue. [06:00] – Why scale is relative, and why regional retail media networks still matter in markets like New Zealand, Ireland, and Australia. [09:22] – Who buys the long tail? Why shopper marketing teams could be the answer for smaller retail media networks. [12:24] – How two things can be true: Only a handful of networks may matter to national media directors, while hundreds remain relevant locally. [13:01] – The retail media doom loop: Why scale, technology, talent, and advertiser budgets are so difficult to balance. Links & Resources The LinkedIn post from Brian Spencer that sparked the debate Follow Brian Spencer, Marketing Director at Kroger Precision Marketing, on LinkedIn Read my related articles: Some Retailers Want to Power Other Retailers' Ad Businesses. Will It work? 7 Ways to Break the Retail Media Doom Loop What It Actually Takes to Build a Retail Media Federation The Retail Media Doom Loop: 2026 Edition How Can RMNs Tap Upper-Funnel Brand Budgets Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Consumer AI is growing at an incredible pace, but here's the thing: even though millions of people are using AI, very few are actually paying for it. So how are these platforms going to make money, and what does that mean for retail media and the future of shopping? In this episode, I'm digging into some fascinating new research from Andreessen Horowitz on consumer AI adoption, spending habits, and the business models emerging around these platforms. I explore why people are willing to pay for productivity but not necessarily everyday consumer queries, why advertising could become the dominant monetization model for AI agents, and what a potential ChatGPT wallet could mean for closed-loop measurement and retailers' first-party data. Plus, I look at the race to build the winning AI shopping experience and why retailers need to think carefully about whether to embrace or block emerging AI agents. This episode is sponsored by GrowthLoop Timeline [01:24] — AI adoption is booming, but few consumers are willing to pay for it. [04:02] — Why people want to spend time, not just save it, and what that means for AI shopping. [06:15] — Why subscriptions may not be enough, and why advertising could become AI’s dominant revenue model. [09:30] — How a potential ChatGPT wallet could reshape retail media measurement and first-party data. [12:36] — Why the race to build the winning AI shopping experience is still wide open. [13:38] — Why retailers need to think carefully before blocking AI shopping agents. Links & Resources Andreessen Horowitz just dropped some major insights on their blog about the adoption of consumer AI technology. Read the full research report at the a16z blog. Listen to the recent The a16z Show podcast episode that discusses the research: The Top 100 Consumer AI Apps: Who’s Actually Paying? Subscribe to The a16z Show on Apple Podcasts Read my related articles: Not all shopping is fun Why Agentic Shopping Poses an Existential Threat to Retail Media (Part 1) Agentic Shopping Poses An Existential Threat To Retail Media (Part 2) Agentic Shopping Might Seem Crazy. So Did Self-Service Supermarkets. Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop: latest episode I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

The retail media landscape is getting more crowded by the week. McDonald’s, Simon Property Group, Delta, and a growing list of other companies are launching commerce media businesses. But does the world actually need more retail media networks? In this episode, I share Matthew Fantazier's latest 'hot take' on the explosion of commerce media and add my own perspective on the biggest question facing these new networks: who is this actually for? I also dig into the rise of consumer-facing AI agents and what it could mean for advertising, commerce, and consumer trust. If AI agents start making purchases on our behalf, who gets paid, how will brands compete for those transactions, and could paid placement quietly become the next evolution of retail media? There are some big questions ahead, and I’m not convinced we’re ready for the answers. This episode is sponsored by GrowthLoop Timeline [00:58] - Why the retail media network boom shows no signs of slowing down [02:20] - The question every new commerce media business needs to answer: “Who is this for?” [03:31] - Why brands may not want to add another 10 retail media networks to their media plans [04:34] - The problem with retailers copying Amazon and Walmart instead of building on what makes them unique [06:18] - What consumer-facing AI agents could mean for shopping and advertising [09:15] - Who pays for AI agents — and why that question could transform retail media [10:30] - Why paid rankings inside AI agents could create a major consumer trust problem Links & Resources Today's newsletter is contributed by Matthew Fantazier, Vice President, Data Partnerships at The Trade Desk. Matt's newsletter, Matt's Hot Take is one of my personal favorites. You can subscribe to it on LinkedIn or Substack . Follow Matthew Fantazier on LinkedIn Here's the links to the various 'Hello World' announcements from the various new retail media networks' GMs on LinkedIn, if you want to see how they are crafting their USPs in real-time: Chris Lindquist , VP/GM at McDonald’s Media Network John Carlson, VP, Simon Property Group Arvin Nuldloll, SVP Revenue and Audience Strategy at Citi Keri Paison, MD & Head of Delta's Media Network Read my related articles: Some Retailers Want to Power Other Retailers' Ad Businesses. Will It Work? Retail Media's Fermi Paradox RMNs Have A Marketing Problem Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

