Retail Media Breakfast Club

I’m coming to you once again from Cannes, this time from the PayPal Ads Café on the Croisette. It’s been a whirlwind few days here, not just in terms of meetings and panels, but also the unexpected number of conversations I’m having about my upcoming move from the U.S. back to Australia. Let’s just say the global retail media community has opinions.In today’s dispatch, I’m sharing early signals from Cannes around agentic media buying, retail data infrastructure, and the evolving intersection of creators and retail media. From Walmart’s latest moves with Sam’s Club Connect, to how CPGs are thinking about data lakes and in-store stock accuracy, to the rise of hyper-local creative and 3D digital out-of-home, there’s a lot shaping what comes next for retail media.This episode is sponsored by Mirakl AdsTimeline[00:00] Kicking off from Cannes: reflections from the PayPal Ads Café and the unexpected reactions to my move back to Australia.[00:45] A preview of tomorrow’s conversation with Harvey Ma from Sam’s Club Connect and Walmart’s broader retail media rebrand and strategy shift.[01:27] Early CPG thinking on agentic media buying, including using data lakes for in-store stock tracking before even applying it to advertising use cases.[03:15] The rise of creator-led retail media strategies: how major retailers like Walmart, Amazon, Target, and Kroger are building creator networks and evolving affiliate models.[06:15] Nestlé, Dollar General, and Big Happy showcase how hyper-local creative, dynamic optimization, and 3D digital out-of-home are reshaping retail media execution.[09:00] Final reflections from Cannes and what I’ll be digging into next, including upcoming interviews and behind-the-scenes conversations.Links & ResourcesRecent Big Happy announcement on Adweek: Big Happy Launches Dynamic Creative Optimization for 3D DOOHSubscribe to The CPG Guys podcast on Apple PodcastsFollow Nicole Lesinski, Director, eCommerce Strategy @ Nestlé on LinkedInFollow Tony Rogers, CMO @ Dollar General Media Network, on LinkedIn Follow Gabby Stoller, CRO @ Big Happy, on LinkedInRead my related articles:The Last Mile of America: Inside Austin Leonard's Plan For Dollar General Media NetworkEveryone's Going Gaga Over Creators. I Had Some Questions.Agentic Shopping Might Seem Crazy. So Did Self-Service Supermarkets.I am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubCatch me at Cannes 2026, check out all my EventsSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

This week I’m at the 2026 Cannes Lions International Festival of Creativity wrapping up the final week of this season of Retail Media Breakfast Club. I also share some personal news: after Cannes, I’m taking a much-needed break to recharge, spend time with family in Europe, and prepare for a big move back to my hometown of Perth in Western Australia after 16 years living on and off in the US.But don’t worry, the show isn’t going anywhere! I’ll be back in late July with more retail media insights, conversations, and chaos (in the best way).In this episode, I also reflect on hitting 278 episodes, share how I continue to find endless retail media topics to explore, and give you a behind-the-scenes look at what I’ll be covering at Cannes: from live interviews and panels, to a retail media “couples therapy” stage session, and a late-week breakfast with industry leaders. I also introduce a new podcast project I’m part of called Basket Case, which explores why the physical store is still so often overlooked in commerce media strategy.This episode is sponsored by Mirakl AdsTimeline[00:00] Season update: wrapping up the season, heading to Cannes Lions, and announcing my upcoming relocation to Perth[01:40] Reflecting on 278 episodes of Retail Media Breakfast Club and how content ideas never seem to run out in retail media [04:19] What to expect from Cannes coverage: on-the-ground interviews, panels, and irregular but high-intensity content drops [05:25] Retail media “couples therapy,” debates with industry peers, and hosting a private breakfast with insights from RMN leaders [07:00] Launch of Basket Case podcast with The Drum and Qsic, exploring why in-store retail media is often overlooked [08:21] Closing reflections + teaser of a humorous skit about shelf talkers and commerce media blind spotsLinks & ResourcesMy essay on my personal Substack about my upcoming relocation back to Perth: I'm LeavingBasket Case podcast produced by The Drum & Qsic: Missing! In-Store MediaCatch me at Cannes 2026, check out all my Events 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

