Retail Media Breakfast Club

Are ChatGPT ads actually delivering results, or are advertisers paying a premium to be part of the AI hype cycle? I've been hearing from performance advertisers for a while now that ChatGPT ads aren't pulling their weight. And a new academic working paper, published by Christian Schulze, seems to reinforce that concern, finding that ChatGPT ad visits generate significantly less revenue than paid Google search visits.

But then there's a very different story from measurement firm WorkMagic and supplement brand Dose, which found that ChatGPT ads drove 2.3 times more orders than click attribution gave them credit for. So how can both findings be true?

In this episode, I dig into what each study actually measured, why Amazon halo sales could be an important missing piece of the puzzle, and whether advertisers are simply paying too much for the privilege of experimenting with a brand-new ad platform. I also share the two questions I'd want answered before putting more money into ChatGPT ads.

This episode is sponsored by GrowthLoop

Timeline

[00:00] Are ChatGPT ads underperforming? Why new research suggests advertisers aren't getting the returns they're paying for.

[00:55] Two studies, two different stories: Comparing the academic research with the Dose and WorkMagic case study.

[01:56] ChatGPT ads versus Google Search: What the research reveals about revenue per visit and advertising costs.

[04:16] The Dose case study: How ChatGPT ads generated 2.3 times more incremental orders than click attribution reported.

[06:36] The Amazon halo effect: Why ChatGPT ad performance might be better than website click data suggests.

[08:00] Is the ChatGPT ad premium justified? Comparing a brand-new advertising platform with Google's established search ecosystem.

[09:48] Two questions advertisers should ask before investing more in ChatGPT ads: What's happening after the click, and will CPCs normalize?

Links & Resources

• Read the newsletter version of this episode to get a clear breakdown of the different studies: Is advertising in ChatGPT kind of mid?
• Christian Schulze, a professor at the Frankfurt School of Finance & Management, shared a new working paper on LinkedIn this week under the line "ChatGPT's ads don't pay"
• Follow Professor Christian Schulze on LinkedIn
• A case study that did the rounds a few weeks ago, from measurement firm WorkMagic and supplement brand Dose. It found ChatGPT ads drove 2.3x more orders than click attribution gave them credit for.
• Read my related articles:

• ChatGPT Ads Are Here. I'm Not Panicking.
• What it means for retail media when AI chat has only 2 ad slots
• Amazon Extends Its DSP Into ChatGPT Ads

• 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

Walmart just made a pretty big move toward the future of AI shopping, and I think there are some important implications for retail media that brands and agencies need to be paying attention to.

In this episode, I'm resharing and unpacking Doug Chavez's analysis of Walmart's new operating rules for AI shopping agents, including why he believes the shelf is becoming an API, how agentic commerce could fundamentally change brand choice and repeat purchases, and what this means for retail media monetization, measurement, and product data. I also share a few additional thoughts on Walmart's Agent Gateway, the advertising opportunities already emerging for machines, and why Amazon is taking a very different approach to AI-powered shopping.

Are we looking at the next major evolution of retail media? And are brands actually prepared for a world where machines, rather than humans, are making more of the shopping decisions?

This episode is sponsored by GrowthLoop

Timeline

[00:00] – Introducing Doug Chavez's perspective on AI shopping agents and why AI assistants might actually consolidate the shopping journey.

[01:36] – Walmart's new AI agent operating rules explained: agent profiles, the Agent Gateway, and the terms governing agent shopping.

[02:45] – Five implications of agentic commerce for brands: intent, repeat purchases, retail media monetization, measurement, and trust.

[05:19] – Why agentic commerce is no longer a future experiment and what brands need to do to prepare their product data, content, and media plans.

[07:17] – My take on Walmart's Agent Gateway, Sparky, and the emerging possibility of advertising formats designed for AI agents.

[10:03] – Walmart versus Amazon: why their competing philosophies on third-party AI shopping agents could reshape retail media.