There’s a lot of talk in retail media about better measurement, incrementality, and finding the one metric that finally tells us what’s really working. But sometimes the metrics we’re using are… well, bulldust. In this episode, I dig into why measurement looks so different depending on which side of the table you’re sitting on, and why retailers and brands can both feel like they’re doing the right thing while talking completely past each other. I also revisit the question of why ROAS refuses to die. Is it actually a useless metric, or does it persist because brands genuinely need a common currency and early signals to guide media planning? I look at sales lift, incrementality, MTA, basket lift and other signals — and why the real challenge may be less about finding a perfect metric and more about getting both sides to agree on what they’re actually trying to measure. This episode is sponsored by GrowthLoop Timeline [00:00] - Why “purchase intent velocity” is the perfect example of a bullshit retail media metric [01:00] - Why retailers and brands see measurement gaps very differently [02:16] - How methodological choices can dramatically change incremental ROAS [03:22] - Why sales lift may be the closest thing retail media has to a standardized measurement currency [04:30] - The media-planning problem that makes ROAS so difficult to replace [06:33] - Why ROAS persists, and the case for using it with much more context [09:55] - Why retail media measurement ultimately comes down to incentives Links & Resources Check out my latest skit video for the Basket Case podcast from The Drum & QSIC featuring a brand CMO with main-character energy who is quite pleased with herself for inventing a new performance metric! Watch here Albertson's and Ovative group's recent iROAS Demystified white paper found that methodological choices alone can swing incremental ROAS by 6.5x See the full range of comments under my Why ROAS Refuses To Die post on LinkedIn Read my related articles: iROAS results can be easily gamed. But we shouldn't just throw it away RMNs Are Launching MTA. Do Brands Want It? [Part 1] Why ROAS Refuses To Die Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

I recently took a closer look at what Best Buy Ads is building, and what it tells us about where retail media is heading. Best Buy was one of the early retailers to launch sponsored product ads, but at its latest showcase, that familiar ad format was barely part of the conversation. Instead, the spotlight was on connected TV, creators, TikTok Shop, its production studio, and new measurement capabilities. I think that shift tells us something important about the future of retail media. Brands increasingly want retail media to do more than drive an immediate sale, while AI is changing how shoppers arrive at retailers in the first place. In this episode, I unpack why Best Buy may be looking beyond the traditional search-results-page model, what its new measurement research says about the brand-building potential of retail media, and why the retailers with the most distinctive assets may be best positioned to move beyond sponsored products. This episode is sponsored by GrowthLoop Timeline [00:15] - Exploring the gap between brands’ interest in retail media brand-building and where their budgets are actually going [01:15] - What Best Buy Ads showcased beyond sponsored products, including CTV, creators, TikTok Shop, and measurement [03:30] - Why Best Buy’s showcase suggests its growth ambitions are moving beyond the search results page [05:15] - How AI and LLMs could change the shopper journey—and potentially reduce traditional sponsored product opportunities [08:30] - Breaking down Best Buy’s Circana marketing mix model and its findings on ROAS, media contribution, and brand equity [10:24] - Why Best Buy’s distinctive retail assets could help it move beyond interchangeable retail media networks Links & Resources Follow Patrick Albano, Chief Revenue Officer at Best Buy Ads, on LinkedIn Read my related articles: Best Buy Wants To Become An Ad Platform, Not Just Another RMN Best Buy's Marketplace Bet Is Really About Ad Revenue Why Agentic Shopping Poses an Existential Threat to Retail Media (Part 1) Agentic Shopping Poses An Existential Threat To Retail Media (Part 2) Everyone's Going Gaga Over Creators. I Had Some Questions. The Fairy Godmother Of Retail Media, Cara Pratt, On Her New Agenda At Circana I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

