Platform monetisation leader Kevel today (July 27th, 2023) announced the formation of an industry working group to establish an OpenRTB Protocol for Retail Media, a groundbreaking update to the OpenRTB framework. The protocol will set new standards for programmatic advertising in retail media and address challenges industry stakeholders are facing in privacy and data protection, data optimisation, and transparency.
“We are in the midst of a retail media rebellion, where it has never been more clear that retail media needs to seize control of platforms, infrastructure, and data to stay competitive in a crowded marketplace,” says James Avery, CEO and founder, Kevel. “The OpenRTB Protocol for Retail Media is going to fix that by setting a standard to address challenges concerning efficiency, flexibility, and trust. With this newly established framework, we’re offering the industry a comprehensive set of updates and enhancements that can help streamline the programmatic advertising ecosystem.”
Kevel’s OpenRTB Protocol for Retail Media will provide industry stakeholders with many benefits and features including:
- Biddable product sponsored listings: the new framework supports biddable product-based sponsored listing creative formats, enabling advertisers to bid on relevant in-store sponsored listing ad inventory with real in-stock products based on their product catalogue.
- Enhanced privacy and data protection: adhering to the latest privacy regulations and industry best practices, offering improved user consent management and data protection mechanisms enables publishers and advertisers to prioritize user privacy while delivering relevant and personalised advertising experiences.
- Bidstream data standardisation: introduces standardised bidstream data, ensuring consistency and compatibility across different platforms and technology providers. This facilitates seamless integration between buyers and sellers, increasing operational efficiency and reducing friction.
- Supply chain optimisation: advertisers gain improved visibility and control over the programmatic supply chain, allowing them to detect and mitigate fraud, verify ad placements, and optimise campaign performance more effectively.
- Increased transparency and trust: promote greater transparency by providing clear and standardised mechanisms for transactional data sharing, supply path optimisation, and ad fraud detection. This fosters trust among industry participants and strengthens the overall programmatic advertising ecosystem.
“OpenRTB Protocol for Retail Media marks a significant milestone on how we can improve digital and programmatic advertising now and for the future," says Avery. “By introducing these cutting-edge standards and capabilities, we are giving publishers, advertisers, and technology providers the tools needed to navigate the dynamic digital landscape with confidence and achieve their goals more efficiently."
Are you ready to join the rebellion? Kevel invites all stakeholders in the digital advertising industry to explore OpenRTB Protocol for Retail Media and leverage its powerful features. Click here for information.