For larger retailers, retail media networks could build out some of these measurement and attribution offerings in-house with the troves of owned data they process and through partnerships with other retailers. However, some brands won’t trust the networks to grade their own homework and will still want outside verification in addition.
The need for retail media networks to provide attribution is even more profound for smaller advertisers. While larger advertisers might be able to provide the attribution on their own or engage with a measurement company, smaller advertisers are less likely to have that capability or budget to engage another partner. Networks that can provide this type of measurement will win more smaller and medium-sized advertisers.
To win share of ad dollars, retail media platforms need to base their sales efforts on the ability to prove attribution, not only on their own platforms but across the ecosystem. Before they sign with a new media partner, advertisers want assurance they’ll get the data proof they need to justify the investment.
The best way to get ahead of this is for retailers to create partnerships with technologies and other retailers, or build out their own capabilities, to then showcase that larger attribution capability upfront. For networks moving forward, the ability to provide holistic measurement and attribution will set them apart from their competitors.
As retail media networks continue to grow, reaching their full potential will mean being able to provide the peace of mind advertisers desire: attribution. While cost is one of the highest concerns for digital retail advertisers, and retail media tends to be more expensive than other channels, with the appropriate measurement and attribution they will feel confident it’s worth paying for.
