Podcast Summary

Overview

Episode Title: Inside Walmart Connect: From Retail Media to Full-Funnel Performance
Host: Ari Paparo
Guest: Khurrum Malik, VP of Business and Product Marketing, Walmart Connect
Date: January 6, 2026

In this Marketecture episode, Ari Paparo interviews Khurrum Malik to explore the rapid evolution of Walmart Connect from a pure retail media operation to a full-funnel, omnichannel advertising platform. They discuss Walmart Connect’s culture, its expanding product suite, the impact of the Vizio acquisition, innovations in AI and measurement, and how the company is uniquely positioned to serve both large and emerging advertisers alike.

Key Discussion Points & Insights

1. Khurrum Malik’s Journey to Walmart Connect (00:25–02:27)

• Background: Malik comes from a 20+ year background in tech and media, with prior roles at IAS, Meta, and Microsoft.
• Reason for Joining Walmart: Describes Walmart Connect as a 1-to-10 growth opportunity, driven not only by business potential but also by a culture that balances “kindness and humility with a white-hot desire to win.”

  “I just appreciate a place where kindness and winning are not mutually exclusive.” — Khurrum Malik (01:46)

2. What is Walmart Connect? (02:27–03:37)

• Definition: A retail media platform within Walmart, focused on sparking sales across a broad advertiser base.
• Capabilities:
  • Offers search, display, video, and CTV (including with Vizio).
  • Operates on-site and off-site, serving both large enterprises and emerging advertisers.
  • Fast-growing: a multi-billion dollar business growing at over 30% annually.
• Physical and Digital Footprint: 150 million weekly customers, 4,600+ U.S. stores, headquarters in Hoboken.

3. The Evolving Retail Media Stack (04:15–06:42)

• Search as Foundation: Product Listing Ads (PLAs) and search are core, but not the whole story.
• Full Stack Solutions:
  • Expanding from “capturing demand” with lower-funnel search to “creating demand” with brand solutions (video, CTV, display).
  • Emphasis on incremental measurement and closed-loop reporting.
• Notable Quote:

  “We’re evolving, but we know our core as well.” — Khurrum Malik (06:36)

4. Vizio Acquisition & CTV Integration (06:42–09:39)

• Vizio’s Role:
  • Vizio, now part of Walmart, operates as both TV manufacturer and ad/measurement platform.
  • Merging Walmart's on-site media with Vizio’s CTV for cross-channel campaigns.
• “Couch to Cart” Vision:
  • Blending sight, sound, and motion of TV with retail conversion data—enabling measurable CTV-to-purchase pipelines.
• Example:
  • Celsius used Vizio to drive 85% incremental reach over linear TV.
• Conversion Measurement: Early stages—providing ROAS and lift, aiming for greater precision.
• Notable Quote:

  “Getting to the couch and then turning that couch into a cart and into a conversion is something that we’re well suited... to do.” — Khurrum Malik (08:25)

5. Performance TV for Emerging Advertisers (09:39–11:19)

• Opening Up CTV to Smaller Brands:
  • Aspiration to make it simple for smaller Walmart Marketplace sellers to run targeted, GMV-boosting CTV campaigns.
• Metrics: Focus on driving incremental sales (GMV lift) even for emerging advertisers.
• Future Plans: Not all features are live yet but are in the roadmap.

6. Measurement and Incrementality (11:19–13:59)

• Comprehensive Measurement:
  • Supports media mix modeling, incrementality, and third-party validation (e.g., NCS, comScore).
  • Several major CPGs now integrating distribution and advertising budgets.
• High Bar for Accountability:

  “The bar for driving sales and incremental sales is the things we want to aspire to and make happen.” — Khurrum Malik (13:30)

Notable Quotes & Memorable Moments

• Culture at Walmart Connect:

  “The bookends of kindness and humility with a white-hot desire to win are rare. The white-hot desire to win and serve is everywhere.” — Khurrum Malik (00:48)

• Vizio Integration:

  “Couch to cart—that’s where we want to go.” — Ari Paparo, paraphrasing Malik’s vision (08:25)

• Measuring Incrementality:

  “When you talk about retail media, the immediate concern is, like, well, you know, they were going to buy that product anyway. So measurement becomes incrementality.” — Ari Paparo (12:31)

Key Announcements & CES (14:10–17:19)

1. AI Initiatives: Agentic, Sparky, and Marty

• Sparky:
  • Consumer agent, used by 81% of surveyed users to check product details/availability.
  • New ad environments will be tested within Sparky.
• Marty:
  • In beta, an AI assistant for advertisers (“cute” duo with Sparky).
  • Helps SMBs and emerging advertisers with campaign decisions and reporting.
  • 97% of Marty’s queries are unique, showing its value for varied advertisers.

2. Launching Search Incrementality for Enterprises

• General Availability:
  • Rolling out search incrementality and iROAS for enterprise clients.
  • Aims for transparency and establishing gold standards in retail media measurement.

3. Third-Party Validation Results

• NCS Research:
  • In food/consumables, Walmart Connect outpaces NCS digital media benchmarks (2.8x ROAS, 2x sales lift).
  • Also claims a 2.5x ROAS advantage over social media benchmarks.

Competitive Advantage & Vision (17:54–19:00)

• Biggest Business Challenge:

  “Clarity from complexity... We have so many solutions. How do we focus to make true GMV impact?” — Khurrum Malik (17:54)

• Number One Competitive Advantage:

  • Omnichannel footprint: combining 4,600+ stores and online, leveraging offline and online consumer data and presence.

• Bear Analogy:

  “A bear can be cuddly, can be cute, but it can also get stuff done. So, like a cuddly bear.” — Khurrum Malik (19:26)

Timestamps for Key Segments

• 00:25–02:27: Malik’s background and motivation for joining Walmart Connect
• 02:27–03:37: Definition and scale of Walmart Connect
• 04:15–06:42: The full-funnel evolution from search to brand and measurement
• 06:42–09:39: Vizio CTV integration, “Couch to Cart,” and new campaign types
• 09:39–11:19: Performance TV opportunities for small sellers
• 11:19–13:59: Incrementality, measurement rigor, and third-party validation
• 14:10–17:19: CES announcements—AI, search incrementality, and benchmarking
• 17:54–19:00: Lightning round: Business challenge, competitive advantage, animal analogy

Tone & Style

The conversation is lively, direct, and jargon-aware, blending industry expertise with hints of humor (e.g., “baked ham through the window,” “cuddly bear”). Malik and Paparo are both candid about the challenges and opportunities facing the rapidly changing retail media sector.

Final Takeaway

Walmart Connect is aggressively moving from a search-centric retail media platform to a full-funnel, omnichannel advertising and measurement hub—leveraging scale, data, and new AI tools. The company aims for clarity, third-party validation, and opening up sophisticated media tools for both the world’s biggest advertisers and small, emerging marketplace sellers. If Walmart Connect achieves its vision, it could redefine expectations for retail media’s role in both branding and performance.