Podcast
Retail Media Breakfast Club
Hosted by Kiri Masters · EN
10 minutes of expert insights every weekday. Your morning ritual for staying ahead in retail media.
81episodes
Episodes
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11% of Consumers Think They've Already Shopped with AI — Here's Why That Changes Everything
3d ago00:11:31Summary readyThis week, I'm sharing snippets of a conversation from The Watson Weekly, one of my favorite podcasts, where host Rick Watson sat down with Holden Bale, Global Chief Strategy Officer at Merkle. One statistic mentioned completely stopped me in my tracks: 11% of consumers believe they've already purchased products directly through AI assistants like ChatGPT and Gemini. Even though, in most cases, that simply isn't possible.What fascinated me wasn't that consumers are wrong: it's why they're wrong. We explore what this tells us about the future of AI-powered shopping, why perception may matter more than transaction data, and how today's "halo effect" could shape tomorrow's commerce landscape. We also dig into one of the biggest challenges facing AI assistants: building enough personal context to become truly useful shopping companions.This episode is sponsored by GrowthLoopTimeline00:00 – Why one surprising AI shopping statistic immediately caught my attention01:26 – The "misunderheard" consumer: why 11% believe they've already shopped through AI02:18 – What social commerce teaches us about consumer perception versus actual transactions04:49 – Why consumers believing they shopped with AI may be more important than whether they actually did06:45 – The missing ingredient for AI commerce: personalization, memory, and shopping context09:30 – Why marketplaces and order history could determine who wins the AI shopping race10:46 – A preview of my own experiment using Amazon purchase history inside an LLMLinks & ResourcesListen to the full Watson Weekly episode: 88% Have Deployed AI. 6% Can Prove It WorkedSubscribe to Watson Weekly on Apple PodcastsFollow Rick Watson, Founder, RMW Commerce, on LinkedInFollow Holden Bale, Global Chief Strategy Officer at Merkle, on LinkedInRead my related articles:ChatGPT Ads Are Here. I'm Not Panicking.AI-Enabled Shopping Hits 74% AdoptionMaybe Ads in AI Don't Have To Suck?Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop. The latest episode dropped last weekI'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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How AI Will Reshape Retail Media (And Why Great Retailers Will Still Win)
4d ago00:13:37Summary readyI recently joined Wendy Liebmann on the Future Shop podcast for a conversation about one of the biggest questions facing retail today: what happens to retail media as AI changes the way people shop?In this episode, I share snippets from my chat with Wendy and explore why the current retail media model may be heading for a major shift, how AI-powered shopping assistants could dramatically reduce ad inventory, and why retailers shouldn't panic. We also dig into what will continue to differentiate successful retailers in an AI-first world i.e. why customer experience, convenience, and unique value propositions matter more than ever. If you're thinking about the future of retail, ecommerce, or advertising, this is a conversation you won't want to miss.This episode is sponsored by GrowthLoopTimeline[00:22] – Why AI is fundamentally changing shopping behavior and what that means for retail media.[01:41] – How retailers should rethink customer journeys instead of focusing only on ad placement.[03:27] – My analysis of Amazon's Rufus and why AI shopping assistants could dramatically reduce available advertising inventory.[05:10] – What shrinking ad supply could mean for retail media economics and retailer revenue models.[07:46] – Why Costco is a powerful example of building retail media around customer value instead of maximizing ad volume.[11:25] – The lesson retailers should take from real-world shopping decisions: convenience and experience often beat price.Links & ResourcesListen to my appearance on Wendy Liebmann's podcast Future ShopSubscribe to Future Shop on SpotifyFollow Wendy Liebmann, CEO at WSL Strategic Retail, on LinkedInFor a great recap of Amazon's earnings results and this mechanism, check out the most recent episode of the Jason + Scot Show podcastKroger Precision Marketing launched new AI assistant ad units just last weekRead my related articles:ChatGPT Ads Are Here. I'm Not Panicking.AI-Enabled Shopping Hits 74% AdoptionMaybe Ads in AI Don't Have To Suck?Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop. The latest episode dropped last weekI'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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Why Dick's Sporting Goods Is Rejecting the Retail Media Playbook | Dave Young's Bold Strategy