Everyone wants the upside of AI, agentic commerce, autonomous shopping agents, and LLM-powered product discovery. But there’s a problem: none of it works without clean, structured product data. In this episode, I’m joined once again by Anne Hallock, VP Americas at Mirakl Ads, to unpack the final installment in our “Retail Media Demons” series: The Shortcut Demon.We explore why so many retailers are rushing to announce AI partnerships without addressing the foundational work required to make those initiatives successful. Anne shares practical examples of how product attributes, catalog quality, and organizational alignment directly impact a retailer’s ability to surface in AI-driven shopping experiences. We also discuss why data hygiene, long-term digital strategy, and customer-centric thinking will determine which retailers thrive in the next era of commerce.This episode is sponsored by Mirakl AdsTimeline[00:21] - Introducing the "Shortcut Demon" and why AI ambitions like agentic commerce depend on foundational data work that retailers often overlook.[01:20] - Anne warns against AI hype and explains why retailers should ask a simple question when AI partnerships are announced: "How?"[03:00] - Why product attributes, delivery dates, reviews, fabrics, and other catalog data determine whether products can be discovered by AI shopping agents.[04:27] - The "eating your vegetables" problem: why data hygiene is critical for AI success but difficult to get executives excited about funding.[05:45] - The rise of the Chief Digital Officer and how leading retailers are creating organizational structures that connect e-commerce, retail media, and data infrastructure.[08:30] - Why retailers need a three-year vision for AI and retail media instead of chasing headlines and announcing partnerships without a clear strategy.[10:15] - Defining a retailer's core digital competency and preparing for a future where shopper behavior continues shifting beyond traditional store-centric journeys.[11:00] - How consumers are already using ChatGPT and AI assistants during in-store shopping trips to compare products and make purchase decisions.Links & ResourcesRetail Media Breakfast Club & Mirakl Ads Live in Cannes @ Hotel Martinez on Thursday, June 25 from 9:00AM – 11:00 AM. Join retail media leaders across EMEA and AMER for this invite-only event co-hosted by Kiri Masters and Mirakl Ads. A guided, authentic breakfast conversation on the next phase of retail media — what's working, what's shifting, and the decisions being made right now that will shape the industry's future. Register here!Part 1 of the Demons series: The Demons Inside Retail Media, Part 1: GROWTHPart 2 of the Demons series: The Demons Inside Retail Media: Part 2, SILOSFollow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInRead my related articles:Retail Media: Same Job Description, Different InvoiceDid we overcook in-store retail media measurement?Should You Measure Retail Media Like National Media?In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereCatch me at Cannes 2026, check out all my EventsI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In this episode, I reflect on a panel I joined at Mirakl’s Annual Outpace Summit in New York, where a World Cup analogy sparked a bigger realization about what it really takes for marketplaces to win. It’s not enough to “qualify” by launching a marketplace: you only start unlocking real enterprise value when you understand how to monetize the audience you’ve built.I break down why marketplaces and retail media networks aren’t separate strategies, but a single flywheel. From Lowe’s marketplace evolution to the rise of seller-funded advertising demand, I explore how assortment drives traffic, advertising monetizes attention, and reinvestment fuels the next wave of growth. I also dig into the risks, from marketplace hesitation to AI-driven disruption, and what retailers must do to stay ahead of what’s coming next.This episode is sponsored by Mirakl AdsTimeline[00:00] I open with a World Cup analogy from Mirakl’s summit and correct my own flawed sports metaphor about marketplaces vs. winning![01:41] I explain why marketplaces and retail media networks are actually one flywheel, not separate businesses[03:17] Key insights from the Mirakl panel featuring Mirakl, Lowe's, and Stanley Black & Decker on marketplace scale and strategy[05:31] Why sellers are actively requesting ads, and how that demand completes the marketplace advertising loop[07:23] How even high-awareness brands like Black & Decker use retail media to drive product discovery, not just awareness[10:23] A Forrester study reveals how top retail media networks outperform by tapping mid & long-tail advertisers[11:15] I explore the future disruption risk from AI shopping agents and why retailers must rethink ad formats and discoveryLinks & ResourcesMeet the Mirakl team at Cannes Lions, June 22–26, for curated conversations, exclusive events, and 1:1 strategy sessions built for where the industry is headed. Commerce-first media starts in Cannes. Register here!Read my related articles:The Retail Media Doom Loop7 Ways to Break the Retail Media Doom LoopBeyond banner ads: how retailers are monetizing the moments that actually matter (The Drum)In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereCatch me at Cannes 2026, check out all my Events 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

