Retail Media Breakfast Club

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

In August 2025 I broke down why so many retail media networks keep their ad tech stacks hidden. And to be honest, the reasons weren’t exactly flattering. But what happens when a major retailer does the exact opposite? In today's episode, I share highlights from my recent livestream with Mark Williamson, AVP of Retail Media at Costco, and Jon Flugstad, Chief Business Officer at MetaRouter, and unpack a bold move from Costco that’s turning heads across the industry: full transparency.
We dive into what really happened when Costco revealed its entire tech stack, why that matters for brands and agencies, and whether transparency is actually influencing ad spend, or simply generating buzz. Plus, I explore what this could mean for the future of retail media.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Why retail media networks hide their tech stacks (and the 5 real reasons behind it)
[00:24] – Survey results: 88% of brands say tech transparency impacts spend
[00:30] – Costco reveals its full tech stack live on stage — why it shocked the industry
[01:44] – What “transparency” actually means to advertisers beyond just reporting
[02:43] – Costco’s philosophy: winning trust through honesty (even with imperfections)
[03:15] – How Costco uses its tech stack to justify capabilities and limitations
[04:04] – The strict data principles guiding Costco’s retail media strategy
[07:21] – Is transparency driving real ad dollars or just curiosity?

Links & Resources
Full replay of my livestream with Mark Williamson (Costco) and Jon Flugstad (MetaRouter): Costco Retail Media & The Commerce Media Tech Stack 2.0
Follow Mark Williamson, AVP of Retail Media at Costco on LinkedIn
Follow Jon Flugstad, Chief Business Officer at MetaRouter on LinkedIn
Read my related articles:Why RMNs Keep Their Tech Stacks Secret
Costco Is The First US RMN To Reveal Its Entire Tech Stack
‘Retail Media has a PR problem’ Says CVS Media Exchange's Parbs Dhariwal

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

Today I’m digging into a refreshingly honest and frankly rare take from Parbinder Dhariwal, VP, General Manager at CVS Media Exchange (CMX). Instead of the usual hype around retail media growth, he’s calling out what the industry is getting wrong… and why that could slow everything down if we don’t fix it.
By analysing audio clips with Parbs on The CPG Guys, Beyond The Shelf, and Floor 9 (links to the full episodes below), I break down why retail media may have a credibility problem, from forced ad spend to murky measurement, and what needs to change if we want to unlock bigger brand budgets. I also explore why transparency, standardized metrics, and true closed-loop attribution are becoming non-negotiable, and how CMX is positioning itself to lead in that shift.

This episode is sponsored by Mirakl Ads

Timeline
[00:21] – The bold claim: retail media has a PR problem (and why that matters)
[01:06] – Why proving ROI is critical to sustaining retail media growth
[01:31] – The transparency gap: modeling vs. real performance data
[02:15] – Rising skepticism from brands and the “money grab” perception
[03:07] – The real opportunity: unlocking national brand (CMO) budgets
[05:25] – Why transparency is a core pillar of CVS Media Exchange’s strategy
[07:00] – Slowing growth and the future: accountability as a competitive advantage

Links & Resources
Parbs on The CPG Guys: Harnessing The Power of The Everyday Purchase with CVS Media Exchange's Parbinder Dhariwal
Parbs on Beyond The Shelf: Bringing Joy to Your Business with CVS Media Exchange's Parbinder Dhariwal
Parbs on Floor 9: The Evolution of Retail Media Networks (Ft. Parbinder Dariwhal from CVS Media Exchange)
Follow Parbinder Dhariwal, VP, General Manager at CVS Media Exchange (CMX), on LinkedIn
Subscribe to The CPG Guys
Subscribe to Beyond The Shelf
Subscribe to Floor 9
Read my related articles:CVS Media Exchange’s Parbinder Dhariwal gets candid about retail media’s credibility gap (The Drum)
Inside Mars's Retail Media Investment Matrix
Retail Media's Next Challenge: Proving Real Results

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

Today I’m breaking down a jaw-dropping development from Google that could fundamentally reshape how we think about paid traffic, brand control, and the role of landing pages in e-commerce. After reading a standout piece from Jo Lambadjieva's AI for Ecommerce and Amazon Sellers newsletter (link to Jo's article below), I knew I had to share it with you. Because if this plays out, it changes everything.
I walk through Google’s newly granted patent that allows AI to replace your carefully crafted landing pages with its own personalized versions: built in real time and inserted directly into your paid ads. What does that mean for your brand, your attribution, and your ad spend? Are we heading toward a future where Google owns the entire commerce funnel? Let’s unpack the implications and what you should be doing now to stay ahead.

This episode is sponsored by Mirakl Ads

Timeline
[01:01] – Breaking down Google’s new patent and what it actually allows them to do
[02:00] – The shocking reality: you pay for the click, but Google controls the landing page
[03:07] – Why this impacts far more brands than just “bad” landing page experiences
[04:00] – Inside the AI engine: how Google dynamically builds personalized pages for users
[05:30] – The big risks: loss of brand control, murky attribution, and paying for someone else’s page
[07:16] – How this fits into Google’s broader AI commerce ecosystem (Gemini, AI Overviews, and more)
[09:30] – What e-commerce operators should do now to future-proof their business

Links & Resources
Read the full article: Google Just Patented the Right to Replace Your Landing Page.
Subscribe to Jo's newsletter: AI for Ecommerce and Amazon Sellers
Follow Jo Lambadjieva on LinkedIn
Read my related articles:When the PDP Becomes the Homepage
Ecommerce Signals Are Shrinking. Why Retailers Must Earn New Ones
Retail Media 3.0

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

Today I dig into a major shift happening in retail media: the signals we’ve relied on for years are starting to disappear. As discovery moves upstream into AI and LLM-driven experiences, the traditional browsing journey is shrinking, and with it, the data retailers depend on. So what does that mean for the future of retail media?
In Part 3 of this Agentic Commerce Expert Series I’m joined by Amelia Van Camp from Mirakl, and we unpack why so many AI shopping assistants are falling short, what retailers are getting wrong in the race to adopt new tech, and how to design experiences that actually earn customer engagement. We also explore the growing importance of product truth, trust, and why both retailers and brands need to rethink how they show up in this new ecosystem.

This episode is sponsored by Mirakl Ads

Timeline
[00:00] – Why shrinking customer journeys mean shrinking retail media signals
[00:55] – The real reason AI shopping assistants are failing (even when the tech works)
[02:00] – Why having a clear strategy matters more than rushing to launch
[02:45] – The “eyes bigger than stomach” problem with overbuilt retail experiences
[03:30] – How retailers can use existing customer data instead of starting from scratch
[05:00] – The rising importance of product truth, trust, and accurate information
[06:30] – How poor customer experiences can hurt AI-driven discoverability and rankings
[07:45] – Why retailers must design moments that earn engagement

Links & Resources
Part 1 of this series: Discovery Has Moved Upstream. Here's What That Means for Retailers.
Part 2 of this series: When the PDP Becomes the Homepage
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