IAB Europe has published the final version of a set of Retail Measurement Standards, which act as a framework of metrics allowing brands to properly compare the impact of retail media investment.
It follows on from an IAB survey which found that 70% of buyers noted the lack of standards for retail investment.
The new guidelines were developed in partnership with 15 retail media firms, following a public comment period during which stakeholder brands and agencies provided insights and feedback around what was needed.
The guidelines include primary media metrics such as viewability and ensuring retail media adverts adhere to similar standards to other adverts.
They also set out additional retail media insights and attribution measurements to ensure that ads compare their metrics across a similar time period or lookback window.
Group M head of commerce solutions and IAB retail media chair Jason Westcott said the initiative – which addresses onsite, offsite, and digital in-store media, alongside omnichannel and e-commerce metrics – “marks a substantial stride towards harmonising and streamlining the region’s industry for advertisers”.
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Key definitions were also set out for ‘new to category’, ‘new to brand’ and repeat shoppers, across specified time periods – such as 6 weeks for regularly purchased items like milk, 26 weeks for semi-regular purchases like mascara and 12 months for infrequent purchases like vacuum cleaners an winter coats.
“With the publication of the first set of European Retail Media Measurement Standards, we affirm our dedication and commitment to providing stakeholders with a robust framework that ensures consistency across the ecosystem and enables retail media to thrive,” said IAB Europe CEO Townsend Feehan.
“These standards not only establish much-needed uniform metrics but also foster transparency, making room for greater innovation and investment in this space. I am excited to see how this pivotal step allows us to collectively drive retail media forward over the next 12 months and beyond.”
Douglas marketing solutions vice president Jessica Wegner added: “In the advancing landscape of digital advertising, retail media emerges as a crucial media solution, yet its potential was hindered by challenges such as the lack of standardisation.”
“According to IAB Europe research, only half of buyers currently recognise the efficiencies of retail media and seek consistent measurement and standards. To unleash full its power, addressing this critical gap through standardised measurement methods is paramount.”
