AI shopping agents are starting to change how people discover products, compare prices, and actually make purchases. But as these agents take on more of the shopping journey, there’s a much bigger question we need to be asking: who’s going to pay for them, and will they still be working in the shopper’s best interest when they do?

In this episode, I’m sharing some of my favorite moments from Jason Goldberg and Scot Wingo’s discussion on The Jason & Scot Show, including a fascinating story about how Walmart approached AI adoption, why Amazon is building its own shopping agent ecosystem, and what happens when AI agents start handling the actual execution of a purchase. I also share details about my new podcast/newsletter AdGentic, dig into why advertising could ultimately become the business model behind personal AI agents, and what that means for retail media, brands, and consumer trust.

This episode is sponsored by GrowthLoop

Timeline

[01:00] – The Walmart AI Wake-Up Call: How a conversation with former Walmart CEO Doug McMillon illustrates why AI adoption has to start at the top.

[03:23] – Why Amazon Is Building Its Own AI Shopping Ecosystem: Could AI agents become another shopping and media surface for Amazon to dominate?

[05:05] – What Actually Counts as Agentic Commerce? Scot Wingo’s broader definition of agentic commerce goes beyond autonomous shopping to include any AI-assisted part of the purchase journey.

[06:11] – The Shift From AI Discovery to AI Checkout: Why shoppers handing over price comparisons, shipping research, and checkout to AI agents could disrupt retail media in unexpected ways.

[08:50] – Who Pays for AI Shopping Agents? Jason Goldberg and Scot Wingo explore monetization, affiliate commissions, subscriptions, and the challenge of keeping agents on the shopper’s side.

[11:34] – Will Advertising Fund the Future of AI Agents? Why I think ads could become the dominant business model for personal AI agents — and what we should be asking about relevance, transparency, and trust.

[14:55] – Is Shopping Fun or Just a Chore? Why shoppers may want to keep the enjoyable parts of shopping while handing over the tedious work to AI agents.

Links & Resources

• Listen to the full episode of The Jason & Scot Show, Episode 352 - Is Agentic Commerce a Mirage?
• Subscribe to The Jason & Scot Show on Apple Podcasts
• Check out my new project AdGentic! Ensh*ttification is Coming to Personal AI Agents is live as a newsletter and on YouTube
• Read my related articles:
  • Not All Shopping Is Fun
  • When the PDP Becomes the Homepage
  • Discovery Has Moved Upstream. Here's What That Means for Retailers.
• Check out Basket Case, a project I’m part of with The Drum and QSIC, an irreverent and lively podcast series where we talk shop.
• 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

Retail media has spent the last few years chasing growth through connected TV, influencer partnerships, social commerce, and in-store screens. But new research from eMarketer and Bain & Company suggests retail media network leaders are shifting their focus back to onsite advertising, where retailers have more control, higher margins, and a more established path to advertiser budgets. In this episode, an expansion on my recent article for The Drum, I explore why offsite retail media has been harder to scale than expected, what advertiser demand tells us about the industry's biggest growth opportunities, and why proving incremental revenue remains a challenge.

I also look at the growing threat of AI shopping agents that could bypass retailer websites and disrupt traditional sponsored product ads. Is returning to onsite advertising a smart strategic move, or are retail media networks sacrificing future growth for easier wins today? Drawing on insights from eMarketer's Sarah Marzano and perspectives from the retail media community, I unpack the trade-offs facing retail media leaders and what it will take to unlock the next phase of growth.

This episode is sponsored by GrowthLoop

Timeline

[00:00] - Why retail media is moving back toward its roots, with onsite advertising emerging as a leading growth opportunity.

[02:35] - Sarah Marzano explains why retailers have more control, fewer third parties, and higher margins with onsite ads.

[04:11] - Why offsite retail media is harder to sell, including the challenge of reaching brand budgets beyond ecommerce and sales teams.

[06:22] - The disconnect between retail media's promised growth and advertiser demand for social and in-store placements.

[08:21] - The retail media doom loop: declining confidence in incremental revenue, talent shortages, and underfunded technology.

[11:33] - How AI shopping agents could bypass retailer websites and put traditional sponsored product ads at risk.

[13:20] - The debate over whether returning to onsite is a sensible strategy or whether offsite is essential for the next wave of growth.

Links & Resources

• A version of this piece was first published to my column at The Drum on October 12, 2026, as Should retail media get back to what it does best?
• Follow Sarah Marzano, Retail & Commerce Media at EMARKETER, on LinkedIn
• Read my related articles:
  • Best Buy Ads’ showcase moves on from the sponsored product ad (The Drum)
  • Why OpenAI’s ad announcement should worry retail media networks (The Drum)
  • The Retail Media Doom Loop: 2026 Edition
  • Retailers, here’s how your media network can still thrive in an AI-shopping era (The Drum)
  • The AI assistant is the next ad surface. Only one retailer has actually built it (The Drum)
• 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