Retail Media Breakfast Club

Today I unpack the intense industry reaction to a piece of Albertsons Media Collective, Ovative Group, and Kellogg School of Management research that challenged how we measure iROAS in retail media. When a single campaign’s return can swing wildly — up to 6.5x — based purely on methodology, it raises some uncomfortable but necessary questions. I walk through the biggest critiques that surfaced from practitioners and academics, and why this debate matters more than ever for brands trying to make sense of their performance data.I also share how the authors of the study responded to the pushback, and what they didn’t address. More importantly, we get into what this all means for real-world advertisers, especially mid-market brands navigating opaque reporting standards. If you’ve ever questioned whether your campaign results are telling the full story, this episode will give you a fresh lens to evaluate retail media measurement.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why controversial research is better than silence, and what sparked this debate[00:31] – The headline finding: iROAS can vary dramatically depending on measurement methodology[01:24] – Key critique: Are these methodologies even comparable in the first place?[02:07] – The BSTS debate: causal method or misapplied forecasting tool?[03:08] – A practical question: What are brands actually using iROAS for?[04:30] – The authors respond: what the study was, and wasn’t, designed to prove[05:39] – What mid-market brands should do next: pushing for transparency and better disclosureLinks & ResourcesThe white paper in question, titled iROAS Demystified, is a collaboration between Albertsons Media Collective, Ovative Group, and professors from Northwestern University's Kellogg School of Management. My original article on the white paper: iROAS results can be easily gamed. But we shouldn't just throw it awayThe LinkedIn comment thread in which the research was fiercely debatedCheck out Prof. Koen Pauwels' Substack Amazon DaysRead my related articles:Why ROAS Refuses To DieRetail Media's Measurement Problem: It's Not Just the Retailers'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing forOn Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE.I'm keynoting at Xnurta's Signal to Scale summit on May 19 in Chicago. This is the room to be in if you work in retail media, care about what AI actually changes, and want to leave with something you can put to work. A full day focused on agentic AI, modern measurement, and the strategies the best teams are already building toward. Reserve your spot here.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

I’m coming to you a little under the weather today, but this recap of my recent article for The Drum was too important not to share. In this episode, I break down Kroger’s new YouTube integration and why it could be a turning point for retail media networks trying to crack into elusive national brand budgets.I dig into what Kroger Precision Marketing actually built with Google’s DV360, why it matters for both measurement and media buying workflows, and how this move could finally align retail media with the expectations of brand marketers. If you’ve been wondering what it really takes to unlock CMO-level budgets, this episode connects the dots, and challenges the old playbooks many of us have been relying on.This episode is sponsored by Mirakl AdsTimeline[00:00] – I kick things off (slightly sick!) and introduce Kroger’s YouTube integration[01:00] – Why retail media networks are struggling to unlock brand budgets[01:30] – What Kroger’s DV360 integration actually enables for advertisers[02:15] – The three biggest barriers to brand budget adoption and how Kroger addresses them[03:00] – Why YouTube video changes the game for emotional brand storytelling[04:00] – The measurement breakthrough: SKU-level attribution and real-time optimization[06:00] – Why workflow simplicity (and fewer dashboards) is a bigger deal than you think[08:30] – What happens when online ads connect to in-store purchases (and why that’s the real test)Links & ResourcesMy article on The Drum: Kroger’s YouTube deal is the brand budget bridge retail media has been waiting forRead my related articles:iROAS results can be easily gamed. But we shouldn't just throw it awayThe ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.Brian Monahan's 'Bloody Obvious' Bets Are Shaking Up Albertsons Media CollectiveNEXT WEEK on Thursday May 7 I am hosting a LinkedIn Live event: How Kroger Precision Marketing Is Plugging Into National Brand Budgets ! Join me, Christine Foster (head of Kroger Precision Marketing) and Jon Flugstad (Metarouter) to hash out the details of Kroger's partnership with DV360 and how this development is a sign of maturity in the retail media ecosystem. Bring your questions, we'll be doing this LIVE. I launched an Instagram account with comedy skits about the retail media industry! