Retail Media Breakfast Club

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

  1. 19h ago

    Forrester says the retail website is about to radically change

    What happens when shoppers stop searching with keywords and start having conversations with retailers? And what does that mean for the future of retail media? In this episode, I'm revisiting my recent article for The Drum and unpacking some fascinating insights from Forrester on the future of conversational commerce and why the humble retail search bar might be about to undergo its biggest transformation in decades. I explore what this shift means for retailers, brands, and retail media networks, from AI-powered shopping assistants and conversational ad formats to the infrastructure retailers need to build to keep up. If you've been thinking about AI shopping, agentic commerce, and where sponsored product advertising goes next, these are insights you should be paying close attention to. This episode is sponsored by GrowthLoop Timeline [00:55] – Why a chatbot-style government website offers a glimpse into the future of retail website design. [02:13] – How Google and AI assistants are changing shopper search behaviour, and why traditional retail search struggles to keep up. [04:05] – Forrester's ADVICE framework: the three requirements retailers need to understand for conversational search. [06:46] – Why keyword-based sponsored product advertising breaks down when shoppers start asking conversational questions. [09:33] – Kroger's conversational ads and why automatically extending existing campaigns into shopping assistants is an interesting starting point. [10:58] – The shift from “search and select” to “review and accept,” and what that could mean for retail media economics. [12:52] – Why retail media leaders should use the AI shopping opportunity to finally fix product catalogs, taxonomy, and underlying retail technology. Links & Resources An earlier version of this piece was published to my column at The Drum on October 27 as 'Retail media was built on the keyword search bar. Its days are numbered'. It is reproduced here with permission.Forrester: Agentic Commerce? Conversational Commerce? The Future Of Owned Digital Shopping Experiences by Emily Pfeiffer Forrester: To Prepare For The Future Of Owned Search, Take Our ADVICE by Emily PfeifferFollow by Emily Pfeiffer, Forrester Principal Analyst, on LinkedInRead my related articles:Should retail media get back to what it does best? (The Drum)The Political Gift of an AI Mandate‘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 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

    Forrester says the retail website is about to radically change

  2. 1d ago

    Is advertising in ChatGPT kind of mid?

    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 LinkedInA 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 slotsAmazon Extends Its DSP Into ChatGPT AdsCheck 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 advertising in ChatGPT kind of mid?

  3. 2d ago

    Walmart Turns Its Shelf Into An API

    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 APIFollow Doug Chavez, Global EVP, Mars United Commerce/Publicis Commerce, on LinkedInWalmart 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: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

    Walmart Turns Its Shelf Into An API

  4. 6d 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?

  5. Oct 28

    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)

  6. Oct 27

    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)

  7. Oct 26

    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"

  8. 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
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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
    336
  • Rating
    Clean
  • Copyright
    © 2026 Kiri Masters
  • Show Website
    Retail Media Breakfast Club

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