Today 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 Ads

Timeline

[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 reports

Links & Resources

• My original article on The Drum: 83% of retail media campaigns can be gamed on iROAS. Here’s how
• White paper from Albertsons, Ovative Group, and Northwestern University’s Kellogg School of Management: iROAS Demystified: Understanding Your Brands Incremental ROAS
• Follow Liz Roche, VP @ Albertsons, on LinkedIn
• Follow Derek Nelson, Senior Director of Retail Media Consulting @ Ovative Group, on LinkedIn
• Read my related articles:
  • Why ROAS Refuses To Die
  • Brands 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 Collective
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn

Recently 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 Ads

Timeline

[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 barriers

Links & Resources

• Read Drew Cashmore's essay: Retail Media Leapfrog Series: The Fermi Paradox
• Subscribe to Drew's newsletter: Retail Media Leapfrog Series
• Follow Drew Cashmore, Chief Strategy Officer at Vantage, on LinkedIn
• Read my related articles:
  • The Retail Media Doom Loop
  • Retail Media's Next Challenge: Proving Real Results
  • 7 Ways to Break the Retail Media Doom Loop
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn

Today 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 Ads

Timeline

[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 given

Links & Resources

• Listen to the full Unlocking Retail Media episode: Measurement Science and the Future of Performance with Andrew Covato
• Subscribe to Unlocking Retail Media on Apple Podcasts
• Follow Andrew Covato, Founder & CEO @ Growth By Science, on LinkedIn
• Follow James Avery, Founder & CEO @ Kevel , on LinkedIn
• Read 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 Retailers
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn

Today 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 Ads

Timeline

[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 strategies

Links & Resources

• My original article on The Drum: The humble magazine might be retail media's most defensible surface
• Read my related articles:
  • Dark Search, Broken Signals, and What Comes Next for Retail Media
  • Standing Room Only: What Shoptalk Attendees Wanted Most Wasn’t on the Main Stage
  • While We Debate What's 'Really' Agentic, Retail Media's Foundation Is Already Shifting
• Atlanta-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 newsletter
• Follow Kiri Masters on LinkedIn

Last 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 Ads

Timeline

[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 learn

Links & Resources

• Listen to the full FMCG Guys ep: Adam Smith, Head of Retail Media at Iceland and Kiri Masters
• Subscribe to The FMCG Guys on YouTube and Apple Podcasts
• Follow Adam Smith, Head of Retail Media @ Iceland, on LinkedIn
• Follow Daniel Torres Dwyer, Founder @ Dwyer Partners, on LinkedIn
• Read my related articles:
  • Why US Retail Media Hits Different
  • Agentic Shopping Poses An Existential Threat To Retail Media (Part 2)
  • Why RMNs Keep Their Tech Stacks Secret
• Atlanta-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 newsletter
• Follow Kiri Masters on LinkedIn

At Shoptalk last week, I noticed something that really stuck with me; and it wasn’t happening on the main stage. The sessions that had an overflow of attendees sitting on the floor weren’t the big, flashy keynotes… they were the practical, roll-up-your-sleeves workshops. That tells you everything you need to know about where retail leaders are at right now.

Today I’m breaking down what I heard in the “corridor track”. The real conversations happening between sessions. Why AI-powered discovery is becoming the new battleground, how brands are rethinking where their next dollar goes, and why change management — not technology — is the biggest thing slowing teams down. If you’re trying to figure out what actually matters heading into the next phase of retail media, this one’s for you.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] – Why the most in-demand sessions at Shoptalk weren’t on the main stage

[01:18] – Discovery becomes the new battleground in an AI-compressed digital shelf

[02:45] – The rise of multi-layered product detail pages built for humans, SEO, and AI

[04:00] – Why the “next best dollar” is now a full business decision, not just marketing

[05:00] – Rethinking measurement: patience, strategy, and long-term growth

[06:16] – The real bottleneck: how internal processes are slowing AI adoption

[08:00] – The overlooked surge of social commerce and embedded shopping experiences

Links & Resources

• Watch Rick Watson's live recording of the ShopTalk floor: Shoptalk 2026: What Nobody Said Out Loud About Agentic Commerce
• Read my related articles:
  • The Corridor Track At Shoptalk
  • Retail Media's Next Challenge: Proving Real Results
  • Are AI Ads the Next Big Ad Surface? How Retail Media Can Thrive
• Atlanta-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 newsletter
• Follow Kiri Masters on LinkedIn

I’m coming to you live from Shoptalk 2026 in Las Vegas, and this ep is packed with rapid-fire insights straight from the show floor. I pulled together six of the smartest voices in retail media to break down what’s actually happening right now beyond the buzzwords. From agentic commerce debates to Meta’s push into in-store data, we’re unpacking the trends that could reshape how brands and retailers work together.