Today we continue our series on the biggest threats facing retail media by tackling what I call the “Silo Demon.” Joined by Anne Hallock, VP Americas at Mirakl Ads, we explore why one of the greatest challenges facing retail media networks today isn’t external disruption: it’s organizational structure.Anne and I discuss how retail media teams have evolved far beyond ad sales, often becoming the most technologically advanced and data-driven part of a retailer’s business. We unpack why retail media leaders are increasingly being asked to take on broader responsibilities across marketing, technology, customer data, and organizational transformation. We also explore what it takes to break down legacy silos, modernize operations, and unlock the next phase of growth for retail media networks.This episode is sponsored by Mirakl AdsTimeline[00:00] – Introducing the “Silo Demon” and why internal challenges may be retail media’s biggest threat. [01:15] – How retail media evolved from a bolt-on ad sales function into a core technology engine for retailers. [02:17] – Key insights from Possible Miami and the growing convergence of marketing technology and advertising technology (“Mad Tech”). [03:25] – Why retail media organizations often have more modern tech stacks than marketing departments. [05:05] – The hidden complexity of customer data, acquisitions, and legacy technology inside large retail organizations. [07:30] – Why leaders with cross-functional experience are being asked to take on larger roles across the business. [08:45] – Anne’s playbook for breaking out of the ad sales silo, and reigniting retail media growth through interoperability and smarter technology partnerships. [11:15] – Previewing our upcoming Cannes Breakfast Club event and next week’s discussion on the “Shortcut Demon.”Links & ResourcesRetail Media Breakfast Club & Mirakl Ads Live in Cannes @ Hotel Martinez on Thursday, June 25 from 9:00AM – 11:00 AM. Join retail media leaders across EMEA and AMER for this invite-only event co-hosted by Kiri Masters and Mirakl Ads. A guided, authentic breakfast conversation on the next phase of retail media — what's working, what's shifting, and the decisions being made right now that will shape the industry's future. Register here!Part 1 of the Demons series: The Demons Inside Retail Media, Part 1: GROWTHFollow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInRead my related articles:Retail Media: Same Job Description, Different InvoiceDid we overcook in-store retail media measurement?Should You Measure Retail Media Like National Media?In Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Last week, I facilitated a closed-door workshop with brand leaders, retailers, agencies, and technology partners at the P2PI Retail Media Summit in Chicago. While much of the conversation centered on AI's impact on retail media and shopping behavior, what surprised me most wasn't panic: it was curiosity. Despite all the headlines about disruption, most brands aren't seeing dramatic changes in ad performance or sales outcomes just yet.What is changing, however, is where shopping journeys begin. In this episode, I unpack the emerging signals brands are seeing as consumers increasingly turn to AI assistants, communities, and social commerce platforms for product discovery. I explore the rise of "dark search," why traditional attribution models are becoming less reliable, the new metrics brands are experimenting with, and which retail media channels may be best positioned to withstand the AI-driven shift in shopper behavior.This episode is sponsored by Mirakl AdsTimeline[00:00] Highlights from a closed-door workshop at the P2PI Retail Media Summit in Chicago[02:03] What brands say is holding steady: ad conversions and sponsored product performance remain resilient[03:00] The biggest shift brands are seeing: shopping journeys are increasingly starting outside traditional search[03:45] Why Reddit, Pinterest, Wikipedia, TikTok Shop, and AI assistants are becoming key discovery channels[05:50] Understanding "dark search" and why AI-driven influence is often invisible in analytics platforms[07:33] New measurement frameworks emerge, including "share of agent recommendations" and agent readiness[08:21] Which retail media channels may be most defensible against AI disruption, and why influencers could have a lasting advantageLinks & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself at Outpace in New York City on June 10, 2026 for strategies, insights, and connections built for the era of agentic commerce. Save your spot.Read my related articles:'Dark Search' Makes AI-Facilitated Commerce Look Smaller Than It Really IsWhy Agentic Shopping Poses an Existential Threat to Retail Media 5 Markers Of A Lasting ShiftIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Retail media has spent years chasing top-line revenue growth, but what happens when growth alone is no longer enough? In this episode, I’m joined by Anne Hallock, VP Americas at Mirakl Ads, to kick off our three-part series, The Demons Inside Retail Media. Together, we unpack the first and perhaps most pressing challenge facing the industry today: the growth demon.We explore why retailers are beginning to scrutinize retail media profitability, how internal pressures are reshaping expectations for retail media networks, and why driving the broader retail business — not just ad revenue — has become the new benchmark for success. From Costco’s member-first approach, to Home Depot’s self-serve scaling strategy, this conversation reveals the realities that retail media leaders can no longer afford to ignore.This episode is sponsored by Mirakl AdsTimeline[00:00] Introducing The Demons Inside Retail Media series and the industry's biggest internal challenges.