Albertsons Companies shared its preliminary framework that aims to standardize specifications, methodologies, terminology, and disclosures across retail media networks via its retail media arm, the Albertsons Media Collective in June. Now, Albertsons has announced that the Interactive Advertising Bureau (IAB), a media and marketing industry trade group, will assume the retail media standardization framework and efforts that Albertsons initiated earlier this year.
“As support for retail media standardization continues to gain industry-wide traction, we have reached a pivotal moment where talks of standardization must transition into action,” per a LinkedIn post written during IAB’s Connected Commerce Summit.
IAB said it will continue to provide support as part of the IAB Retail Media Network Committee, with VP of Business Strategy and Marketing Insights Claire Wyatt joining as co-chair. The committee will meet monthly to “align on advertising business needs, requirements, and standards to reduce friction in the buying and selling process, and to allow for growth, creativity, and innovation.”
Founded in 1996, IAB is headquartered in New York City with a membership that comprises more than 700 media companies, brands, agencies, and technology firms responsible for selling, delivering, and optimizing digital ad marketing campaigns.