We dig into the following: Is AI really going to change how we shop? Why are retailers expanding into offsite media in a more controlled way? And what role does content, especially video, play in the next phase of commerce? If you want a pulse check on where retail media is heading in 2026, this is one you don't want to miss.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] – Live from Shoptalk: rapid-fire industry insights straight from the show floor

[01:00] – The agentic commerce debate: will consumers really hand shopping over to AI?

[02:30] – Meta’s new in-store data play and the shift toward full-funnel performance metrics

[04:45] – Retailers moving offsite: why controlled expansion is the new strategy

[06:45] – Innovation overload: how commerce media is evolving across industries

[07:15] – Why content, not hype, is the key to making agentic commerce actually work

[08:45] – Retail media’s identity shift: from monetization channel to growth driver

Links & Resources

• Follow Kathryn Lundstrom, Commerce and Sustainability Editor @ ADWEEK, on LinkedIn
• Follow Alex R. Arnott, Sr. Director of Retail Media Monetization @ dentsu, on LinkedIn
• Follow Tom Limongello, Host @ The Middlemen Podcast, on LinkedIn
• Follow Saket Mehta, Chief Revenue Officer @ Nift, on LinkedIn
• Follow Leah Logan, Growth Marketing @ Inmar Intellingence, on LinkedIn
• Follow Derek T. Nelson, Sr. Director, Measurement & Retail Media Consulting @ Ovative Group, on LinkedIn
• Read my related articles:
  • Five Ad Servers, Four Takeaways, and One Thread That Tied RampUp Together
  • "We're All Holding Our Breath"
  • ‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really Is
• Atlanta-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 newsletter
• Follow Kiri Masters on LinkedIn

In Part 4 of the Agentic Commerce Expert Series, we dive into one of the biggest emerging questions in retail media right now: what happens when ads enter AI experiences? With OpenAI and other LLM platforms beginning to experiment with advertising, there’s a lot of speculation (and skepticism) about how this will impact user trust, relevance, and ultimately, performance.

I’m once again joined by Amelia Van Camp from Mirakl, and together we unpack what “agentic advertising” really means, why relevancy is about to go into overdrive, and how both retailers and brands can prepare without guessing where formats will land. We also explore how data, intent-based attributes, and orchestration will shape the winners in this next wave of commerce. If you’re wondering how to stay ahead as AI reshapes the ad landscape, this one’s for you!

This episode is sponsored by Mirakl Ads

Timeline

[00:00] – Why AI platforms must monetize and what that means for ads in LLMs
[01:13] – How OpenAI is introducing ads without breaking user trust
[02:00] – “Relevancy on steroids” aka the future of AI-powered ad targeting
[03:30] – Why advertisers, not just platforms, own the responsibility for relevance
[05:37] – Practical steps retailers should take now to prepare for agentic commerce
[08:13] – What “orchestration layer” really means in modern retail media tech
[10:00] – Why brands aren’t powerless and how they can influence AI-driven discovery

Links & Resources

• Check out the complete Agentic Commerce Expert Series:
  • Part 1: Discovery Has Moved Upstream. Here's What That Means for Retailers.
  • Part 2: When the PDP Becomes the Homepage
  • Part 3: Ecommerce Signals Are Shrinking. Why Retailers Must Earn New Ones
• Download Mirakl's agentic commerce white paper: Why marketplaces & dropship platforms win in the agentic commerce era
• Follow Amelia Van Camp, Head of Agentic Commerce at Mirakl, on LinkedIn
• Read my related articles:
  • Why OpenAI's Ad Network Should Concern RMNs
  • ‘Dark Search’ Is Making AI-Facilitated Commerce Look Smaller Than It Really Is
  • While We Debate What's 'Really' Agentic, Retail Media's Foundation Is Already Shifting
• Atlanta-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 newsletter
• Follow Kiri Masters on LinkedIn