[02:00] Why top-line revenue growth can become a trap, and why profitability is emerging as the new scorecard.[03:25] Anne explains why profitability pressure is coming from inside the retailer, not from retail media teams themselves.[05:15] How consulting firms, budget shifts, and internal politics are changing retail media accountability.[06:45] Lessons from Costco: why retail media must strengthen the retailer’s core business flywheel.[09:45] The role of technology, automation, and self-serve platforms in building profitable retail media networks.[11:15] What Home Depot’s latest retail media investments reveal about the next phase of industry growth.Links & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City for Outpace on June 10, 2026. Strategies, insights, and connections built for the era of agentic commerce. Save your spot.Follow Anne Hallock, VP Americas at Mirakl Ads, on LinkedInRead my related articles:Growth Beyond Amazon: Retail Media's Broader OpportunitiesLong-Tail Advertisers Are A Quiet Growth Engine For Top Performing RMNs'Brand Media Lowers the Tax You Pay on Growth,' says Gildan's Jason O'TooleIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

In this episode, I’m pulling back the curtain on what it’s actually like being on the receiving end of PR pitches in the retail media industry, and why most of them completely miss the mark. Inspired by a standout interaction with LoyaltyLion and PR pro Francesca Baker Brooker, I unpack what separates relationship-building from transactional pitching, and why “spilling some tea” is often the difference between getting ignored and becoming a trusted source.I also dive into how influence in media is shifting away from traditional gatekeepers toward niche newsletters, podcasts, LinkedIn creators, and independent analysts. From fragmented authority and psychographic tribes, to what vendors, retailers, and PR teams should actually be doing to build narratives that land, this episode is a candid look at the new communications playbook for retail media.This episode is sponsored by Mirakl AdsTimeline[00:00] – The LoyaltyLion pitch that actually worked, and why patience from PR pros matters more than persistence[02:30] – Why I’m sharing my honest perspective on being pitched by brands, retailers, and tech vendors[03:45] – How the media landscape is fragmenting, and why newsletters, podcasts, and LinkedIn creators are gaining influence[08:30] – My first rule for PR outreach: know your audience before you pitch[10:15] – “Spill some tea”: why executives who stick to talking points waste everyone’s time[13:00] – Why retailer store tours, media breakfasts, and thoughtful event experiences create lasting coverage opportunities[17:00] – My plea to research teams: stop commissioning generic retail media surveys and start using your actual platform dataLinks & ResourcesThe Agentic AI Revolution is here. The competitive edge belongs to those who move faster than disruption itself. Join Mirakl Ads and myself in New York City on June 10, 2026 for strategies, insights, and connections built for the era of agentic commerce. Save your spot.Follow Francesca Baker-Brooker, PR @ And So She Thinks, on LinkedInMy LoyaltyLion piece that Francesca helped facilitate: Loyalty as the Retail Media BackboneSemrush piece about LinkedIn content: We Analyzed 89K LinkedIn URLs Cited in AI Search: Here's What Drives VisibilityRead my related articles:Standing Room Only: What Shoptalk Attendees Wanted Most Wasn’t on the Main StageWriting From the Middle of the RoomApply For The Damn AwardIn Atlanta? Join the Commerce Media Happy Hour on Wednesday June 17! RSVP hereI'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Amazon has always operated in contradictions. And in this episode, I dissect comments made on Christine Russo's What Just Happened podcast made by Justin Honaman, AWS's global head of retail, consumer goods, and restaurants, to unpack one of the biggest contradictions emerging in the AI commerce era. On one hand, Amazon is encouraging retailers and brands to embrace “off-site search” and make themselves discoverable through AI agents like ChatGPT and Perplexity. On the other hand, Amazon is actively blocking outside shopping agents from accessing its own ecosystem while simultaneously sending its own Buy For Me agent onto everyone else’s storefronts.I break down the growing tension between agentic commerce, retail media, and platform control, including Amazon’s legal fight with Perplexity, the strategic implications of its DSP dominance, and why this all points to one core objective: owning the customer journey from discovery to checkout. I also explore why brands should pay far closer attention to Amazon’s actions than its public messaging as the next phase of commerce infrastructure takes shape.This episode is sponsored by Mirakl AdsTimeline[00:00] Amazon’s long history of contradictions between