Links & Resources

• This piece by Doug Chavez originally ran on the Mars United Commerce blog on October 27, 2026, and is republished with permission.
• Doug's piece from August actually set this concept up, well before Walmart's announcement: The Shelf Is Becoming an API
• Follow Doug Chavez, Global EVP, Mars United Commerce/Publicis Commerce, on LinkedIn
• Walmart just published its operating rules for AI agents shopping on a customer’s behalf.
• Walmart's Agent Gateway is still a beta for companies and developers.
• Walmart says outside agents connect through Sparky, its own shopping assistant.
• Sparky has been running ads — sponsored prompts — since earlier this year.
• Read my related articles:

• Amazon is playing agentic commerce chicken. Other retailers should not.
• Agentic Shopping Poses an Existential Threat to Retail Media, Part 1 and Part 2

• 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

In 2020, I co-authored the book Instacart for CMOs because I believed Instacart was one of the most under-recognized marketing channels available to consumer brands. Fast-forward six years, and Instacart's advertising business has become a major revenue driver. And now, DoorDash is reportedly in advanced talks to acquire the company for around $17 billion. While the headlines will focus on delivery and competition with Amazon and Walmart, I think the real story is what this deal could mean for retail media.

In this episode, I break down three reasons why a combined DoorDash and Instacart could be good for the retail media ecosystem, even if the implications for advertisers are less clear. From creating a stronger challenger to Amazon and Walmart, to bringing on-site and off-site retail media technology together under one roof, there are some compelling opportunities here. But what happens to advertiser leverage, competition, and costs when two major platforms become one? I'd love to hear where you land on this one.

This episode is sponsored by GrowthLoop

Timeline

[00:00] Why Instacart's advertising business is at the center of the potential DoorDash acquisition.
[02:08] Why combining DoorDash and Instacart could create a stronger challenger to Amazon and Walmart in retail media.
[05:45] How Instacart's Carrot Ads and DoorDash's Symbiosis technology could give regional grocers a more complete retail media solution.[07:36] Why retail media standardization and consolidation could be essential for regional grocers.
[08:35] What the potential deal could mean for advertisers, especially smaller and challenger brands.
[09:36] Why established CPG brands may still need both platforms, and how a merger could reduce their negotiating leverage.
[10:15] My overall take on the acquisition and why I'm inviting the industry to weigh in.

Links & Resources

• In 2020, I co-authored a book called Instacart for CMOs. It was the follow-up to Amazon for CMOs.
• Check out Andrew Lipsman's comments about Instacart on LinkedIn
• Check out my LinkedIn poll about the Instacart acquisition
• Read my related articles:

• ‘I’m a realist’: Gopuff’s head of ads on why it handed its onsite adtech to Instacart (The Drum)

• 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

What happens when your personal AI agent starts selling you things? I’ve spent the last decade analyzing the retail media ecosystem, but I’m increasingly fascinated by what happens when advertising meets AI. In this episode, I’m sharing the inaugural episode of my new show, AdGentic, where I make a prediction that might be a little controversial: personal AI agents will ultimately be monetized through advertising, not subscriptions or transaction fees.

We’ve seen this story play out before with Google, Facebook, WhatsApp, and Amazon. Platforms start by delivering a great consumer experience, and eventually, the business model kicks in. But AI agents introduce a new twist: they know an extraordinary amount about us, what we want, and what we’re trying to accomplish. Could that intelligence lead to more relevant, genuinely useful advertising? Or will paid placements and hidden commercial incentives undermine the trust we place in our AI assistants?

I break down the economics behind AI agent monetization, explore the ad formats that could emerge from retail media and other digital advertising models, and share what I’d like to see from the next generation of AI advertising. Because I believe ads are coming to personal AI agents. The real question is whether we can make them work for consumers.

This episode is sponsored by GrowthLoop

Timeline

01:20 – Why I believe ads are coming to personal AI agents, and why advertising will win over subscriptions and fees.
03:03 – What Google, Facebook, WhatsApp, and Amazon reveal about the evolution of platform monetization.
05:15 – The rise of ensh*ttification: how platforms gradually shift value from users toward advertisers and themselves.
06:30 – The three consumer app business models: subscriptions, transaction fees, and advertising.
08:23 – Why subscriptions and transaction fees create problems with incentives, and why retail media offers a useful lens.
11:30 – Emerging AI ad formats, from sponsored prompts and sponsored agents to rewarded ads and off-site advertising.
14:20 – The risk of hidden paid rankings and biased AI recommendations, and why transparency matters.

