The CPG Guys Podcast

Live from CES 2026: A Conversation with Khurrum Malik, VP of Business & Product Marketing at Walmart Connect
Date: January 14, 2026
Hosts: Peter V.S. Bond ("pvsp") & Sri Rajagopalan
Guest: Khurrum Malik (Walmart Connect)

Episode Overview

Broadcast live from CES 2026 at the Walmart Connect Studios in Las Vegas, this episode covers the rapid evolution of Walmart Connect’s approach to retail media, the growing role of AI across the marketing stack, and the increasing demands on CMOs to demonstrate value and sales impact in every dollar invested. The hosts delve into Walmart Connect’s expanded solutions, measurement advancements, and plans to serve a broader spectrum of brands, including SMBs, while highlighting the significance of omnichannel presence and in-store assets.

Key Discussion Points & Insights

1. Khurrum’s Expanded Role & Walmart Connect’s Narrative

• Bridging Product and Business Marketing:
  • Khurrum recently took on an expanded role, overseeing both business and product communications at Walmart Connect.
  • The core challenge: Meeting client demands to "make their dollar work harder" amid an industry-wide need to simplify offerings ([03:23]).
  • Quote:
    "Our job is to tell a clear message...and really, we're here to spark sales for our advertisers."
    — Khurrum Malik ([03:23])
• Defining Value for Advertisers:
  • Value means different things: to a national buyer, it's about reach/resonance; to a performance marketer, it's reaction (sales, app installs, etc.)—but it ultimately comes back to sales ([04:43]).
  • Quote:
    "I always think about value as reach, resonance, and reaction, but it always ends up—and it should end up—in sales."
    — Khurrum Malik ([05:04])

2. Evolving Retail Media: Full-Funnel Offerings & Key Misconceptions

• Breaking the Lower-Funnel Stereotype:
  • A major misconception is that retail media only serves lower-funnel, sales-focused needs, not brand-building ([06:47]).
  • Walmart Connect now supports full-funnel campaigns, with brand solutions enabled post-acquisition of Vizio, providing CTV capabilities ([08:43]).
  • Standout Statistic:
    "Our Walmart Connect, CTV, and Vizio buy can provide up to 55% incremental reach when combined with linear buys."
    — Khurrum Malik ([09:16])
  • Walmart Connect’s unique asset: 150 million weekly omnichannel customers and 4,600+ stores ([08:15]).

3. The Role of AI in Retail Media

• AI Everywhere, Not Just in Search:
  • AI is permeating every layer: targeting, optimization, measurement, creative ([11:49]).
  • Example: The "Marty" advertising assistant enables campaign and keyword optimization, especially for SMBs ([11:49]).
  • Early results: "97% of the inquiries coming into Marty are distinct that we haven't seen before...helping us solve advertising problems more efficiently and faster." ([11:49])
• Automated Creative:
  • In-house tools can now generate creative assets, shortening production cycles by 80% ([13:37]).
• Measurement & Efficiency:
  • AI drives both effectiveness and efficiency, tailored to advertiser goals—be that reach, creative, or campaign optimization ([14:28]).
• Quote:
  "AI is something that will impact our scale...it's going to impact our solutions, of course, measurement as well."
  — Khurrum Malik ([13:37])

4. CMO & Agency Pressures Heading Into 2026

• Shrinking Timelines, Higher Scrutiny:
  • Stakeholders (boards, CEOs) are demanding faster and more provable results from marketing and media spend, with less patience ([17:29]).
• Integration & Transparency:
  • CMOs must look for partners who prioritize incremental lift, transparency, and real accountability for sales—moving past "just sizzle." ([18:38])
  • The need for integrated media planning: Stop managing seven disparate teams and move toward outcome-oriented teams. ([23:19])
  • Quote:
    "Work with partners that are willing to stand up for incremental sales lift and impact...and are more staked than just sizzle."
    — Khurrum Malik ([18:38])

