Gathering feedback and insights from various retailer, CPG brand and marketing executives, the Interactive Advertising Bureau (IAB) released a white paper exploring the future and role of retail media in stores.
Developed by the IAB Retail Media Network Committee, the "Quantifying Retail Media In-Store Success: Measurement & Innovation" report explores a variety of topics, including technologies enabling in-store measurement, omnichannel integration, challenges in the space, and financial benefits and growth opportunities.
“Many retailers have successfully monetized their owned digital channels. Now, the next frontier is the physical store," said Claire Wyatt, vice president of business strategy and marketing science at Albertsons Media Collective, in the report. “We believe in-store can and will act similar to a digital channel in the way it’s bought and, eventually, in the way it’s measured. At the end of the day, like other digital channels, the goal is sale-based measurement for more accurate reporting and personalized shopping experiences — a true win-win-win for retailers, brands, and shoppers.”
The white paper's release aligns with today's "Quantifying Retail Media In-Store Success: Measurement and Innovation" panel at NRF in New York. Jeffrey Bustos, IAB's VP, measurement addressability data, The Mars Agency's Kelly Kachnowski, and Wyatt are panel speakers.
"As in-store retail media evolves, so must the metrics and frameworks for assessing its impact, moving beyond traditional sales metrics," Bustos said in the report. "The future lies in the effective integration of RMNs and omnichannel strategies, enhancing customer experience and providing invaluable insights for more efficient operations and increased profitability."
The white paper also invites the community to join the IAB's Digital Out of Home and In-Store Retail Media working group. The group's first meeting will be Feb. 7.