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Summary
This article discusses the increasing trend of data monetization in the retail industry. Companies are now able to share data quickly and securely with a variety of partners and customers, which is allowing them to generate new sources of income. Companies such as Albertsons and Kroger are providing enriched, granular point of sale data and insights to brands. Consulting firms and cloud providers are offering services to help companies monetize their data. Data monetization is providing a way to increase revenue while better serving customers.
Q&As
How have retailers been using third-party data?
Retailers have been using third-party data to understand consumer buying behavior.
What kinds of data are retailers now sharing with customers and brands?
Retailers are now sharing enriched, granular point of sale data and insights, such as popular keywords, search terms, inventory turn information, and customer segment data.
How is cloud technology making data sharing easier?
Cloud data platforms and cloud marketplaces make it easy to share data quickly and securely with a wider set of players.
What services are consulting firms providing to help companies monetize their data?
Consulting firms are providing services to help companies audit and clean data, get data into the cloud, and handle incoming data requests.
How can companies use data monetization to increase revenue and better serve customers?
Companies can use data monetization to increase revenue by selling data and insights to a wider set of buyers, and to better serve customers by providing more targeted marketing campaigns.
AI Comments
👍 This article provides an insightful look into the new opportunities for data monetization in the retail industry. It is great to see new services and cloud providers emerging to help companies capitalize on their data.
👎 This article does not address the potential risks associated with data monetization, such as data privacy concerns and security vulnerabilities. Companies should be aware of these potential pitfalls before jumping into data monetization.
AI Discussion
Me: It's about how data monetization is becoming a growing source of revenue for retailers and other industry players in the face of disruption from the past two years. It talks about how retailers are now able to share data more quickly and securely with a wider set of players, and how this can help them react faster to changing global conditions and manage their operations more efficiently.
Friend: That's really interesting. It makes sense that retailers would be looking for new ways to generate revenue and stay competitive. But it could also lead to increased competition as more companies are able to access data from wider sources.
Me: Absolutely. And it's not just retailers that are able to monetize their data. Companies like Instacart and Numerator are also able to share data with brands and other buyers. It will be interesting to see how this develops and how companies will be able to leverage this data to their advantage.
Action items
- Research the different cloud data platforms and cloud marketplaces available to share data securely and quickly.
- Explore the services offered by consulting firms such as Slalom Consulting and dunnhumby to help companies monetize their data.
- Investigate the in-product monetization tool offered by cloud providers to monitor usage and calculate billing.
Technical terms
- Sign-up
- To register or subscribe to receive something, such as a newsletter.
- Discussions
- A conversation or debate about a particular topic.
- Retail news
- News related to the retail industry.
- Resources
- Something that can be used to help achieve a goal.
- Braintrust
- A group of people with expertise in a particular field who are consulted for advice and guidance.
- Monetization
- The process of converting something into money or a monetary value.
- Third-party data
- Data collected by an entity other than the primary user.
- Cloud data platforms
- A platform that allows users to store, manage, and analyze data in the cloud.
- Cloud marketplaces
- A digital platform that allows users to buy and sell cloud-based services.
- COVID-19 data
- Data related to the coronavirus pandemic.
- Johns Hopkins University
- A private research university in Baltimore, Maryland.
- GTM
- Go-to-market, a strategy for launching a product or service.
- CPG
- Consumer packaged goods, products that are sold to consumers for their personal use.
- Nielsen
- A global measurement and data analytics company.
- IRI
- A global market research and technology firm.
- Albertsons
- An American grocery company.
- Kraft
- An American food and beverage company.
- Kroger 84.51
- A data and analytics company owned by Kroger.
- Walmart
- An American multinational retail corporation.
- Omnichannel
- A multi-channel approach to sales that seeks to provide customers with a seamless shopping experience.
- Numerator
- A data and technology company.
- Ibotta
- A mobile shopping and rewards app.
- Hedge fund
- An investment fund that pools capital from accredited investors or institutional investors and invests in a variety of assets.