Inside Walmart Connect: From Retail Media to Full-Funnel Performance with Khurrum Malik

Jan 6, 2026

Khurrum Malik, VP of Business and Product Marketing at Walmart Connect, dives into the evolution of retail media's landscape. Discover how Walmart Connect is reshaping advertising with a focus on incremental sales impact, moving beyond traditional search strategies. He unveils the exciting 'couch to cart' connection enabled by Vizio's CTV and emphasizes the importance of new measurement standards like incrementality. Khurrum also teases AI-driven tools and benchmarks that position Walmart Connect as a leader in the retail media space.

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ANECDOTE

Why Khurrum Joined Walmart Connect

Khurrum joined Walmart Connect attracted by a 1‑to‑10 growth opportunity and a culture balancing humility with a 'white hot desire to win.'
He valued Bentonville ties and the chance to build beyond existing retail media capabilities.

INSIGHT

Full‑Stack Retail Media Focused On Sales

Walmart Connect is a full‑stack retail media platform built to spark sales across search, display, video, CTV, onsite and offsite channels.
Khurrum Malik emphasizes scale (150M weekly shoppers, 4,600 stores) plus closed‑loop signals as the core advantage.

INSIGHT

From Capture To Creation Of Demand

Search and PLAs remain the DNA, but Walmart Connect is aggressively expanding into brand and video to 'create demand' not just capture it.
Measurement and incrementality are being elevated to validate that brand and performance efforts drive lift.

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Walmart Connect has quickly evolved from a search-driven retail media platform into a full-funnel advertising powerhouse. In this episode, Ari Paparo sits down with Khurrum Malik, VP of Business and Product Marketing at Walmart Connect, to unpack how Walmart is combining on-site search, off-site media, CTV via Vizio, and closed-loop measurement to spark real sales impact.

Khurrum shares why he joined Walmart Connect, how “couch to cart” is becoming a reality, what performance TV means for emerging advertisers, and why incrementality is the new gold standard for retail media. The conversation also previews Walmart Connect’s CES announcements, including AI-driven ad tools, search incrementality GA, and new third-party benchmarks that position Walmart Connect against digital and social media.

Takeaways

Walmart Connect is a multi-billion-dollar retail media business growing 30%+ by focusing on sales impact, not just media delivery
Search and PLAs remain the core, but Walmart Connect is expanding aggressively into brand, video, CTV, and off-site media
Vizio enables true “couch to cart” activation by connecting CTV exposure directly to Walmart sales outcomes
Incrementality and IROAS are becoming the measurement bar for retail media, not just attribution
Walmart’s omni-channel footprint of 4,600+ stores and 150M weekly shoppers is a core competitive advantage
CES announcements highlight AI-powered tools, search incrementality GA, and third-party benchmarks that outperform digital and social media norms

Chapters

00:00 Welcome & Introduction

00:38 Why Khurrum Joined Walmart Connect

02:18 What Is Walmart Connect Today

03:57 Beyond PLAs and Search

05:03 Scale, Brand, and Performance

06:33 Measurement and Incrementality

06:47 Vizio and “Couch to Cart”

09:30 Performance TV for Emerging Advertisers

11:09 Third-Party Measurement & Trust

13:50 CES Preview

17:10 Lightning Round

19:31 Wrap-Up

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