Mm

... media teams that are looking at, um, efficiency or, um, being able to drive awareness.

You have merchants that care obviously about product movement.

You have the retail media network that obviously cares about investment and growing revenue and profit.

And none of the...

One of the important things is that we're not saying that I think that any of this is wrong.

It's just that it's, um, it's a feature that we have not really accounted for in the way that we evaluate success of a campaign and the way in which we think about how we should be communicating across these different stakeholders.

Uh, what do you do to stay agile in your role, and how do you find a way to do it consistently?

Do agencies even have a role in all of this?

I think there's an even bigger, if we take one or two steps back, a bigger macro question we need to answer, which is like, what is the role of agencies in a more AI-driven, agentic world? Not to say that they're going to go away, but as all of this is happening in our world of retail, there's also the big AI question as well, whether we're talking about consumer-facing agent of commerce, or how AI is going to be woven into retail media campaigns, or maybe even how retailers are going to employ AI to do more of their enterprise operations when it comes to IT or supply chain or whatever.

All of those things have really fundamental impacts on this category.

And I think especially so when it comes to agencies.

Like, look, the retailers have been going to market Yes, with agencies as a primary target audience of theirs because they control so much of the budget.

But the retailers have really direct relationships with their suppliers, with the brands.

And there's potentially an opportunity for retailers to kind of say, you know what? In a more agentic driven world, I can totally see some of these retailers being like, do you really need your agency? Like, can't you just do all this with AI and us? Again, I'm not saying that agencies are going away, but I do think, again, from the more macro scene, there are real questions that probably brands are going to have to answer around how many agencies do we have? Who owns what? Do we still keep a shopper, a boutique shopper agency? And then we have a regular media agency over here.

and pull together but I think that is going to be the switch that shows people everyone needs to do this if if we can get it right with kind of like a few networks from that side

So within that mindset, and given everything you've just said, where do you see the maturity specifically of in-store retail media right now?

Yeah.

The potential of in-store is really, really high.

And that's what everyone's focused on.

Like the opportunity is super obvious.

You have 80 plus percent of retail purchases still in a physical brick and mortar.

In some categories like grocery, it's even higher than that.

Are you seeing some of that where it's almost just like people run into a wall, almost literally a wall, right? Like the mindset shift that needs to happen.