Advertising industry body the ISBA has launched a ‘Responsible Retail Media Framework’ to drive standardisation across definitions, data availability, attribution and transparency.
The framework will primarily be concerned with providing the emerging retail media industry with a responsible blueprint for development and is the result of a year-long industry-wide collaboration of brands, retailers and their tech and consultancy partners.
The fragmented nature of the retail media landscape has thus far prevented the medium from reaching its full potential, with the framework set to address consistent issues and concerns around measurement and effectiveness.
Developed in partnership with Omnicom Media Group’s (OMG) eCommerce division Transact, the body’s Framework will act as a working guide for all parties, regardless of their stage of journey towards a full retail media offer, or individual tech deployment.
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“The promise of the retail media landscape is welcomed by brands, widening the opportunities for privacy-first marketing opportunities for brand penetration as well as being able to reach customers at the point of sale. But its rapid growth has been slowed due to the fragmentation and lack of standardisation in the channel,” ISBA director general, Phil Smith said.
“Marketers need to properly understand the effectiveness of their media investments in all channels and our members are keen to begin scaling in retail media. ISBA is thrilled to have worked with OMG Transact and a collaboration of key stakeholders to provide a framework that seeks to make the retail media offering work better for everyone.”
OMG Transact’s sector expertise will enable it to to simplify the brands’ ask for standards that define impressions, data availability and transparent attribution.
The Framework’s first phase, which will be UK-centric, will address digital inventory and reflect the UK GDPR principles governing the acquisition, use, management and sharing of consumer data.
OMG Transact head of product, Jessica Doulton added: “As retail media continues to expand at an unprecedented pace, OMG is thrilled to join forces with ISBA in unveiling the Responsible Retail Media Framework. This initiative marks a pivotal step towards establishing a more unified and transparent landscape for retail media in the UK. It is a further example of OMG’s commitment to assign standards and accountability to the biggest areas of growth in media, and is aligned to the guidance of OMG’s Council on Accountability and Standards in Advertising.
“Developed in close collaboration with brand advertisers and leading retailers, the Framework tackles key challenges arising from a fragmented marketplace and paves the way to fully harness the power of retail media.”
