The End of Rented Identity — Nikhil Raj, MetaRouter

Retail media has a timing problem. Most systems are still built around audience targeting after the fact, instead of capturing data at the “first mile” when the interaction actually happens. In this episode, Nikhil Raj of MetaRouter explains how that model is changing — from building audiences after the fact to using real-time behavioral signals to activate in the moment. We also get into: • How Walmart built its early advertising infrastructure without a loyalty program • What “first mile” data actually means in practice • Why traditional audience pipelines are too slow • How real-time identity changes offsite activation • Where AI and agentic commerce fit into this shift