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Retail Media Breakfast Club: Daily Summaries Delivered
by Kiri Masters
10 minutes of expert insights every weekday. Your morning ritual for staying ahead in retail media.
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- 2 weeks ago11 min
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 GrowthLoopTimeline[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 & ResourcesA 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
- 3 weeks ago10 min
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 GrowthLoopTimeline00:00 – 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 & ResourcesWatch 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
- 3 weeks ago17 min
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 GrowthLoopTimeline[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 & ResourcesListen 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
- 3 weeks ago12 min
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 GrowthLoopTimeline00:37 – 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 & ResourcesCheck 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
- 3 weeks ago14 min
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 GrowthLoopTimeline[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 & ResourcesA 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
- Oct 15, 202613 min
Are Audiences The Golden Ticket For RMNs?
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 GrowthLoopTimeline[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 & ResourcesGrowthLoop's new research report: The 2026 Commerce Media Investment IndexLots of great discussion in the LinkedIn comments under my Does Size Matter in Retail Media? It Depends Who’s Buying newsletter from TuesdayThe contentious LinkedIn post from Brian Spencer that first sparked the debateFollow Brian Spencer, Marketing Director at Kroger Precision Marketing, on LinkedInADWEEK 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 Buying7 Ways to Break the Retail Media Doom LoopThe Retail Media Doom Loop: 2026 EditionHow Can RMNs Tap Upper-Funnel Brand BudgetsCheck 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
- Oct 14, 202613 min
Why retailers are reviving MTA (Part 2)
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 GrowthLoopTimeline[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 & ResourcesThis 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 seriesRead 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: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
- Oct 13, 202614 min
Does Size Matter in Retail Media? It Depends Who’s Buying
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 GrowthLoopTimeline[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 & ResourcesThe LinkedIn post from Brian Spencer that sparked the debateFollow Brian Spencer, Marketing Director at Kroger Precision Marketing, on LinkedInRead my related articles:Some Retailers Want to Power Other Retailers' Ad Businesses. Will It work?7 Ways to Break the Retail Media Doom LoopWhat It Actually Takes to Build a Retail Media FederationThe Retail Media Doom Loop: 2026 EditionHow Can RMNs Tap Upper-Funnel Brand BudgetsCheck 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
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