Recently in New York at the IAB Connected Converse Summit, the IAB released a new set of Measurement Guidelines to standardize the Retail Media Industry.
The retail media space has evolved dramatically in recent years, with the advertising space gaining an opportunity to drive sales and customer engagement right at the point of purchase and mass reach and scale through Retail Media Networks (RMNs). As retailers embrace the power of RMNs to connect with consumers, there has been a call across the industry for standardization. With Retail Media only in its infancy, many CPG brands are reporting cross network campaigns can be inefficient, costly, and frustrating.
The benefits of standardization include the following;
More value for CPGs
Higher Transparency
Enhanced level of trust from RMNs
The challenge lies in the endless variables that exist in the retail media industry. These proposed guidelines are focused mostly on the digital space. Our objective is to set the benchmark for Audio Out of Home and ensure that the audio space receives adequate attention.
“As Qsic is at the forefront of in-store audio targeting and measurement, we are proud to be shaping the standardization of measurement as the industry evolves. As the pioneers of this space, it is exciting to see Qsic’s feature set be recognised as the gold standard.” Nick Larkins - Co-founder and Chief Product Officer.
Here at Qsic, we are grateful to be shaping this conversation. We welcome this call to action and are flexible with our technology to meet these proposed requirements.
One of our core values is honestly first which catapults into everything we do including closed loop reporting. We welcome a greater sense of transparency and less complexity across the industry for our advertisers. This change will ensure that the retail media landscape continues to grow at this rapid pace.
We are setting the gold standard for how audio is treated and we’re humbled to be part of conversations being at the forefront of innovative technology.
*Source - IAB/MRC Retail Media Measurement Guidelines - September 2023.