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I made the trek through Atlanta traffic to attend Home Depot’s Orange Apron Media upfronts, and let me tell you, it was absolutely worth it. In a year where brands are scrutinizing every dollar spent on travel and events, this one-day gathering managed to draw hundreds of suppliers from across the country. That alone says something. But what really stood out wasn’t just the announcements: it was how the event was designed.In this episode, I’m breaking down the seven smartest decisions Home Depot made with their upfronts. From resisting the urge to copy Amazon’s playbook to creating a tightly focused, high-impact experience for advertisers. If you’re building or scaling a retail media network, there are some seriously valuable lessons here about audience, format, messaging, and momentum.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why hundreds of suppliers showed up for a one-day event (and why that matters right now) [00:56] – Why Home Depot didn’t try to replicate Amazon’s “Unboxed” (and why that’s a good thing) [01:37] – The power of a closed advertiser ecosystem and how it becomes a strategic advantage [02:15] – Why putting merchants on stage before media teams sends a stronger message [02:58] – Serving three audiences at once: suppliers, partners, and internal teams [04:15] – How supplier voices and testimonials added credibility and broke up the sales pitch [05:41] – Why venue choice reinforced Home Depot’s brand identity [07:00] – The “narrow and deep” press strategy that led to meaningful coverageLinks & ResourcesMy OAM piece from last week: Orange Apron Media is leaning into the things only Home Depot can doKaren Jacobs from Emarketer's piece from last week: Home Depot deepens retail media push with Reddit and Pinterest partnerships and new toolsRead my related articles:Why Home Depot put its merchants on stage at its retail media upfronts (The Drum)Home Depot’s Retail Media Chief Puts Suppliers At The CenterThe ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.I launched an Instagram account with comedy skits about the retail media industry! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I’m focusing on my recent article for The Drum, breaking down what really stood out from Home Depot’s third annual Infronts event, and there’s more going on than just incremental progress. Sure, merchant alignment and the shift toward self-service are important, but what really caught my attention is how Orange Apron Media is doubling down on the things only Home Depot can do.From turning the Pro customer into a powerful media asset, to rethinking how in-store and online performance are measured, this episode explores how differentiation (not scale) is becoming the real competitive edge in retail media. I also dig into how tighter integration between media and merchandising data is changing the game for suppliers, and why Home Depot’s so-called “limitations” might actually be its biggest strengths.This episode is sponsored by Mirakl AdsTimeline[00:00] – Two major themes from InFronts: merchant alignment and self-service evolution[00:30] – Why Orange Apron Media is focusing on what makes Home Depot uniquely powerful[00:45] – The Pro customer as a high-value, deeply owned media audience[01:45] – Scaling in-store media: 1,400 stores and a layered retail media ecosystem[02:45] – Why paint is a top performer when you measure beyond e-commerce[04:00] – Connecting media spend to real sales through integrated analytics[06:30] – Home Depot’s hybrid tech stack strategy: build vs. buy decisions[07:15] – “Quirks are a feature”: turning specialization into a competitive advantageLinks & ResourcesMy article on The Drum: Why Home Depot put its merchants on stage at its retail media upfrontsRead my related articles:Home Depot’s Retail Media Chief Puts Suppliers At The CenterThe ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.‘Retail Media has a PR problem’ Says CVS Media Exchange's Parbs DhariwalI launched an Instagram account with comedy skits about the retail media industry! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I recently had the pleasure of joining one of my favorite retail media podcasts, Unlocked, with Austin and Elizabeth. Today, I’m sharing a snippet from that conversation in which we get into something much more personal: my process as a writer, how I consistently create content, and why storytelling has become such a powerful tool in my work.I also open up about how I actually use AI in my day-to-day workflow (and why I still feel behind!), plus a storytelling framework that’s completely changed how I approach content. And to top it off, I share a slightly embarrassing — but very real — story from my early days in retail media that you likely haven’t heard before.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why I love the Unlocked podcast and what makes it different from typical retail media shows [00:45] – My real, unfiltered process for creating consistent content (yes, sometimes it’s last-minute) [02:00] – How I think about content ideas and why I never run out of things to say [03:00] – The AI tools I actually use (and how they help me scale output) [04:00] – My storytelling framework and the “Homework for Life” habit [08:00] – The origin of my retail media journey and the moment that changed everything [09:15] – The unexpected legal drama behind one of my booksLinks & ResourcesListen to my full appearance on UnlockedSubscribe to Unlocked with Austin and Elizabeth on Apple PodcastsFollow Austin Leonard, Vice President and General Manager of DG Media Network, on LinkedInFollow Elizabeth Neubauer-Donovan, EVP, Global Head of Commerce & Retail Media Networks @ Acxiom Omnicom, on LinkedInRead my related articles:Writing From the Middle of the RoomMy Media DietGet On The Damn StageI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HEREFollow my new Instagram account for comedy skits about the quirks of retail media @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In this episode, I dive into a fascinating recent conversation featuring Gildan’s Jason O’Toole on The CPG Guys podcast and unpack a powerful idea that stopped me in my tracks: brand media lowers the tax you pay on growth. If you’ve ever struggled to justify upper-funnel spend or connect brand investment to real performance outcomes, this one’s for you.I break down three key takeaways from the discussion, including how Gildan is structuring its teams to align brand and commerce, why traditional metrics like impressions are losing relevance, and what a high-impact Amazon campaign can teach us about speed, scale, and full-funnel execution. There’s a lot here that challenges conventional retail media thinking so let’s get into it!This episode is sponsored by Mirakl AdsTimeline[00:00] – Why apparel is one of the most competitive and margin-pressured categories in retail[01:12] – The idea that “brand media lowers the tax you pay on growth” and why it matters[02:40] – How budget ownership shapes the role retail media plays inside organizations[03:31] – Why impressions are a flawed metric and what to focus on instead[05:13] – The two metrics that actually matter: branded search and incrementality[06:30] – Inside Gildan’s Amazon homepage campaign and what made it so effectiveLinks & ResourcesListen to the full CPG Guys episode: Winning in Social Commerce with Gildan's Jason O'Toole & Katie TripodiSubscribe to The CPG Guys: Apple Podcasts and YouTubeFollow Jason O'Toole, Head of Connected Commerce & Media @ Glidan, on LinkedInFollow Katie Sierveld Tripodi, Director, Ecommerce Activation and Strategy @ Hanesbrands Inc., on LinkedInRead my related articles:iROAS results can be easily gamed. But we shouldn't just throw it away'Not 100% altruistic': ad measurement veteran on what retail media is really optimizing forEcommerce Signals Are Shrinking. Why Retailers Must Earn New OnesI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HEREFollow my new Instagram account for comedy skits about the retail media industry @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Not all shopping is created equal. And honestly, not all of it is fun. Today I'm unpacking the tension between the idea of AI-powered shopping and the reality of how we actually shop today. While we love the experience of discovering products and making intentional choices, a huge portion of shopping — especially groceries — is repetitive, operational and tedious.I explore where consumers are already signaling openness to AI assistance (hint: it’s not where you might think), and why the current tools still fall short of solving the real problem. From meal planning to managing the “messy middle” of grocery lists, I break down what’s missing, what’s coming, and why the future of agentic commerce may arrive faster than expected, once the technology finally catches up to demand.This episode is sponsored by Mirakl AdsTimeline[00:00] – My daily cooking ritual and why grocery shopping is the least enjoyable part[01:15] – The difference between “fun” shopping