Links & Resources

• AdGentic is live! Subscribe to the show:

• Newsletter
• LinkedIn
• YouTube
• Apple Podcasts
• Spotify

• 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.
• Are AI Ads the Next Big Ad Surface? How Retail Media Can Thrive

• 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

Is multi-touch attribution (MTA) past its expiration date? In this third part of my MTA series, I’m exploring why retailers like Albertsons Media Collective, Best Buy Ads, and Amazon are bringing it back, and whether new approaches can overcome the data quality issues that gave MTA a bad reputation.

Better data doesn’t necessarily mean better decisions. From banner ads getting credit for impressions that don’t influence shoppers to media buyers lacking the time or flexibility to act on insights, I’m looking at MTA’s real-world limitations and whether it can deliver value despite incomplete, retailer-specific measurement.

This episode is sponsored by GrowthLoop

Timeline

00:41 — Is multi-touch attribution past its expiration date? I introduce the central question of this third installment in my MTA series.
01:24 — Why MTA got a bad name, and how Albertsons Media Collective and Best Buy Ads are reintroducing attribution capabilities under new approaches and terminology.
02:30 — The data quality problems behind traditional MTA, including the risks of combining individual-level exposure logs with cohort and panel data.
04:20 — Why better data doesn't automatically solve viewability problems or stop ads from receiving credit simply for appearing on a page.
05:10 — What media buyers really need to make better decisions, and why perfect attribution data may still be impractical to act on.
08:55 — How Amazon approaches multi-touch attribution, including holdout experiments designed to test whether ads actually drive incremental behavior.
11:20 — Why marketers are still investing in MTA, and why the reality of committed media budgets may matter more than the promise of a perfect attribution model.

Links & Resources

• This is part 3 of my series on MTA, catch up on the other instalments:

• Part 1 - Do brands really want MTA?
• Part 2 - Why retailers are reviving MTA

• Part one of this series drew a lot of impassioned comments on LinkedIn about whether MTA is still relevant.
• Amazon announced its MTA in October 2024.
• Siloed or incomplete data was the top reason marketers gave for doubting their measurement (49.5%) in a July 2025 survey of 196 US marketers by EMARKETER and TransUnion.
• 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 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

What does it take for a retail media network to stand out in an increasingly crowded landscape? Sometimes, the answer isn't building more ad tech: it's knowing what makes you special as a retailer and doubling down on that. In this episode, an expansion on my recent article for The Drum, I unpack Gopuff's partnership with Instacart, and why adopting its Carrot Ads technology could be a smart move, giving Gopuff access to a much larger pool of advertiser demand while freeing its team to focus on the bespoke campaigns that only Gopuff can deliver.

I explore how Gopuff leverages its young audience, cultural relevance, and rapid fulfilment to create distinctive brand experiences, from Keebler cookie sampling to the M&M's Rescue Squad Halloween activation. I also look at why owning inventory and the last mile gives Gopuff a competitive advantage, how shared incentives between advertising and merchandising teams can drive better outcomes, and why moving products matters far more than performative vanity metrics like ROI and ROAS.

This episode is sponsored by GrowthLoop

Timeline

[00:00] – Why retail media networks need to lean into what makes them unique as retailers.

[01:55] – The Gopuff–Instacart partnership: Carrot Ads, advertiser demand, and the limits of building your own ad tech.

[03:55] – How Gopuff uses its youth audience and cultural relevance to create distinctive brand activations.

[04:37] – Keebler cookie sampling and the M&M's Rescue Squad: turning fast delivery into an experiential advertising opportunity.

[07:00] – Why owning inventory and the last mile gives Gopuff an advantage when cultural moments happen.

[09:13] – Shared incentives, merchandising alignment, and the concept of “cubic profitability.”

[10:37] – Why moving products is the metric that matters — and the risks facing fast-delivery retail media.

Links & Resources

• A version of this piece was first published to my column at The Drum on October 16, 2026, as ‘I’m a realist’: Gopuff’s head of ads on why it handed its onsite adtech to Instacart
• Details about the Gopuff and Instacart deal that announced in September
• Follow Michael Peroutka, Gopuff’s head of ads and strategic partnerships, on LinkedIn
• Read my related articles:

• Instacart Ads’ Third Act: Ali Miller on Building the Infrastructure Powering Retail Media’s Future
• Costco: The Retail Media Network That Refuses to Promote Itself
• Bulldust Metrics In 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

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 thewebinar
• 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 onLinkedIn 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