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 (OMG) 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, Omnicom Media Group’s senior vice president of marketplace intelligence, in the release. “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, Albertsons said.
This article originally appeared on Retail Leader, a sister publication of RIS News.