5. Leveraging Walmart’s Unique Physical Footprint

• Omnichannel Depth:
  • While Walmart leads in ecommerce penetration (~21.5%), 75% of consumers still shop in-store ([21:22]).
  • Key insight: In-store experiences are digital touchpoints—customers use the Walmart app even while shopping the aisles, blending the physical and digital ([22:08]).
  • Strategic in-store placements introduce new brands, providing advertisers with unique engagement opportunities ([22:08]).
• Quote:
  "I think about it as giving people choice to shop however they want and provide convenience to customers and value to advertisers."
  — Khurrum Malik ([22:43])

6. Navigating Brand and Performance Solutions: Walmart Connect’s Brand Refresh

• Brand & Performance Buckets, Underpinned by Measurement:
  • Walmart Connect’s new narrative simplifies its offering: brand solutions (upper funnel), performance solutions (lower funnel), with measurement as the "spine" connecting both ([27:47]).
  • Khurrum stresses third-party measurement—partnering with Circana, IRI, Ispot—to build trust and credibility ([28:47]).
  • Quote:
    "We want the brand solutions and performance solutions to be accountable for impact."
    — Khurrum Malik ([28:44])

7. Advice for CMOs and the Future of Retail Media

• Incrementality as Watchword:
  • CMOs should demand incrementality—sales or outcomes that would not have existed without a specific media investment.
  • Organize media teams around objectives (e.g., reach, sales), not legacy media channels ([30:56]).
  • Incrementality defined:
    "Sales that you would have not gotten as a result if you had not made this investment."
    — Khurrum Malik ([31:43])
• What’s Next for Walmart Connect:
  • Focus areas for 2026:
    • Expanding video solutions, especially CTV, to become even more "performant" ([32:24]).
    • Empowering SMBs and third-party marketplace sellers with more efficient self-serve and agentic (AI) tools ([32:24]).
• Hint for the Future:
  • "You’ll certainly see more with video...serving SMBs with more energetic experiences"
    — Khurrum Malik ([32:24])

Notable Quotes & Memorable Moments

• Walmart Connect as Full-Funnel Network:
  • "We pride ourselves in sparking sales for our clients. We've got the scale, but we have a full stack of solutions." ([10:01])
• On Measurement-Driven Creative:
  • "Clients are coming to [agencies] and saying you must be able to tell us how you measure the value of the creative. How will you atomize the creative for different media touch points and THEN you can come with the idea." ([25:36])
• Hosts on Retail Media Evolution:
  • "Retail media has evolved to become media at this point...today it's deep, true full-funnel."
    — Sri Rajagopalan ([19:20])

Important Timestamps

• [03:23] – Khurrum on Walmart Connect's evolving narrative and value definition
• [06:53] – Breaking retail media stereotypes: moving beyond lower-funnel
• [09:16] – Statistic: Walmart Connect + Vizio delivers 55% incremental reach
• [11:49] – AI’s full-stack impact & the Marty advertiser assistant
• [13:37] – Automated creative generator: 80% reduction in display time
• [17:29] – CMOs and the accelerating pressure for media impact
• [22:08] – In-store experience as a digital touchpoint
• [27:47] – The two-bucket brand refresh: brand & performance, connected by measurement
• [31:43] – Definition of incrementality
• [32:24] – Future roadmap: video and SMB-focused innovations

Conclusion

This dynamic CES 2026 episode spotlights Walmart Connect’s ongoing transformation into a robust, integrated media platform balancing physical and digital at scale. The conversation emphasizes the premium on measurable incrementality, the democratizing force of AI for advertisers large and small, and Walmart’s commitment to transparency and partnership for the next era of retail media. As retail, tech, and media continue to converge, Walmart Connect positions itself as both a sales engine and a brand builder—everywhere the customer shops.

Coming up: The CPG Guys will reconnect with Khurrum Malik for a progress check at Cannes later in 2026.