Retail media players step up measurement efforts

Retail media measurement is more important than ever.

• 56% of US consumer packaged goods manufacturers say that following performance measurement is the most important factor in their budget allocation decisions for retail media, according to a December 2023 survey from Skai and Path to Purchase Institute.
• 53% of retail marketers worldwide say that measurement and attribution capabilities are the most critical advertising capability or media investment, according to a November 2023 survey from Mediaocean.

However, as the retail media landscape grows more complex, it’s becoming more challenging for advertisers to measure their campaign performance across channels and retail media networks (RMNs).

This has led agencies and retail media networks (RMNs) to ramp up their measurement capabilities, delivering more detailed and actionable insights to clients and potentially securing additional marketing dollars.

Here are three recent examples.

1. GroupM leans on AI

GroupM has teamed up with retail media solutions provider Incremental to provide clients with AI-powered forecasting, planning, and measurement tools, which sit within GroupM’s Open Media Studio. This enables advertisers to plan and manage retail media campaigns alongside other digital media channels.

2. Night Market provides real-time insights

Night Market, Horizon Media’s commerce division, has launched NEON, an AI-powered SaaS platform for real-time standardization of campaign measurement across all the RMNs an advertiser works with. The tool helps advertisers predict ROI and recommends optimizations across search, display, and off-site campaigns.

3. CVS adopts measurement guidelines

CVS Media Exchange (CMX) has upgraded its client performance dashboard to align with one of the retail media measurement guidelines set forth by the Interactive Advertising Bureau (IAB) and Media Rating Council (MRC).

• Advertisers can now track attributed sales based on viewable impressions, helping them better understand and evaluate campaign performance.
• CMX has also partnered with The Trade Desk to provide advertisers with insights beyond the retail environment, leading to a more holistic campaign view.
• This week, CMX rolled out a beta test of its self-service offering, aimed at providing pricing transparency and additional performance insights.

This was originally featured in the Retail Media Weekly newsletter. For more marketing insights, statistics, and trends, subscribe here.