Agentic commerce continues to spark tension across the industry. Today, I’m diving straight into one of the biggest debates: whether Amazon’s refusal to embrace open agent interoperability means agentic shopping is doomed. This conversation was inspired by ad industry analyst Eric Seufert, whose skepticism about agentic commerce I genuinely value. But as I explain, there are several key assumptions baked into his argument I simply don’t buy.

I break down why Amazon’s structural advantages don’t automatically translate to veto power over agentic commerce, why grocery is the actual battleground to watch, why Walmart and other retailers hold more leverage than expected, and how interoperability economics make an agent-driven future increasingly inevitable. Most importantly, I share why retailers shouldn’t play a game of chicken with Amazon.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] Why Eric Seufert’s skepticism about agentic commerce is healthy.
[01:30] Breaking down Amazon’s structural advantages and the Rufus effect.
[03:36] The flaw in assuming agentic commerce requires Amazon’s participation.
[06:30] Why grocery — not general ecommerce — is the true agentic battleground.
[08:30] The signal that Amazon already sees lower-funnel risk ahead.
[10:46] Interoperability economics and why most retailers want agents to thrive.
[12:26] Why Amazon isn’t the only car in the agentic commerce “game of chicken.”

Links & Resources

• Eric Seufert threw down the gauntlet against agentic shopping a couple of months ago in his essay Agentic Commerce is a Mirage
• Recently, Eric revisited one of those arguments on LinkedIn: Amazon as gatekeeper
• Follow Eric Seufert on LinkedIn
• Read my related articles:
  • Unfiltered Thoughts From Unboxed
  • Have Retailers Lost Discovery to AI for Good?
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri on LinkedIn

In this episode of the Retail Media Breakfast Club, I reflect on a recent conversation from the a16z Podcast and the surprisingly relevant lessons that venture capital can teach retail media networks. Listening to Marc Andreessen, Ben Horowitz, and Margit Wennmachers talk about how a16z deliberately broke VC’s long-standing “code of silence” reminded me so much of the paradoxes I saw back when I ran my Amazon agency. In short; everyone wanted transparency, but no one wanted to contribute to it.

Today I'm breaking down five powerful marketing lessons from the world of VC that retail media networks can apply right now to stand out and build real relationships with brands. From redefining who the true customer is, to creating genuinely useful content, to bundling value in ways that go far beyond ad inventory — these highlights completely reframed how I think about RMN differentiation.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] Why clients loved my agency's work but refused to give testimonials (and how this quandary mirrors retail media’s transparency problem)
[01:11] Lesson 1: Redefining who the real customer is (and why retailers struggle with B2B motions)
[03:04] Lesson 2: Creating content that actually serves brand advertisers instead of repeating the same three USPs
[05:39] Lesson 3: Building direct channels instead of relying on trade-press-only PR strategies
[07:36] Lesson 4: The “bundling” model inspired by Hollywood talent agencies (and its RMN equivalent)

Links & Resources

• Watch full a16z episode on YouTube - The Secret Marketing Strategy That Built a16z: From Zero to Legendary VC Firm
• Subscribe to the a16z Podcast
• Read my related articles:
  • Why RMNs Keep Their Tech Stacks Secret
  • How Can RMNs Tap Upper-Funnel Brand Budgets
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri on LinkedIn

In this episode, I expand on my latest column in The Drum, where I unpack new data showing that Amazon now averages 25+ sponsored products per page load—far more than Walmart or Home Depot. Despite fears that ad overload would harm the customer experience, Amazon maintains near-universal ad coverage while keeping relevance high, even on complex long-tail searches. That level of performance is only possible because Amazon invested early in sophisticated ad tech capable of matching ads to intent across every type of query.

I also explore why Amazon’s high-density ad surface still works economically. By expanding formats and inventory, Amazon moderates CPC inflation while still driving huge revenue volumes—something most mid-tier retailers can’t replicate without upgrading their ad tech. For retailers, brands, and agencies, Amazon’s model is both a blueprint and a warning: dense ad monetization only works if relevance, user experience, and supply all scale together.

This episode is sponsored by Mirakl Ads

Timeline

00:00 – Amazon really is a sea of ads!
00:30 – How Amazon’s ad load compares to Walmart and Home Depot
01:35 – Why Amazon’s dense ad surface still works
02:45 – Long-tail queries and why most retailers fail to monetize them
04:00 – The “doom loop” for mid-tier retail media networks
05:10 – Amazon’s Unified Campaign Manager and keeping relevance high
06:45 – The economics of abundant inventory and moderated CPCs
08:15 – What Amazon’s ad saturation means for everyone else

Links & Resources

• Read my full article on The Drum - You're not imagining it: Amazon really is a sea of ads (and it still works)
• Get Pentaleap's H2 2025 Sponsored Products Benchmarks Report
• Read my articles:
  • The Retail Media Doom Loop
  • Best Buy Wants To Become An Ad Platform, Not Just Another RMN
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri on LinkedIn