Instacart’s advertising business is officially in its third act, and it’s the most ambitious one yet. In this recap of my recent article for The Drum, I break down how Ali Miller, GM of Ads at Instacart, is thinking about the company’s evolution from sponsored products to something much bigger: becoming the infrastructure that powers an entire retail media ecosystem.

I walk through Instacart’s three-act playbook, why its early bets on incrementality and self-serve set it apart, and how platforms like Carrot Ads are quietly reshaping how brands and retailers think about scale, measurement, and simplicity. If you’re feeling the weight of a fragmented retail media landscape, this episode offers a clear lens into where things are heading, and why Instacart may be further ahead than many realize.

This episode is sponsored by Mirakl Ads

Timeline

[00:00] – Why I see Instacart’s ads evolution as a three-act play

[01:56] – How Instacart prioritized incrementality when others focused on attribution

[02:38] – Act Two: expanding into display, video, and objective-based buying

[03:21] – Act Three begins: Carrot Ads and the infrastructure play

[04:04] – “Buy once, activate everywhere”: the brand value proposition

[05:28] – What retailers gain by tapping into Instacart’s national advertiser demand

[07:15] – Fragmentation, slowing growth, and why simplification is the next frontier

Links & Resources

• Instacart’s new ad chief on revving up for a third act, my full article on The Drum
• Follow Ali Miller on LinkedIn
• Read my related articles:
  • Best Buy Wants To Become An Ad Platform, Not Just Another RMN
  • Amazon bets on 'crystal box' transparency in ads product upgrade (The Drum)
• Subscribe to Retail Media Breakfast Club's daily newsletter
• Follow Kiri Masters on LinkedIn