IAB Europe has published the final version of the Retail Media Measurement Standards for Europe to provide media buyers with a framework for consistent metrics to compare their retail media investment.
The Standards have been finalised following a public comment period between February and March 2024, where a wide range of industry stakeholders from across Europe provided feedback and insights to shape the final version.
The market for Retail Media is rapidly growing. In tandem, the clamour for measurement standards as the market matures is also growing with retailers, suppliers and agencies wanting greater consistency and standards.
The various IAB offices around the world have led the charge on standards and have been hard at work creating various standard for online, offline and in-store Retail Media.
As Jessica Wegner, vice president new business & retail media at DOUGLAS Marketing Solutions pointed out at its launch: “Moving beyond traditional KPIs like ROAS or CPC, the focus on standardisation, particularly in media and attribution measurement, holds the key to unlocking its true efficiency.”
The IAB EU Retail Media Measurement Standards cover the following areas:
- Primary Media Metrics (including viewability, IVT) to ensure digital retail media ads adhere to the same standards as other digital ads
- Attribution Metrics to ensure that brands are able to compare their advertising investments using a standard lookback window and iROAS definition
- Additional Retail Media Insights to further elevate the unique insights that retail media networks can provide such as ‘New to Brand’.
Commenting on the need to equip retail media stakeholders with standards to help drive investment and market sophistication, Jason Wescott, Chair of IAB Europe’s Retail Media Committee, and Global Head of Commerce Solutions at GroupM said: “IAB Europe’s Q3 2023 Retail Media Standards Survey revealed a significant hurdle to investment: over two-thirds of respondents cited the absence of standards. In response, we convened fifteen top regional retail media firms in January 2024 to pioneer IAB Europe’s inaugural Digital Retail Media Standards. This initiative addresses the intricate landscape of onsite, offsite, and digital in-store media, alongside e-commerce and omnichannel commerce metrics. With diverse offerings from numerous retail media owners, achieving unity is paramount. The Retail Media Standards project is a cornerstone of our 2024 agenda, and this launching version marks a substantial stride toward harmonising and streamlining the region’s industry for advertisers.”
The IAB in the US is announcing the framework for in-store measurement during May 2024 and it is likely that other IAB offices around the world will take their cues from the US. Look out for more on InternetRetailing’s Retail Media Networks site in the coming weeks.
Retail Media Networks are the focus of a brand new RetailX Events conference this June.
MediaX explores the experiences of well-established retailers in this space to new entrants and the agencies who are helping make things tick. For the full list of speakers, agenda and to register – click here.
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