A couple of years ago, two neighborhood cats started visiting our house. We fed them, they kept coming back, and then one day they turned up wearing collars that said, “Do not feed unless starving.” It turned out we weren't the only ones feeding them: and nobody really knew who was feeding them, how often, or how much. Brands have their own version of this problem. When they add up all the attributed sales from every retail media network they spend with, somehow the total can come out bigger than their actual sales. So when Albertsons and Best Buy launched new multi-touch attribution (MTA) capabilities within a week of each other, I wanted to understand what problem they were actually trying to solve. Are brands really asking for MTA? Why did MTA fall out of favor in broader marketing? And has retail media simply never moved beyond last-click attribution? In this episode, I expand upon my recent article for The Drum, and dig into what brands, consultants and the retailers themselves are saying. I also set up the bigger question I'll tackle in Part 2: even if retailer-operated MTA is in the retailers' interests, can it still be useful and credible for brands? This episode is sponsored by GrowthLoop Timeline [00:43] - Why retail media attribution can add up to more sales than brands actually have [01:50] - Albertsons and Best Buy launch new multi-touch attribution capabilities [03:22] - Why brands may be turning to media mix modeling and cross-network measurement instead [04:15] - How privacy restrictions and ecosystem fragmentation helped push MTA out of favor [07:47] - A CPG perspective on why MTA may not answer the incrementality question brands actually care about [10:04] - What SharkNinja, EOS and other advertisers say they need from commerce media measurement [11:00] - Why Best Buy and Albertsons say advertisers are asking for MTA Links & Resources On 17 September 2026, Albertsons Media Collective announced Retail Media Incrementality-Based Multi-Touch Attribution, built with LiveRamp and piloted by PepsiCo. My article for The Drum: Why retail media networks are resurrecting multi-touch attribution Skye Frontier, executive vice-president at Incremental, gave a valuable lesson about marketing mix models and MTA on the Measure Up podcast last year. Follow Skye Frontier on LinkedIn Read my related articles: This Agency Abandoned MTA, Here's Why Retail Media's Measurement Problem: It's Not Just the Retailers 'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing for The Other Side of the Story: Why Retailers Struggle with Media Measurement & Standardization Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop: latest episode I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

I’m revisiting one of my most popular episodes from last year: the retail media doom loop. The basic idea is pretty simple — a retailer sees the ad revenue being generated by Amazon and Walmart, launches a retail media network, and quickly grows by moving existing trade and shopper marketing dollars onto a media line. But what happens when that easy growth runs out? In this episode, I look at what the latest data and conversations with retail media leaders suggest about where the industry is actually headed in 2026 and beyond. I dig into why sponsored search and on-site display remain the backbone of retail media, why some of the industry’s newer “sparkly” offerings are struggling to gain adoption, and why the unglamorous work of fixing ad tech may matter far more than the flashy announcements getting all the attention. This episode is sponsored by GrowthLoop Timeline [00:59] - What the latest eMarketer and Bain research says about retail media growth expectations in 2026 [01:52] - Why sponsored search and on-site display still dominate retail media ad spending [03:04] - The “add sparkles” phase of the retail media doom loop — and why shiny new formats can distract from core problems [04:00] - How a legacy ad server created major forecasting problems for one mid-sized retail media network [05:15] - The hidden cost of manual retail media operations and the potential for missed seven-figure ad opportunities [06:43] - Why creators and off-site media are struggling to gain adoption among some brands [08:41] - What consolidation could mean for the future of commerce media Links & Resources Sarah Marzano, principal analyst for retail and commerce media at EMARKETER, presented findings from work with Bain at Groceryshop last week . Follow Sarah Marzano on LinkedIn Read my related articles: The Retail Media Doom Loop Why Good Retailers Make Bad Ad Tech Decisions (The Drum) The Hallucination Is That Everything Is Just Fine As It Is Are RMNs finally getting the hang of this collaboration thing? Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

AI is becoming part of how we shop, but how much do consumers actually trust what an AI assistant recommends? In this episode, I’m digging into two new research studies — one from Acosta Group, and one I conducted with Bazaarvoice — to explore what shoppers really think about AI-powered shopping recommendations, advertising, brand discovery, and trust. I’ll walk through what happens when shoppers encounter ads inside AI tools, why consumers are increasingly taking a “trust but verify” approach, and how AI is changing the way people research products both online and inside physical stores. I’ll also look at what all of this means for challenger brands, established brands, and retailers as AI increasingly becomes part of the shopping journey. This episode is sponsored by GrowthLoop Timeline [02:13] - Why shoppers are concerned that advertising could influence AI