customer obsession and supplier impact [01:15] AWS discusses “off-site search” and why retailers are being told to optimize for AI discovery [02:18] The core contradiction: Amazon’s agents are allowed out, but outside agents are blocked from coming in [03:15] Breaking down Amazon’s lawsuit against Perplexity and the real debate around shopper permission [04:19] How Rufus and Alexa Shopping generated billions while Amazon blocks competing AI shopping agents [05:15] Why retail media is really the monetization layer sitting on top of shopper behavior [06:30] Google’s Universal Cart signals that commerce journeys no longer need to begin on Amazon [07:30] The key lesson for brands: watch what Amazon does, not what it saysLinks & ResourcesListen to the full Justin Honaman episode on Christine Russo's What Just Happened podcast: Justin Honaman, AWS: The Agentic Commerce Roadmap for RetailersSubscribe to What Just Happened on Apple PodcastsFollow Christine Russo on LinkedInFollow Justin Honaman on LinkedInRead my related articles:AI Agents & The Evolving Path to Purchase: How Brands Must AdaptNo Eyes on the AdDoes 'Dark Search' Help or Harm Retail Media?In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 27! RSVP hereI'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

At Xnurta’s Signal to Scale Summit this week, I heard some of the most practical conversations yet about how brands are actually using AI in retail media. Spark Foundry’s Kris McDermott summed up the mood perfectly: “We did AI. To what end? That is not a verb.” From Boiron managing 50,000 keywords with a two-person team, to AI-powered creative testing that drove a 29% sales lift, this episode explores where agentic workflows are delivering real operational value, and where they still require strong human oversight.I also break down why advanced practitioners are moving beyond ROAS as the primary metric, what Amazon Ads is building with MCP servers and Skills, and why Xnurta's new open-source AI evaluation framework could become critical infrastructure for the future of retail media automation. The biggest takeaway: AI can accelerate performance, but only when paired with clear goals, guardrails, and teams that still understand “the gears” behind the machine.This episode is sponsored by Mirakl AdsTimeline[00:00] — “We did AI. To what end?” and the real theme of the summit [01:18] — Boiron’s AI-powered retail media workflow managing 50,000 keywords [02:00] — AI image scoring drives a 29% sales increase [03:30] — Why ROAS alone is not the goal anymore [04:15] — The “automatic vs stick shift” analogy for AI media buying [06:04] — Xnurta launches open-source AI evaluation framework for retail mediaLinks & ResourcesIf you're interested in joining the Agentic Retail Media Council, Xnurta is recruiting members: sign up linkFind all the Signal to Scale 2026 speakers hereRead my related articles:No Incentive To Sound The AlarmDark Search, Broken Signals, and What Comes Next for Retail MediaWhy ROAS Refuses To DieAI in real life: how retailers and brands are leveraging AI (real numbers)EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 27! RSVP hereI am 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 from an airport lounge (because business travel is always glamorous, right?) with the breaking news that I couldn’t ignore: Publicis has acquired LiveRamp in a multi-billion dollar deal. And it has major implications for retail media.In this episode, I unpack the biggest reactions from across the industry and what they really mean. From the bull case calling this the smartest deal of the decade, to serious concerns about neutrality, consolidation, and whether identity infrastructure can still be trusted: there’s a lot to digest. I also dig into the retailer-specific angle: are retail media networks truly owning their data, or just renting it? And why that question just became urgent.This episode is sponsored by Mirakl AdsTimeline[00:00] – Recording from Atlanta Airport + why this acquisition grabbed my attention [00:32] – Breaking down the $2.2–$2.5B Publicis–LiveRamp deal [01:00] – Reflections from RampUp: the role of data collaboration and RampID [02:10] – Top industry reactions: “smartest deal of the decade” vs. skepticism [03:15] – The neutrality problem: consolidation of identity under holding companies [05:00] – The retailer wake-up call: who really owns your customer data? [06:00] – Product debate: can LiveRamp evolve, or is the model fundamentally broken? [07:30] – What I’m watching next for retail media networks and data ownershipLinks & ResourcesMy full article on The Drum: LiveRamp’s new owner raises harder questions for retail mediaRead my related articles:Five Ad Servers, Four Takeaways, and One Thread That Tied RampUp Together"We're All Holding Our Breath"The ‘Costco Velocity’ Tech Stack Is Coming Together. Here's How the Pieces Fit.In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year!Important to know that the survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. I'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Last week, I stepped onto the stage at the Digital Shelf Summit here in Atlanta for a debate that’s