5d ago00:11:33Summary readyWhat if the biggest mistake a retail media network can make is trying to copy Amazon?In today's episode, a recap of my recent article for The Drum, I unpack a fascinating conversation I had with Dave Young, GM of Retail Media at Dick's Sporting Goods. Dave has intentionally moved away from the term retail media network in favor of something much more reflective of what they're actually building: a commerce-enabled sports network. I explore why that distinction matters, why differentiation has become essential for specialty retailers, and what Dick's unique approach could signal for the future of retail media.I also break down why so many retail media networks fall into the same commodity trap, how first-party sports data from the GameChanger youth sports app creates a different competitive advantage, and why organizational structure may be just as important as technology when building a successful media business.This episode is sponsored by GrowthLoopTimeline[00:00] Why Dave Young is intentionally avoiding the term "retail media network."[01:26] Why copying Amazon's retail media playbook is a losing strategy for specialty retailers.[03:00] How GameChanger gives Dick's Sporting Goods a unique first-party data advantage beyond purchase history.[05:45] Why reporting into the CMO changes the way retail media partnerships are built.[07:21] Inside Dick's World Cup campaign with Adidas — and why differentiated campaigns matter more than sponsored products.[09:36] The biggest lesson: retailers win by building media businesses around their own strengths, not someone else's playbook.Links & ResourcesMy original article for The Drum: The retail media lesson inside Dick’s World Cup pushPR Newswire: DICK'S and adidas Celebrate FIFA World Cup 2026™ with Star-Studded "Where It All Kicks Off" CampaignRead my related articles:Why retail media’s ‘mid’ moment may be its turning point (The Drum)Why Home Depot put its merchants on stage at its retail media upfronts (The Drum)Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop. The latest episode dropped last weekI'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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I'm Completely Out Of The Loop (Lessons From My Summer Break)
6d ago00:11:43Summary readyAfter taking a few weeks completely offline, I'm back! And surprisingly, being out of the loop has been one of the best things I could have done. In this episode, I share why disconnecting from retail media, AI headlines, LinkedIn, and industry news gave me a fresh perspective on both my work and the consumers we're all trying to serve.I also give you a personal update on my family's move back to Australia, what's ahead for Retail Media Breakfast Club this season, the projects I'm most excited about, and why I'm doubling down on what's already working instead of chasing every shiny new opportunity. If you've ever felt like our industry moves faster than reality, I think you'll enjoy this episode.This episode is sponsored by GrowthLoopTimeline[00:00] What I learned by completely unplugging.[01:09] Why being "out of the loop" reminded me that industry urgency often isn't real life.[02:15] Reconnecting with the mindset of the everyday consumer and why that's so important for retail media.[05:45] An update on my family's move back to Perth, Australia, and settling into our new chapter.[06:45] Why I'm avoiding shiny object syndrome and focusing on sustainable growth for the rest of the year.[07:46] The projects I'm most excited about, including funny industry videos, GrowthLoop, Basket Case, and rediscovering Australian retail.Links & ResourcesBroadsign and Mirakl Ads partner to help retailers deliver a more unified shopper experienceGrocery Dive: Albertsons turns to microdramas for new retail media offeringRead my related articles:When Sam's Club "Connects" With Walmart, What Actually Connects?Cannes Field Notes: stock tracking, creator networks & a Dollar General DOOH firstPayPal Ads had nothing to announce at Cannes. That was the point.Cannes Confessionals #1: Where are all the brands?I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclubSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedInThe BooksWhen dreaming of my European vacation I only had one vision in mind: park my butt on various beaches, eat great food, and read a fat stack of novels. On these metrics, the vacation was a huge success. I didn’t have any luggage space for souvenirs, but I gained some souvenir weight (!!) and made a solid contribution to my Goodreads “read” list. Here are my faves:Rosie and Imperfect Birds by Anne Lamott. Somehow I missed that this is a 3-part series and skipped the second book. No matter. Both books were gripping portrayals of the ups and downs of family life and are able to stand alone.The Talented Mr Ripley by Patricia Highsmith. Never got around to watching the film, and I’m really glad I didn’t because the book was excellent. A master feat of taking a very unsavory and unlikeable protagonist and somehow making you want them to succeed.The Calloway Tetralogy by Jay McInerney. Poignant but entertaining (and at times very funny) character study of a yuppie couple living in New York City, set over several decades. Another example of anti-heroes that you grow to love. Told across four novels which again somehow, I failed to read in order.
