Albertsons Media Collective, the retail media arm for Albertsons Companies, yesterday came out with what it called “a preliminary framework to standardize specifications, methodologies, terminology and disclosures across retail media networks.”
The white paper suggests that “as retail media continues to proliferate, advertisers and agencies must dedicate significant resources to producing varying ad formats, as well as transact, measure and integrate insights from each platform. This has led to advertisers experiencing difficulties in cross-platform comparison, limited transparency and inconsistent reporting.
“The first version of the framework introduced by Albertsons Media Collective concentrates on four areas: product characteristics, performance measurement, third-party verification and capabilities. The framework will be finalized after pressure-testing industry-wide priorities and ensuring executional feasibility. Guided by an advisory group, this framework will also expand and evolve further to support key initiatives by the IAB.”
In a prepared statement, Kristi Argyilan, SVP of Retail Media for Albertsons Companies, said, “While retail media is booming, the lack of standardization has produced an unnecessarily complex, inefficient and costly ecosystem. For retail media to achieve its full promise, we must tackle the issue of standardization head on. To ensure the survival of this industry, we must come together toward a greater goal. We believe this framework will serve as a starting point for creating a unified approach to retail media standardization. Setting a new gold standard is the first stepping stone to revolutionizing how advertisers, agencies and retail media networks work together.”
KC’s View:
This is a conversation that has to take place, and a framework that has to be developed. If retail media networks are to be successful in stealing away ad dollars from traditional platforms, they’re going to have to find ways to make life easier for advertisers in as many ways as possible.
However, I continue to worry about retail media networks creating more noise than light, and being designed to generate revenue streams as opposed to solving shopper problems.
The post Albertsons Pushes Standardized Framework For Retail Media Networks appeared first on MNB.
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