Increased measurement standards continue to be the predominant conversation among retail media stakeholders. We saw the issue take center stage at IAB’s Connected Commerce Summit, and it was once again a hot topic when we visited Las Vegas for Groceryshop 2023.
As calls grow for more consistent standards in retail media, Threefold has been clear in our support for greater standardisation and transparency in measurement. We believe that transparency and quality data reporting makes for the strongest retail media.
Sean Crawford, managing director of North America at Threefold, was recently published in The Grocer, where he outlined just how more consistent measurement standards can usher in the next era of retail media, especially as they pertain to an omnichannel approach.
Key takeaways
Retail Media is growing globally: The Interactive Advertising Bureau (IAB) predicts retail media will overtake traditional linear TV by 2026, when spend in the category reaches €25 billion.
To sustain this growth, the industry must constantly find ways to improve and address pain points for its stakeholders. Key to that is reimagining the relationship between retailer and brand.
With good data, retailers and their media networks can repeat successful strategies, driving long-term incremental advertising income for the retailer and sales for the brand.
Much of the conversation to date has focused on the need for more digital standards, especially in the US, which has only just begun considering the store as the next frontier of retail media.
There is plenty of room to adjust and standardise how digital retail media is measured between retailers, but the fact is, around 80% of shoppers still purchase at bricks & mortar.
True, effective and impactful retail media is omnichannel. As such, the approach to standardisation across retail media should be multifaceted, addressing standards online and in stores.
Read the entire article at The Grocer.
Don't forget
Retail Media Summit UK, our joint effort with the Path to Purchase Institute, is fast approaching on Oct. 11 at Shoreditch Studios in London. We're so excited to bring this first-of-its-kind event to the UK.
We're teaming up with our friends at UNFI for a discussion on how CPG brands can use retail media to reach shoppers at independent retailers in the next age of retail media. The discussion will occur on Nov. 8 at P2PI LIVE & Expo in St. Louis, Missouri.