recommendations [05:23] - The rise of “trust but verify” as consumers increasingly use AI for shopping research [07:18] - How AI is becoming a second opinion for shoppers right in the store aisle [10:22] - Why AI could make consumers more willing to discover and switch to unfamiliar brands [13:15] - The opportunity for challenger brands — and why reviews and other proof points matter [14:42] - Why established brands’ first-click advantage may only be temporary [15:03] - The changing role of retailers as shoppers use AI to validate prices, products, availability, and reviews Links & Resources Here's the link to download the full Bazaarvoice consumer study that I co-authored: What Is a Brand Worth When AI Does the Shopping Don't miss my October 6, 2026 webinar with Bazaarvoice CMO Doug Straton, where we'll present highlights of the research. It's short, sharp and built for brands of all sizes and categories. Register here . Learn about Bazaarvoice , a platform that collects, syndicates, and optimizes UGC across retailers, all in one place. New research from Acosta Group: AI-Driven Shopping Evolves . Fielded May 15–21, 2026 among 1,271 US shoppers of at least one retail channel in the prior three months. Check out WPP: Who owns the learning? by Ad industry veteran John Ebbert, who founded AdExchanger and now writes the tipsheet.ai newsletter . Read my related articles: Shoppers think that AI's answers are for sale Maybe Ads in AI Don't Have To Suck? I Really, Really Hoped That Ads in AI Wouldn't Suck. Now We Find Out. AI Makes Shopping Easier. But Shoppers Still Check The Receipts. Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Retail media is a creative wasteland. That’s the catchy line coming out of Ipsos’ new Creativity Over Clicks research. And honestly, my first reaction was to get my hackles up. But once I slowed down and looked at what the data was actually saying, I realized the report was confirming something many retail media practitioners have known for a long time: the creative looks the way it does for some very rational reasons. In this episode, I unpack what Ipsos’ research tells us about retail media creative, shopper mindset, measurement, and the tension between brand building and bottom-of-funnel performance. I also look at where I think retail media has an opportunity to go further, particularly when it comes to video, premium formats, and reaching shoppers who aren't already in market. Is retail media really a creative wasteland? Or have we simply been optimizing for what the channel can measure? This episode is sponsored by GrowthLoop Timeline [00:00] - Why the “creative wasteland” framing initially got my hackles up [01:11] - Why retail media attracts a more data-driven, performance-focused mindset [02:06] - Why retail media ads are 47% less likely to be remembered, and how shopper mindset explains it [03:07] - How measurement shapes creative choices and keeps retail media focused on the bottom of the funnel [04:22] - Why video outperforms display across key brand metrics [06:18] - The surprising impact of creative quality on undecided and out-of-market shoppers [07:17] - Why retail media shouldn't simply copy the “best practices” of traditional media Links & Resources Ipsos' new retail media research: Creativity over Clicks Subscribe to Andrew Lipsman's newsletter Media, Ads + Commerce Read my related articles: Why Do Brand Marketers Love To Hate On Retail Media? The ‘How Brands Grow’ Dogma Wants To Have A Word With Retail Media Challenger Brands: Being Heavy On Sponsored Products Is a Feature, Not a Bug I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

I recently spent a week in Poland on a family trip, and while I didn't have nearly as much time for retail media recon as I would have liked, I came away with a few observations that I found genuinely fascinating. From the country's enormous network of parcel lockers being turned into advertising surfaces, to the surprising density of Żabka convenience stores, there is a lot happening in Polish retail and commerce media. In this episode, I walk through four things that caught my attention on the ground: the emergence of parcel lockers as an out-of-home media network, what I observed about connected TV and retail destinations, Żabka's rapidly expanding in-store digital network, and Rossmann's huge footprint of digital screens. I also dig into how differences in privacy regulation between Europe and the US can shape the media opportunities available to retailers and advertisers. This episode is sponsored by GrowthLoop Timeline [01:24] - Discovering Poland's extraordinary network of 73,000 parcel lockers [03:00] - How parcel lockers accidentally became a new out-of-home advertising surface [04:09] - Seeing P&G CTV ads with Polish retail destinations like Allegro and Media Expert [06:01] - How GDPR and US privacy regulations create different retail media dynamics [08:01] - Why Żabka has more than 13,000 stores — and what I noticed about its growing in-store media network [10:00] - Exploring Żabka's digital screens and the early stages of its third-party advertising business [11:26] - Rossmann's 6,000 screens and its move toward programmatic in-store media Links & Resources Read the blog version of this piece for photos of the retail media activations I saw in Poland Read my related articles: Trip Report: Retail & Commerce Media Activations in Australia The UK Takes A Run At Retail Media Aggregation In-Store Retail Media Evolved Differently in Europe. Here's Why. Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop: latest episode I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Are retail media networks finally getting the hang of collaboration? This week, two major announcements have me thinking about the transition from parallel play to collaborative play in retail media. Best Buy is expanding its partnership with Amazon to sell Fire TV ad inventory, while Instacart and Gopuff are teaming up on both delivery and advertising technology. And these aren’t just interesting partnerships on paper: they could change how brands buy, target, and measure retail media campaigns. In this episode, I’m breaking down what each company gets out of these deals, why Best Buy’s audience data could be particularly valuable for connected TV advertising, and how Gopuff’s move to Instacart’s Carrot Ads platform could open up a much larger advertiser base. I’m also looking at what these partnerships mean for media buyers, the ongoing question of whether retail media tech providers can work with competitors, and what it takes to move from simply sharing the same space to genuinely collaborating. This episode is sponsored by GrowthLoop Timeline [00:23] — Why I’m comparing retail media networks to toddlers learning the difference between parallel play and collaboration. [02:02] — Best Buy and Amazon expand their Fire TV partnership, giving Best Buy the ability to sell ad placements across Insignia TVs. [05:05] — How Best Buy’s purchase and Geek Squad data could bring more meaningful audience targeting to connected TV advertising. [09:23] — Instacart and Gopuff team up, combining Gopuff’s rapid delivery network with Instacart’s marketplace and Carrot Ads technology. [11:14] — Why the difference between a weekly grocery stock-up and a quick snack run matters for retail media advertisers. [13:00] — Gopuff’s move to Carrot Ads, access to 9,000 advertisers, and the challenge of scaling an advertising business. [15:07] — What these deals reveal about the future of retail media collaboration, and why the real test may come at renewal time. Links & Resources Gopuff joins the Instacart Marketplace GoPuff commerce media leader Michael Peroutka explains the deal on LinkedIn Read my related articles: How Alliances Could Solve Retail Media's Fragmentation Problem (Part 1) Meet The First Retail Media Federations & Consortiums What It Actually Takes to Build a Retail Media Federation Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

We’ve struck a pretty clear deal with advertisers: we tolerate ads in exchange for free or subsidized services. But what happens when those ads show up inside AI assistants that we’re increasingly relying on to help us shop? New research from Bazaarvoice, which I co-authored, reveals that consumers are already questioning whether AI recommendations are truly independent. And that raises some important questions for brands and retail media advertisers. In this episode, a recap of my recent article for The Drum, I dig into what shoppers actually think about advertising in AI, why sponsored placements aren’t a shortcut to building brand trust, and where consumers go to validate AI-recommended products. I also explore what brands can do right now to make sure their reviews, user-generated content, and product information are accessible to both shoppers and AI crawlers. Because AI might open the door to a brand, but that doesn't mean it earns the customer's trust. This episode is sponsored by GrowthLoop Timeline [00:00] – Why consumers tolerate traditional advertising but feel differently about ads inside AI assistants. [01:03] – New Bazaarvoice research reveals that 54% of consumers believe advertising in AI could influence its recommendations. [02:19] – The difference between earning an organic AI recommendation and buying a sponsored placement. [05:00] – Why AI advertising is still an immature channel, and what that means for brand budgets and campaign measurement. [06:01] – Where shoppers actually go to validate AI recommendations, from customer reviews to brand websites and retailer sites. [08:40] – How brands can build trust with reviews, user-generated content, and accessible product information. [10:25] – The evolution of who vouches for brands, and why AI assistants can’t be the only source of trust. Links & Resources This is a recap of an article was originally published to my column at The Drum on September 15 2026 as ' Ads in AI can’t vouch for your brand yet. Here’s what can '. It is reproduced here with permission. Here's the link to download the full Bazaarvoice consumer study that I co-authored: What Is a Brand Worth When AI Does the Shopping? Learn about Bazaarvoice , a platform that collects, syndicates, and optimizes UGC across retailers, all in one place. Check out WPP: Who owns the learning? by Ad industry veteran John Ebbert, who founded AdExchanger and now writes the tipsheet.ai newsletter . Read my related articles: Maybe Ads in AI Don't Have To Suck? I Really, Really Hoped That Ads in AI Wouldn't Suck. Now We Find Out. AI Makes Shopping Easier. But Shoppers Still Check The Receipts. Check out Basket Case , a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop. I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

