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.
85episodes
Episodes
Newest firstAll episodes
Writing Into the Void: How I Built Authority in Retail Media (From Zero to 28K Followers)
Apr 1500:10:38Tap to summarizeToday I’m taking you behind the scenes of something I don’t talk about enough: what it really feels like to start over, even after years of experience. From launching a brand-new Instagram account @retailmediabreakfastclub with barely any followers, to reflecting on my early days writing “into the void,” I share the uncomfortable truth about building content, credibility, and confidence in public.I also dig into the process that’s helped me generate ideas consistently, navigate mistakes, and find my voice in a fast-moving industry like retail media. If you’ve ever struggled with imposter syndrome, wondered how to build your content muscle, or questioned whether your perspective is “enough,” this one’s for you.This episode is sponsored by Mirakl AdsTimeline[00:00] - Starting from zero (again!): launching Instagram after building a LinkedIn audience [01:00] - Writing in obscurity: the early days of publishing with no audience [01:30] - My breakthrough moment: landing a paid contributor role at Forbes [03:00] - Why quantity drives creativity (and how I generate endless content ideas) [04:20] - The power of being wrong: how mistakes lead to better, richer content [06:45] - “The middle of the room”: finding your voice between expertise and curiosity [09:45] - Getting comfortable being bad at something new (and why it matters)Links & ResourcesMy new Instagram account: @retailmediabreakfastclubRead my related articles:My Media DietGet On The Damn StageApply For The Damn AwardI'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
Transcribe →
Why AI Grocery Shopping Isn’t Taking Over Yet (But Absolutely Will)
Apr 1400:12:36Summary readyNot 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
Summary
Dark Search & AI Shopping: The Hidden Threat (and Opportunity) for Retail Media
Apr 1300:09:27Summary readyToday I'm unpacking a fascinating shift happening right under our noses in retail media — what has been coined “dark search.” I explore how AI-driven discovery is quietly reshaping the way consumers find and buy products. The big question: is this trend actually helping retail media grow, or is it eroding the very signals it depends on?I dive into two new pieces of research that seem to tell completely different stories: one suggesting AI is expanding the e-commerce pie, and the other arguing we’re flying blind when it comes to measuring its true impact. If you’re in retail, e-commerce, or media, this episode will challenge how you think about attribution, conversion, and the future of shopper behavior.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why I’m cautious about extrapolating from my own shopping habits and how the Hawthorne Effect plays into consumer behavior[00:45] – The “dark search” moment: how AI influenced my purchase before I ever hit a retailer’s site[02:01] – Criteo’s report: AI-driven traffic converts 1.5x higher and lands directly on product pages[03:45] – RefiBuy’s findings: up to 70% of AI-influenced traffic is invisible to analytics tools[05:00] – The shocking conversion rates of “dark” AI traffic and what that means for retailers[06:30] – Reconciling two opposing views: AI growth vs. measurement blind spots[08:00] – Why this shift could be a structural threat to retail media economicsLinks & ResourcesRead Criteo's 2026 Commerce & AI Trend ReportRead ReFiBuy's DACT piece by Scot Wingo on LinkedIn: Dark Agentic Commerce Traffic (DACT): Answer Engines Are Sending High-Intent Shoppers to your PDPs, But Your Analytics Miss >70%Read my related articles:‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really IsDark Search, Broken Signals, and What Comes Next for Retail MediaAgentic Commerce Is a Sequencing Problem, Not an Existential OneI'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
Summary
AI Advertising Is Happening NOW: What Retailers Must Know Before It’s Too Late
Apr 900:10:41Summary readyThe 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
Summary
Agentic Commerce Isn’t the Threat You Think — Why Retailers Are Playing the Long Game
Apr 800:09:21Summary readyA few months ago, it felt like everyone in retail media was bracing for impact. Agentic commerce, zero-click search, and Gen AI were being treated as existential threats. But lately, I’ve noticed a shift. In this episode, I unpack what I’m hearing behind closed doors and on the ground at Shoptalk. The panic is cooling, and smarter, more strategic conversations are taking its place.I dive into what this transition actually means for retailers right now. Are they behind? Are they ignoring the disruption? Or are they playing a longer, more deliberate game? From Costco’s methodical approach, to Target’s massive AI overhaul, I explore why the real challenge isn’t reacting quickly: it’s building the infrastructure to respond at all. If you want to understand where retail media is truly headed in an AI-driven world, this episode is for you.This episode is sponsored by Mirakl AdsTimeline[00:00] – The 2025 survey that revealed retail media’s biggest fears around Gen AI and zero-click search [00:45] – Why the mood is shifting from panic to practical strategy among retail leaders[01:30] – Costco’s “order of operations” mindset and why patience may be a competitive advantage [03:00] – Why modular tech stacks and data layers are becoming critical for future AI integration [04:45] – Target’s bold move: rewriting 60% of its app to become AI-ready [07:00] – The shift toward focusing on onsite experience instead of chasing external AI trendsLinks & ResourcesEMARKETER/Bain survey from 2025: Retail Media, Unfiltered: What RMNs Told Us About Scaling, Struggling, and SucceedingReplay of my livestream with Mark Williamson (Costco) and Jon Flugstad (MetaRouter): Costco Retail Media & The Commerce Media Tech Stack 2.0Read my related articles:The 3 Ways Agentic Commerce Could Destroy Retail MediaDark Search, Broken Signals, and What Comes Next for Retail MediaThe Secret Hopes & Dreams of RMN LeadersWhile We Debate What's 'Really' Agentic, Retail Media's Foundation Is Already ShiftingSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
Summary
83% of Retail Media Campaigns Are Misleading You (iROAS Exposed)
Apr 700:11:00Summary readyToday 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
Summary
The Retail Media Fermi Paradox: Why Everyone Talks Growth… But Only Amazon & Walmart Win
Apr 600:10:58Summary readyRecently an essay stopped me in my tracks. My friend Drew Cashmore (Chief Strategy Officer at Vantage) wrote a brilliant piece for his Retail Media Leapfrog Series newsletter that draws a surprising parallel between the famous Fermi Paradox and the current state of retail media. And with Drew's permission I'm sharing sections of his essay in today's podcast.The piece delves into a big, uncomfortable question: if retail media is such a massive opportunity, why are so few retailers actually winning? I walk through Drew’s concept of the “Retail Media Fermi Paradox” and unpack the structural challenges (what Drew calls “the great filters”) that are preventing most retailers from scaling. If you’ve ever wondered why the gap between Amazon/Walmart and everyone else keeps widening, this episode will get you thinking.This episode is sponsored by Mirakl AdsTimeline[00:00] – Why I’m featuring Drew Cashmore’s essay and why it’s a must-read [00:39] – The original Fermi Paradox explained and why it matters here [02:15] – Introducing the “Retail Media Fermi Paradox” [03:00] – The shocking concentration: Amazon & Walmart dominate ~90% of spend [04:10] – Great Filter #1: The “tactic trap” and copying Amazon’s playbook [05:32] – Great Filter #2: The retail media “doom loop” and underinvestment [08:19] – Great Filters #3 & #4: Commoditization and fragmented tech stacks [09:30] – Quick preview: how retailers can break through these barriersLinks & ResourcesRead Drew Cashmore's essay: Retail Media Leapfrog Series: The Fermi ParadoxSubscribe to Drew's newsletter: Retail Media Leapfrog SeriesFollow Drew Cashmore, Chief Strategy Officer at Vantage, on LinkedInRead my related articles:The Retail Media Doom LoopRetail Media's Next Challenge: Proving Real Results7 Ways to Break the Retail Media Doom LoopSubscribe to Retail Media Breakfast Club's daily newsletterFollow Kiri Masters on LinkedIn
Summary
Retail Media Measurement Is Broken (Here’s What Brands Actually Want Instead)
Apr 200:11:06Summary readyToday 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
Summary
Why Retailer Magazines Are the Next Big Retail Media Channel (Post-AI Shopping Era)
Apr 100:10:35Summary readyToday I’m revisiting a recent article I penned for The Drum and digging into something that feels almost counterintuitive in a world obsessed with AI and automation: the resurgence of print magazines, catalogs, and direct mail as powerful retail media channels. I share why Gen Z and millennials are actively seeking out physical, tactile experiences, and how that shift is creating a surprising opportunity for retailers and brands to reconnect with shoppers in more meaningful, high-trust environments.I also walk through real-world examples — from Costco to Amazon to retailers in Australia — who are already turning editorial content and print media into high-performing retail media assets. If you’ve been thinking about the future of retail media as purely digital, this episode might challenge that assumption. Because in an AI-driven shopping landscape, the most defensible advantage might just be sitting on your customer’s kitchen counter!This episode is sponsored by Mirakl AdsTimeline[00:00] – Why Gen Z is rediscovering print, vinyl, and physical retail experiences[01:02] – How AI-powered shopping is threatening traditional retail media margins[01:37] – The overlooked opportunity in retailer magazines and print media[02:03] – Costco Connection: scale, trust, and measurable purchase influence[04:15] – Bunnings and building a retail media network around print content[06:19] – Chemist Warehouse and turning content into a full media brand[08:00] – The rise of programmatic direct mail and why it’s outperforming digital[09:32] – Escaping the retail media “doom loop” with editorial strategiesLinks & ResourcesMy original article on The Drum: The humble magazine might be retail media's most defensible surfaceRead my related articles:Dark Search, Broken Signals, and What Comes Next for Retail MediaStanding Room Only: What Shoptalk Attendees Wanted Most Wasn’t on the Main StageWhile We Debate What's 'Really' Agentic, Retail Media's Foundation Is Already ShiftingAtlanta-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
Summary
Why Retail Media Looks So Different in the US vs Europe (And Why You’re Comparing It Wrong)
Mar 3100:12:21Summary readyLast 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
Summary