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Mirakl Ads at Cannes: Commerce Media Skips Its Own Lion
Jun 2900:09:51Summary readyEvery year, Cannes Lions promises to bring the advertising world together. But if you work in retail media, you've probably noticed that our corner of the industry heads home long before the festival's biggest creative awards are handed out. After hosting an invite-only breakfast with Mirakl Ads on Thursday morning, I wanted to share the conversations that stuck with me before everyone scattered back home.In this episode, I unpack why the gap between commerce and creativity still exists, where I saw genuine progress this year, and why in-store retail media, measurement, and creative storytelling dominated the discussion. From Dollar General's approach to bringing leadership into the conversation, to Albertsons' bold experiment with original branded content, there are signs that retail media is evolving: but not necessarily in the ways many expected.This episode is sponsored by Mirakl AdsTimeline[00:00] Why the commerce crowd leaves Cannes before the festival's biggest creative moments.[02:14] My biggest takeaway from this year's Cannes: fewer retailers, stronger side conversations, and why the divide still exists.[03:15] Why Dollar General Media Network's decision to bring its CMO could signal an important shift for retail media leadership.[04:30] The real challenge with in-store retail media: why not every screen is actually valuable advertising inventory.[06:41] Mirakl Ads and Broadsign announce a partnership aimed at unifying online and in-store retail media campaigns (and the measurement questions that remain).[07:21] Albertsons and P&G's scripted series Rico's Tacos offers a glimpse into how retail media data could shape creative work from the very beginning.Links & ResourcesBroadsign and Mirakl Ads partner to help retailers deliver a more unified shopper experienceGrocery Dive: Albertsons turns to microdramas for new retail media offeringRead my related articles:When Sam's Club "Connects" With Walmart, What Actually Connects?Cannes Field Notes: stock tracking, creator networks & a Dollar General DOOH firstPayPal Ads had nothing to announce at Cannes. That was the point.Cannes Confessionals #1: Where are all the brands?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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Same Words, Different Forks: Recap of eMarketer & Sensor Tower Commerce Media Executive Briefing at Cannes Lions
Jun 2600:10:26Summary readyFresh from Cannes Lions, I'm unpacking one of the biggest themes that kept surfacing across analyst discussions: retail media's greatest obstacles aren't external — they're internal. While everyone is focused on AI, tariffs, and the next wave of disruption, the conversations I heard pointed somewhere much closer to home. Misaligned organizations, inconsistent measurement, and teams speaking the same language but meaning completely different things may be holding retail media back more than any emerging technology.I also share highlights from an analyst panel featuring Sarah Marzano, Andrew Lipsman, Debbie Aho Williamson and myself. We debated "dark search," AI-assisted shopping, attribution, and whether generative AI is fundamentally changing commerce, or simply accelerating trends that were already underway. If you're trying to understand where retail media is headed next, this episode connects the dots.This episode is sponsored by Mirakl AdsTimeline[01:00] eMarketer's forecast: Retail media surpasses $100 billion, and why slower growth could actually signal maturity.[02:16] The "same words, different forks" analogy explains why brands, retailers, and media teams keep talking past one another.[03:49] I share my perspective on "dark search" and how AI assistants are quietly reshaping product discovery before shoppers ever reach a retailer.[05:25] Andrew Lipsman challenges the "dark search" narrative, arguing the real issue is attribution, not visibility.[07:09] Our debate turns to agentic commerce: Is AI changing shopping behavior or simply improving search?[08:30] Debbie Aho Williamson shares real-world ChatGPT shopping examples and early advertising data that could reshape how retailers think about discovery.Links & ResourcesThanks to Sensor Tower for inviting me to speak at this event. You can check out their retail media insghts offering here.US retail media passes $100 billion by 2029eMarketer's survey of RMN leaders, run with BainReality Check(mate), Andrew Lipsman's most recent volleySensor Tower numbers on early ChatGPT advertisingRead my related articles:The Demons Inside Retail Media, Part 1: GROWTHDoes 'Dark Search' Help or Harm Retail Media?I am 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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When Sam's Club "Connects" With Walmart, What Actually Connects?