been heating up across the industry: is agentic commerce an existential threat to e-commerce traffic? I took the “yes” side — boldly — and in this episode, I’m unpacking my full rebuttal to the idea that this is all just hype.I walk through where I agree with the skeptics (because yes, some of the data has been overstated), but more importantly, where I think the industry is missing the point entirely. This isn’t about transaction share: it’s about where decisions are being made. If AI shifts the moment of product discovery and comparison upstream, what happens to the retail media model as we know it? Let’s dig into the real implications before we all get too comfortable.This episode is sponsored by Mirakl AdsTimeline[00:00] – Setting the stage: My debate at Digital Shelf Summit and why this topic matters now[01:25] – Breaking down the “agentic commerce is a hallucination” argument[03:15] – The critical flaw: Measuring transactions instead of decision-making moments[04:30] – Why retail media depends on consumer behavior that may be disappearing[06:30] – New data reveals a shift toward direct-to-product-page shopping[08:00] – The hidden trade-off: Higher conversion, fewer ad impressions[10:30] – My final takeaway: The real hallucination isn’t disruption, it’s thinking nothing will changeLinks & ResourcesAndrew Lipsman's guest post on The AI Ad Economy: An Agentic Commerce Reality CheckSubscribe to Debra Aho Williamson's newsletter The AI Ad EconomySubscribe to Andrew Lipsman's newsletter Media, Ads + CommerceCriteo's 2026 COMMERCE & AI TREND REPORTAdobe's Quarterly AI Traffic Report (April 2026)Read my related articles:No Incentive To Sound The AlarmDark Search, Broken Signals, and What Comes Next for Retail MediaThe 3 Ways Agentic Commerce Could Destroy Retail MediaAgentic Shopping Poses An Existential Threat To Retail Media (Part 2)OpenAI is killing Instant Checkout. Don't dance on the grave of agentic shopping yet (The Drum)Loyalty data is becoming retail media’s strongest defense (The Drum)Retailers, here’s how your media network can still thrive in an AI-shopping era (The Drum)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.EMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year! The survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereI am sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn

Today I unpack a contrarian take that’s been sitting with me since my conversation with James Deaker on The Yield Doctor: what if the biggest threat to retail media is already here, but no one has the incentive to talk about it? I replay snippets from my convo with James, and dig into how AI-enabled commerce is reshaping the shopper journey long before customers ever land on a retailer’s site, and why that creates a structural risk for the entire retail media model.I also explore the uncomfortable truth about leadership incentives: why retail media executives may be disincentivized from sounding the alarm, even as behavioral data signals start to disappear and ad surfaces lose relevance. This isn’t about the death of retail media, but it is about a major reset. The question is: who’s actually preparing for it?This episode is sponsored by Mirakl AdsTimeline[00:00] - My opening take: why retail media leaders aren’t incentivized to sound the alarm on AI[00:50] - James Deaker on why retail media must prioritize advertiser relationships[01:26] - The fragility of endemic advertiser demand and why it matters[01:52] - The hidden assumption: shoppers still arrive with unformed intent[02:31] - The shift to AI-driven discovery before retailer interaction[02:45] - My contrarian answer: AI-enabled commerce as an underappreciated threat[03:27] - Real-world behavior change: using AI tools instead of retailer search[04:10] - Declining behavioral signals and shrinking ad surface engagement[05:07] - Why this signals a reset — not the end — of retail mediaLinks & ResourcesWatch the full replay of my appearance on The Yield Doctor: Maximum Yield: Kiri Masters on Growing Your Retail Media Bottom LineSubscribe to The Yield Doctor with James Deaker on YouTubeFollow James Deaker on LinkedInRead my related articles:'The Biggest Change in My Lifetime' — Marketecture CSO on AI ShoppingAI Is Claiming Browsing Behavior. Commerce Media Must Compete On Its Data AdvantageWhy AI Search Advertising Could Reach $25 Billion By 2029I'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.In Atlanta? Join the Commerce Media Happy Hour on Wednesday May 20! RSVP hereEMARKETER is teaming up again with Bain to survey retail media network leaders for a unique insight into the forces shaping the industry. The survey is intended for people working in-house on retail media teams, and it is global this year!Important to know that the survey is also double-anonymized. The survey organizers will not know, nor are they trying to determine, which specific retail media network a respondent works for. The goal is to understand broader retail media trends, not attribute responses to individual companies. Please take the survey here. I'm sharing comedy skits about retail media on Instagram! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn