Encouraging Industry Leaders to Come Together to Drive Change, Albertsons Media Collective Hosts Critical Standardization Conversation at Cannes Lions
Albertsons Media Collective, the retail media arm for Albertsons Companies, Inc. (NYSE:ACI), today is sharing a preliminary framework to standardize specifications, methodologies, terminology and disclosures across retail media networks, which is available in a new whitepaper. At Cannes Lions, Albertsons Media Collective is hosting a critical discussion on the topic – Transforming Retail Media Through Standardization – alongside leaders from Omnicom Media Group, Pinterest and R3.
“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,” said Kristi Argyilan, SVP of Retail Media for Albertsons Companies. “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.”
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.
“At Unilever, we are supportive of this workstream as we believe it’s essential for the industry to come together to tackle standardization when it comes to attribution, measurement, frequency of reporting and transparency. We continue to be an advocate for industry wide solutions,” said Aaron Sobol, Head of US Media Investment and Partnerships, Unilever.
According to eMarketer estimates, retail media networks are slated to bring in $106 billion in U.S. ad spending by 2027 – more than double the $45 billion expected in 2023.
“Omnicom Media Group shares Albertsons Media Collective’s commitment to assuring advertisers can have confidence in their retail media investments, and their belief that confidence can best be achieved through standardization,” said Ben Hovaness, SVP, Marketplace Intelligence, Omnicom Media Group. “That’s why OMG created the Council on Accountability and Standards in Advertising (CASA), and why we stand with The Collective as active advocates for assuring clarity, safety and transparency in this rapidly growing investment channel.”
In addition to benefiting stakeholders across the retail media value chain, standardization will also help improve the consumer shopping journey. Personalized ads on retail media networks, based on consumer opt-in data, help shoppers quickly find products that align with their needs and desires. In turn, those shoppers save time while also discovering new products.
The Retail Media Standardization effort is open to industry stakeholders to join this initiative. For more information, please email firstname.lastname@example.org.
About Albertsons Media Collective
Albertsons Media Collective is a next-generation retail media network rooted in connections, technology and innovation. As the retail media arm for Albertsons Companies, one of the largest food and drug retailers in the United States, we connect with consumers in more than 2,200 locations across 34 states and the District of Columbia. Through a companywide focus on innovation, we partner with leading brands to help them engage shoppers when and where it matters most, with the power of sophisticated first-party data. From innovative delivery platforms to highly targeted marketing solutions, we offer our clients a variety of programs designed to drive retail sales and maximize brand impact to best serve our customers.