Retail Media Breakfast Club

Kiri Masters
  • 5.0 (10)
  • Marketing
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10 minutes of expert insights every weekday. Your morning ritual for staying ahead in retail media.

  1. 8h ago

    If DoorDash Buys Instacart, Who Wins in Retail Media?

    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 LinkedInCheck out my LinkedIn poll about the Instacart acquisitionRead 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 episodeI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    If DoorDash Buys Instacart, Who Wins in Retail Media?

  2. 1d ago

    Why AI Agents Will Be Monetized With Ads (AdGentic Crossover)

    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:NewsletterLinkedInYouTubeApple PodcastsSpotifyRead 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 ThriveCheck 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: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    Why AI Agents Will Be Monetized With Ads (AdGentic Crossover)

  3. 2d ago

    Is MTA Past Its Expiration Date? (Part 3)

    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 MTAPart 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 WhyRetail Media's Measurement Problem: It's Not Just the Retailers'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing forThe Other Side of the Story: Why Retailers Struggle with Media Measurement & StandardizationCheck 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: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    Is MTA Past Its Expiration Date? (Part 3)

  4. 3d ago

    Gopuff's Head of Ads: "I'm a realist"

    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 InstacartDetails about the Gopuff and Instacart deal that announced in SeptemberFollow Michael Peroutka, Gopuff’s head of ads and strategic partnerships, on LinkedInRead my related articles:Instacart Ads’ Third Act: Ali Miller on Building the Infrastructure Powering Retail Media’s FutureCostco: The Retail Media Network That Refuses to Promote ItselfBulldust Metrics In Retail MediaI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    Gopuff's Head of Ads: "I'm a realist"

  5. Oct 22

    An Ad Told Me the Only Thing I Already Knew About Bolts

    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 webinarThe AI research I coauthored with BazaarvoiceRead 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 AIAI 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 episodeI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    An Ad Told Me the Only Thing I Already Knew About Bolts

  6. Oct 21

    Whose Side Is Your Shopping Agent On?

    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 PodcastsCheck out my new project AdGentic! Ensh*ttification is Coming to Personal AI Agents is live as a newsletter and on YouTubeRead my related articles:Not All Shopping Is FunWhen the PDP Becomes the HomepageDiscovery 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: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    Whose Side Is Your Shopping Agent On?

  7. Oct 20

    POV: Your Mum Always Buys the Same Brand

    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 OnsiteCheck 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: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    POV: Your Mum Always Buys the Same Brand

  8. Oct 19

    The Return To Onsite

    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 LinkedInRead 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 EditionRetailers, 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: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    The Return To Onsite
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About

10 minutes of expert insights every weekday. Your morning ritual for staying ahead in retail media.

Information

  • Creator
    Kiri Masters
  • Years Active
    2024 - 2026
  • Episodes
    333
  • Rating
    Explicit
  • Copyright
    © 2026 Kiri Masters
  • Show Website
    Retail Media Breakfast Club

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