Jun 2500:10:38Summary readyWhen I sat down with Harvey Ma at Cannes Lions this week, I wanted to understand what was really happening behind Walmart’s announcement that it was bringing Walmart Connect, Walmart Connect International, and Sam’s Club’s retail media business into closer alignment. On the surface, it looks like a straightforward consolidation storY. But as Harvey explained, the reality is much more nuanced.In this episode, I unpack what the new Sam’s Club Connect brand means for advertisers, how Walmart and Sam’s Club plan to share technology and measurement capabilities, and why maintaining distinct shopper experiences may be more important than achieving scale. I also explore the surprising differences between Walmart shoppers and Sam’s Club members, and what this tells us about the future of retail media consolidation.This episode is sponsored by Mirakl AdsTimeline00:24 – Walmart announces a major restructuring of its global advertising business, bringing Walmart Connect and Sam’s Club closer together.02:05 – What the launch of Sam’s Club Connect actually means and why “operate separately, increasingly aligned” is the key phrase to understand.03:31 – Harvey explains how Sam’s Club’s deterministic member data creates a unique measurement advantage that can benefit Walmart.04:10 – How Sam’s Club’s experiential retail media expertise—from demos to sampling—could influence Walmart’s broader strategy.06:19 – Harvey shares why the overlap between Walmart shoppers and Sam’s Club members may be much smaller than advertisers assume.07:57 – The biggest misconception about the announcement: why Walmart isn’t trying to create “one blob” of retail media.09:05 – What the Sam’s Club Connect rebrand reveals about retail media consolidation, commerce media networks, and the limits of scale.Links & ResourcesFollow Harvey Ma, VP & GM, Sam’s Club Connect Retail Media, on LinkedInRead my related articles:'Not A Tax': How Sam's Club Is Fixing Retail Media's Trust Problem (Forbes)Sam's Club Cracked the Code on In-Store Retail Media—Here's How They Did ItSam's Club Bets Big on 'Experiential' Retail MediaWhat if there really are too many commerce media networks?I am 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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Cannes Lions 2026 Dispatch: Agentic Media Buying, Retail Media Shakeups, and the Future of Creator Commerce
Jun 2400:09:47Summary readyI’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
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PayPal Ads’ Big Retail Media Bet: Why Shoppable Ads Could Finally Work (And The Future of Commerce in an AI World)
Jun 2300:11:05Summary readyReporting from Cannes Lions, I sat down with Dr. Mark Grether, SVP & General Manager at PayPal Ads, to explore a different perspective on retail media, one that cuts through the constant stream of announcements and focuses on solving real advertiser challenges. We discussed why PayPal is choosing not to chase the latest product launch headlines and instead is doubling down on helping the market understand the unique advantages of its existing capabilities.We also dug into one of the industry's most debated topics: shoppable ads. Why have so many shoppable ad initiatives struggled in the past? What makes PayPal’s approach different? And how could identity, payments infrastructure, and changing consumer behavior — especially in an AI-powered world — reshape how brands reach and convert shoppers? Tune in for a fascinating conversation about the future of retail media, commerce, and customer acquisition.This episode is sponsored by Mirakl AdsTimeline[00:56] Dr. Mark Grether explains PayPal Ads’ biggest differentiator: transaction visibility across merchants and why that changes measurement.[02:11] Why advertisers struggle with fragmented retail media networks and the industry's growing need for simplicity.[03:30] The vision behind industry collaboration and creating a more accessible retail media ecosystem.[04:15] What makes PayPal’s shoppable ads different: identity resolution, payments infrastructure, and frictionless commerce.[06:05] How “storefront ads” extend a merchant’s storefront beyond their website and drive incremental customer acquisition.[07:34] The consumer experience behind shoppable ads and how collapsing the purchase journey can improve conversion rates.[09:47] Why AI and LLM-driven shopping behavior may increase the importance of shoppable ads for merchants in the future.Links & ResourcesFollow Dr. Mark Grether, SVP & General Manager at PayPal Ads, on LinkedInPayPal Ads Delivers Bottom-Line Growth Advertisers Can MeasurePayPal Unleashes the Power of Retail Media for Small BusinessesAscendant Network’s inaugural SHOWCASE upfront on Sept 2, 2026 in NYCI'm 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
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Retail Media at Cannes, 278 Episodes In & What’s Next for Retail Media Breakfast Club (Break Announcement + New Projects)
Jun 2200:09:20Summary readyThis 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
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