and repetitive shopping missions[01:37] – What consumer behavior data reveals about how we actually shop [02:15] – Where consumers are already comfortable letting AI step in [03:00] – A real-world example of DIY grocery automation [04:30] – Why current retail tools fail to solve the “messy middle” of shopping [06:00] – The trust gap in grocery delivery (yes, even bananas matter!) [08:30] – The real barrier to AI shopping adoption: technology, not psychology [10:00] – Consumer attitudes toward AI agents completing purchases [11:00] – What needs to happen before agentic commerce goes mainstreamLinks & ResourcesAndrea K. Leigh's LinkedIn post about the grocery ordering browser extension she builtFollow Andrea K. Leigh, Founder @ Allume Group, on LinkedInRead my related articles:Agentic Commerce Is a Sequencing Problem, Not an Existential OneDon’t Dance On The Grave Of Agentic Shopping Just YetHow To Be Right About AI, And Still LoseI'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HERESubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

The conventional wisdom says AI advertising is something for the future, but I’m not buying that. Today, I extrapolate on Debbie Ajo Williamson’s insights shared on a recent Retailgentic episode, and break down why AI ads are already here, moving fast, and reshaping how retail media works in real time. Debbie digs into what’s actually happening behind the scenes with ChatGPT’s ad rollout, and why this is far more than a simple experiment.I also unpack what this means for retailers: from early adoption trends to the emerging tension between platforms and brands, and ultimately where this is all headed. Finally, I delve into the idea that ads may soon stop targeting humans altogether, and start influencing AI agents instead. If you’re in retail media, this is one of those “pay attention now or regret it later” moments.This episode is sponsored by Mirakl AdsTimeline[00:15] - Why ChatGPT’s ad rollout is not a test: it’s the beginning of a major shift [01:15] - How early ad formats are intentionally simple (and why that matters) [03:00] - The “18 years vs. 18 months” comparison between Amazon and OpenAI [05:00] - Retailers jump in early and the rise of the “frenemy” dynamic [06:30] - The next wave of AI ad formats and evolving user interfaces [08:00] - The future of ads targeting AI agents instead of humansLinks & ResourcesListen to the full Retailgentic episode: The AI Ad Gold Rush: Inside ChatGPT’s Ad Test, Retail Media’s Next Battle, and the Rise of “AI Media” with Debra Aho WilliamsonSubscribe to Retailgentic: Apple Podcasts and YouTubeSubscribe to Debra Aho Williamson's newsletter: The AI Ad EconomyFollow Debra Aho Williamson, founder @ Sonata Insights, on LinkedInRead my related articles:ChatGPT Ads Are Here. I'm Not Panicking.What Is Your AI Agent Buying? [New Research]Should Your Industry Advertise in AI Media in 2026?I'm hosting a LIVE event with In-Store Marketplace and Catalyst Media Consulting on April 22 about In-Store Retail Media: are we measuring the wrong things? We'll discuss New Research on the state of in-store retail media measurement — and why the path forward may actually be simpler than the industry is making it. REGISTER HERESubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I’m revisiting my recent article for The Drum and digging into a piece of research that stopped me in my tracks. And honestly, it might change how you think about retail media measurement altogether. I walk through new findings showing that something as simple as methodological choices can dramatically swing incremental ROAS (iROAS), sometimes even flipping campaign results from positive to negative. If you’ve ever trusted a single performance number at face value, this conversation is going to challenge that assumption.I also explore what’s really going on beneath the surface of iROAS, why transparency might matter more than standardization, and what both brands and retailers need to start doing differently. Plus, I share a perspective shift inspired by Brené Brown that reframes how we approach metrics, uncertainty, and decision-making in retail media. This one’s all about asking better questions: and getting closer to the truth behind the numbers.This episode is sponsored by Mirakl AdsTimeline[00:12] – Why methodological choices can drastically impact iROAS results [01:17] – The shocking finding: same campaign, wildly different iROAS outcomes [02:23] – What “iROAS Demystified” reveals about hidden variability in measurement [03:00] – The four key variables that influence how iROAS is calculated [04:00] – Why better match quality can actually lead to lower iROAS estimates [05:15] – Should iROAS still be a headline KPI? Industry perspectives [08:19] – How mid-market brands can ask smarter questions about their reportsLinks & ResourcesMy original article on The Drum: 83% of retail media campaigns can be gamed on iROAS. Here’s howWhite paper from Albertsons, Ovative Group, and Northwestern University’s Kellogg School of Management: iROAS Demystified: Understanding Your Brands Incremental ROASFollow Liz Roche, VP @ Albertsons, on LinkedInFollow Derek Nelson, Senior Director of Retail Media Consulting @ Ovative Group, on LinkedInRead my related articles:Why ROAS Refuses To DieBrands demand retail media standards. Retailers say it's too hard. Do they kind of have a point?Brian Monahan's 'Bloody Obvious' Bets Are Shaking Up Albertsons Media CollectiveSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I'm unpacking a fascinating conversation from a recent episode of the Unlocking Retail Media podcast with Andrew Covato and host James Avery that reframed how I think about measurement in retail media networks. If you’ve ever wondered why brands keep getting frustrated — or why retail media struggles to prove its value — this conversation gets right to the heart of it.I use snippets from the podcast to break down three major gaps that are holding retail media back, from misaligned measurement strategies to outdated data approaches. I also explore why the biggest ad platforms succeed where retail media often fails, what sophisticated advertisers are really asking for today, and how measurement needs to evolve to stay credible. If you're in retail media, brand marketing, or ad tech, this is an important primer on how to tackle measurement head on.This episode is sponsored by Mirakl AdsTimeline[00:00] - The recurring disconnect: why brands ask for data but get dashboards instead[01:09] - Lesson #1: Why big ad platforms win by staying measurement agnostic[04:00] - Lesson #2: Retail media is solving for the wrong measurement questions[05:15] - The shift from user-level attribution to aggregated modeling & experimentation[07:03] - Lesson #3: Why first-party lift is “grading your own homework”[09:00] - The measurement maturity curve: from attribution to incrementality to MMM[10:00] - The hidden problem: why most brands can’t actually evaluate the data they’re givenLinks & ResourcesListen to the full Unlocking Retail Media episode: Measurement Science and the Future of Performance with Andrew CovatoSubscribe to Unlocking Retail Media on Apple PodcastsFollow Andrew Covato, Founder & CEO @ Growth By Science, on LinkedInFollow James Avery, Founder & CEO @ Kevel , on LinkedInRead my related articles:83% of retail media campaigns can be gamed on iROAS. Here’s how (The Drum)Brands demand retail media standards. Retailers say it's too hard. Do they kind of have a point?Retail Media's Measurement Problem: It's Not Just the RetailersSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Last year, I found myself navigating chaotic scooter traffic in Thailand, only to realize how dramatically things can change with just a little extra weight. And honestly, that experience became the perfect metaphor for something I see all the time in retail media: people trying to compare markets like the US and Europe as if they’re built the same… when they’re absolutely not.Today I'm unpacking a fascinating conversation I had with Adam Smith from Iceland and Daniel Torres Dwyer on the FMCG Guys podcast. We dig into the real reasons why retail media has evolved so differently across regions: from geography and regulation to e-commerce penetration and legacy trade structures. If you’ve ever wondered whether the US is “behind” in-store retail media (or if those comparisons even make sense), this one will challenge how you think about the entire landscape.This episode is sponsored by Mirakl AdsTimeline[00:36] – Why retail media comparisons across markets can break down [01:26] – Setting the stage: US vs UK retail media discussion with Adam Smith [02:00] – Adam on scale differences and the challenge of in-store digital rollout [03:07] – I break down the structural reasons the US market operates differently [04:07] – GDPR and why offsite retail media is more developed in the US [05:00] – The Robinson-Patman Act and its hidden impact on retail media budgets [06:10] – Industry debate: are we measuring the wrong things across markets? [09:30] – Why “US is behind in-store” is a misleading narrative [11:25] – Final takeaway: different markets, different paths, and what we can learnLinks & ResourcesListen to the full FMCG Guys ep: Adam Smith, Head of Retail Media at Iceland and Kiri MastersSubscribe to The FMCG Guys on YouTube and Apple PodcastsFollow Adam Smith, Head of Retail Media @ Iceland, on LinkedInFollow Daniel Torres Dwyer, Founder @ Dwyer Partners, on LinkedInRead my related articles:Why US Retail Media Hits DifferentAgentic Shopping Poses An Existential Threat To Retail Media (Part 2)Why RMNs Keep Their Tech Stacks SecretAtlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.Subscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