I've got some really good news to share on today's Retail Media Breakfast Club. Despite some of the things that can leave me feeling a little disheartened about the retail media industry, I recently discovered something genuinely exciting: 44% of US retail media networks are led by women. That's substantially higher than the representation of women in VP and SVP roles reported in recent McKinsey research. I put together a database of named P&L leaders across the NRF's 2026 Top 100 US retailers, and I'm sharing what I found, along with a few theories about why retail media might be getting something right. From the role of relationships and women's leadership networks, to the influence of marketing functions, I'm exploring what might be behind these numbers. I don't have a definitive conclusion just yet, but I'd love to hear what you think we're doing well as an industry, and what we should do with this information. This episode is sponsored by GrowthLoop Timeline [00:51] – The surprising discovery: 44% of US retail media networks are led by women. [01:46] – How I built my database using the NRF's 2026 Top 100 US retailers. [03:14] – Why retail media might be a more welcoming segment of the media industry. [03:44] – How women's leadership networks and meaningful relationships can help women reach the top. [05:39] – Could retail media's roots in marketing help explain the numbers? [06:07] – Why I ruled out the glass cliff theory as an explanation. [06:35] – What these findings mean for the industry, and why I want to hear your thoughts. Links & Resources Link to RMN Leaders Database for Retail Media Breakfast Club subscribers: Who runs US retail media? The RMN leaders database Women in the Workplace 2025 McKinsey research Women In Commerce Media Collective Follow Ana Laura Zain, Co-Founder of Women In Commerce Media Collective, on LinkedIn Subscribe to Andrew Lipsman's newsletter Media, Ads + Commerce Read my related articles: FTC v Amazon: Nothing Changes The Other Side of the Story: Why Retailers Struggle with Media Measurement & Standardization Why Do Brand Marketers Love To Hate On Retail Media? I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn

Why do good retailers make bad ad tech decisions? In part two of my series on the different eras of retail media, I’m expanding on my recent article for The Drum, and exploring why choosing the right technology is only part of the equation. The bigger question is: What role does your retail media network actually play in the media plan? Drawing on insights from Co-op Media Network’s Dean Harris and Ace Hardware’s Molly Hjelm, I look at the different end states for retail media networks, from scaled walled gardens to specialist players and low-cost reach extensions. I also explore why some networks get stuck in the squeezed middle, how technology decisions can create organizational headaches, and why retailers need to think about their proposition before rushing to launch a product. If you're building a retail media network, evaluating ad tech, or trying to understand what advertisers actually want, this episode is about taking a step back and asking the right questions before investing in the next big technology solution This episode is sponsored by GrowthLoop Timeline 00:00 – Revisiting the different eras of retail media technology and why technology alone doesn't explain the market. 01:39 – Rocks, pebbles, and sand: Dean Harris's framework for understanding the different end states of retail media networks. 03:15 – The squeezed middle: why networks without scale or differentiation struggle to attract agency attention and repeat investment. 04:16 – Tech composability versus the all-in-one solution: understanding which strategies are realistic for different retail media networks. 06:49 – Why Ace Hardware's Redvest Media puts its proposition first, and why retailers need different technology strategies. 08:13 – The organizational cost of retail media technology: why pre-integrated solutions can't solve internal inertia and infrastructure challenges. 10:00 – What media buyers actually want, and why retailers need to acknowledge their place in the media plan. Links & Resources A version of this piece originally appeared in my column at The Drum I've split it into two parts for RMBC. This episode is part two of two. You can listen to or read part one. Co-op Media Network — the UK's first convenience retail media network Co-op's network is run by Threefold, whose parent SMG launched a retail media exchange of its own this year. Follow Dean Harris, Head of Co-op Media Network, on LinkedIn Read my related articles: Retail media's four eras (Part 1 of 2) The UK Takes A Run At Retail Media Aggregation The Retail Media Doom Loop Ace Hardware's RedVest Media: Notes From My Interview With Molly Hjelm Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop: latest episode I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub Subscribe to Retail Media Breakfast Club's daily newsletter Follow Kiri Masters on LinkedIn