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- 🚀 Retail Media Investment Trends: A Look at Australia's 2024 Landscape
🚀 Retail Media Investment Trends: A Look at Australia's 2024 Landscape
Podwires Team
August 30, 2024
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The IAB Australia Retail Media State of the Nation 2024 Report showed that retail media advertising is becoming increasingly important in Australia, as 37% of investors stated they had spent a significant amount of their media and marketing budget in retail media over the last 18 months.
The Revelation:
The report also points to data tapping at the moment of purchase by a retailer as important and a key driver of investment for agencies and marketers alike.
This is because 69% of advertisers will prioritize ROAS to continue and increase investment. The need for measurement-related requirements has gone up in the last one year.
Obstacles to retail media investment: measurement and reporting at 45%, attribution capabilities 34%, partnership cost 34%, and the complexity of brand-retailer relationships at 41%.
Zoom in :
To help support the industry, IAB Australia's Retail Media Council today launched a new collaborative industry resource: 'Australian Retail Media Measurement Principles and Guidance'. The guide outlines five principles: Transparency & consistency, Accuracy & reliability, Shopper Centric, Privacy & security, and Compliance with industry standards and best practices.
According to Gai Le Roy, chief executive at IAB Australia, this report underlines the call for increased confidence in retail media investment and reporting harmonization as more players come into the market. The report is based on data gathered from a survey of the industry, involving 134 advertising investment decision makers and influencers from media agencies, agency trading desks, creative agencies, and the brand side.
Why it matters:
The retail media landscape is going to continue to evolve and grow. Building trust and standardization in reporting is key between advertisers and media partners. By adhering to these principles and guidance, stakeholders can be better assured a more transparent, accurate, and shopper-centric approach to retail media investment.
Our take:
It is about trusting and standardizing the reporting in the retail media landscape to make sure transparency and accuracy are achieved in advertising investment. Both advertisers and media partners can benefit from the advantages of stakeholders taking a more shopper-centric approach by following guidelines and principles set out in this report.
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