I’m coming to you live from Shoptalk 2026 in Las Vegas, and this ep is packed with rapid-fire insights straight from the show floor. I pulled together six of the smartest voices in retail media to break down what’s actually happening right now beyond the buzzwords. From agentic commerce debates to Meta’s push into in-store data, we’re unpacking the trends that could reshape how brands and retailers work together.We dig into the following: Is AI really going to change how we shop? Why are retailers expanding into offsite media in a more controlled way? And what role does content, especially video, play in the next phase of commerce? If you want a pulse check on where retail media is heading in 2026, this is one you don't want to miss.This episode is sponsored by Mirakl AdsTimeline[00:00] – Live from Shoptalk: rapid-fire industry insights straight from the show floor[01:00] – The agentic commerce debate: will consumers really hand shopping over to AI? [02:30] – Meta’s new in-store data play and the shift toward full-funnel performance metrics [04:45] – Retailers moving offsite: why controlled expansion is the new strategy [06:45] – Innovation overload: how commerce media is evolving across industries [07:15] – Why content, not hype, is the key to making agentic commerce actually work [08:45] – Retail media’s identity shift: from monetization channel to growth driverLinks & ResourcesFollow Kathryn Lundstrom, Commerce and Sustainability Editor @ ADWEEK, on LinkedInFollow Alex R. Arnott, Sr. Director of Retail Media Monetization @ dentsu, on LinkedInFollow Tom Limongello, Host @ The Middlemen Podcast, on LinkedInFollow Saket Mehta, Chief Revenue Officer @ Nift, on LinkedInFollow Leah Logan, Growth Marketing @ Inmar Intellingence, on LinkedInFollow Derek T. Nelson, Sr. Director, Measurement & Retail Media Consulting @ Ovative Group, on LinkedInRead my related articles:Five Ad Servers, Four Takeaways, and One Thread That Tied RampUp Together"We're All Holding Our Breath"‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really IsAtlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.Subscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In August 2025 I broke down why so many retail media networks keep their ad tech stacks hidden. And to be honest, the reasons weren’t exactly flattering. But what happens when a major retailer does the exact opposite? In today's episode, I share highlights from my recent livestream with Mark Williamson, AVP of Retail Media at Costco, and Jon Flugstad, Chief Business Officer at MetaRouter, and unpack a bold move from Costco that’s turning heads across the industry: full transparency.We dive into what really happened when Costco revealed its entire tech stack, why that matters for brands and agencies, and whether transparency is actually influencing ad spend, or simply generating buzz. Plus, I explore what this could mean for the future of retail media.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why retail media networks hide their tech stacks (and the 5 real reasons behind it)[00:24] – Survey results: 88% of brands say tech transparency impacts spend[00:30] – Costco reveals its full tech stack live on stage — why it shocked the industry[01:44] – What “transparency” actually means to advertisers beyond just reporting[02:43] – Costco’s philosophy: winning trust through honesty (even with imperfections)[03:15] – How Costco uses its tech stack to justify capabilities and limitations[04:04] – The strict data principles guiding Costco’s retail media strategy[07:21] – Is transparency driving real ad dollars or just curiosity?Links & ResourcesFull replay of my livestream with Mark Williamson (Costco) and Jon Flugstad (MetaRouter): Costco Retail Media & The Commerce Media Tech Stack 2.0Follow Mark Williamson, AVP of Retail Media at Costco on LinkedInFollow Jon Flugstad, Chief Business Officer at MetaRouter on LinkedInRead my related articles:Why RMNs Keep Their Tech Stacks SecretCostco Is The First US RMN To Reveal Its Entire Tech Stack‘Retail Media has a PR problem’ Says CVS Media Exchange's Parbs DhariwalAtlanta-based retail media professionals: Wednesday, April 1 is the next In-Person Atlanta Happy Hour! RSVP here.Subscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn