Retail Media Breakfast Club

Today I'm sharing highlights from a lively panel discussion I joined at Cannes, hosted by The CPG Guys and sponsored by Sensor Tower. Alongside fellow retail media analysts Andrew Lipsman, Sarah Marzano and Debbie Aho Williamson, we unpacked some of the industry's biggest debates: from what's really holding retail media networks back to where the next wave of growth is likely to come from.
We didn't agree on everything — and that's exactly what made the conversation so valuable! We explored the future of marketplaces, the opportunities for retailers beyond Amazon and Walmart, and whether AI is already driving more commerce than current analytics can actually measure. If you're trying to separate the hype from reality in retail media, this episode is packed with ideas that will challenge your thinking.

This episode is sponsored by GrowthLoop
Timeline
[00:00] Why I wanted to share this Cannes panel discussion — and why healthy disagreements make the retail media industry stronger.
[01:42] My perspective on the "internal demons" of retail media networks and why organizational structure determines what an RMN can become.
[03:00] Sarah Marzano explains why long-tail retail media networks need a different playbook (and why physical stores may become their biggest media advantage).
[04:08] Andrew Lipsman makes the case for marketplaces as one of the biggest drivers of retail media growth.
[05:15] Debbie Aho Williamson shares surprising data on retailer advertising inside ChatGPT and why Best Buy stood out.
[08:09] We debate whether AI-driven shopping traffic is being dramatically undercounted, and why measuring AI referrals may be much harder than it appears.

Links & Resources
Watch the full CPG Guys episode of this Cannes 2026 panel event
Subscribe to The CPG Guys on Apple Podcasts and YouTube
Check out Sensor Tower's retail media insghts offering here
Follow Sarah Marzano, Retail & Commerce Media at EMARKETER, on LinkedIn
Follow Andrew Lipsman, Analyst at Media, Ads + Commerce, on LinkedIn
Follow Debra Aho Williamson, Analyst at Sonata Insights, on LinkedIn
Follow Ian Simpson, SVP, Innovation & Strategy at Sensor Tower, on LinkedIn
Read my related articles:The Demons Inside Retail Media, Part 3: SHORTCUTS
‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really Is
11% of Shoppers Using AI Think They Bought Something Inside an AI App. They Probably Didn't.

I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

This 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 GrowthLoop
Timeline
00:00 – Why one surprising AI shopping statistic immediately caught my attention
01:26 – The "misunderheard" consumer: why 11% believe they've already shopped through AI
02:18 – What social commerce teaches us about consumer perception versus actual transactions
04:49 – Why consumers believing they shopped with AI may be more important than whether they actually did
06:45 – The missing ingredient for AI commerce: personalization, memory, and shopping context
09:30 – Why marketplaces and order history could determine who wins the AI shopping race
10:46 – A preview of my own experiment using Amazon purchase history inside an LLM

Links & Resources
Listen to the full Watson Weekly episode: 88% Have Deployed AI. 6% Can Prove It Worked
Subscribe to Watson Weekly on Apple Podcasts
Follow Rick Watson, Founder, RMW Commerce, on LinkedIn
Follow Holden Bale, Global Chief Strategy Officer at Merkle, on LinkedIn
Read my related articles:ChatGPT Ads Are Here. I'm Not Panicking.
AI-Enabled Shopping Hits 74% Adoption
Maybe 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 week
I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

I 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 GrowthLoop
Timeline
[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 & Resources
Listen to my appearance on Wendy Liebmann's podcast Future Shop
Subscribe to Future Shop on Spotify
Follow Wendy Liebmann, CEO at WSL Strategic Retail, on LinkedIn
For a great recap of Amazon's earnings results and this mechanism, check out the most recent episode of the Jason + Scot Show podcast
Kroger Precision Marketing launched new AI assistant ad units just last week
Read my related articles:ChatGPT Ads Are Here. I'm Not Panicking.
AI-Enabled Shopping Hits 74% Adoption
Maybe 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 week
I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

What 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 GrowthLoop
Timeline
[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 & Resources
My original article for The Drum: The retail media lesson inside Dick’s World Cup push
PR Newswire: DICK'S and adidas Celebrate FIFA World Cup 2026™ with Star-Studded "Where It All Kicks Off" Campaign
Read 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 week
I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn

After 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 GrowthLoop
Timeline
[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 & Resources
My personal essay about relocating back to Perth
A huge thank you to the new sponsor for this season, GrowthLoop! GrowthLoop first came on my radar as a named tech provider of Costco Velocity in early 2026. I'm excited to continue collaborating with a company who's making big waves in the RMN space! Learn more about GrowthLoop
My Media Diet
Basket Case! This is a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series talking shop. They also feature some of those silly videos I mentioned. The latest episode dropped last week
I'm sharing comedy skits on Instagram about retail media! Follow along: @retailmediabreakfastclub
Subscribe to Retail Media Breakfast Club's daily newsletter
Follow Kiri Masters on LinkedIn
The Books
When 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.