Retailers that sell advertising make up a booming area of the global media market as brands seek to reach consumers as they shop or to target them based on their purchase behaviors. While retailers are relative newcomers to ad sales, they are becoming more sophisticated in meeting the demands of brand marketers.
“Media sellers have started to catch up to what advertiser expectations are, and that’s how we’re able to see retail media growing at about 20% year over year, even though e-commerce sales are growing at about 8% year over year,” Ben Hovaness, chief media officer at Omnicom Group’s OMD Worldwide, said in this interview with Lisa Granatstein, editorial director of Beet.TV.
OMD Worldwide has undertaken a variety of efforts to improve the retail media marketplace, including its Council on Accountability and Standards in Advertising, or CASA, initiative. Last year, CASA added a branch that’s focused on retail media.
“There are a lot of aspects to it…among them are improvements in delivery, transparency and also transparency around how ad auctions are being conducted in the retail media space,” Hovaness said.
OMD Worldwide has collaborated with the Media Rating Council, a key standard-bearer in the industry, and a coalition of other industry bodies since last year to launch a working group on standards for advertising auctions in retail media.
“We’re expecting that a final standard, which has guidelines for disclosures around ad auctions and also how they’re going to be conducted, will be issued sometime in the first half of next year,” Hovaness said. “We’re expecting that this is going to be a de facto worldwide standard for how ad auctions are disclosed.”
You’re watching “The Retail Media Revolution: Powering Performance and Driving Trust,” a Beet.TV Leadership Series, presented by DoubleVerify. For more videos from this series, please visit this page.
