Shopper Data is Driving Profits for Retailers
Situation:
It’s time to leverage your shopper data to your advantage.
Technological evolution, the pandemic, and the consumer’s perpetual quest for convenience have accelerated the shift to e-commerce. These days, retailers are seeking out new and innovative revenue streams more than ever before. Now, larger companies have expanded their digital ecosystems through the development of wildly lucrative omni-channels (think: PC).
This shift has paved the way for opportunities to increase profit in traditional revenue streams with better insights, as well as introduce new revenue streams. Through loyalty rewards and other incentives, consumers are giving retailers access to their purchase patterns in the form of highly targeted and transactional shopping behaviour data. This data brings unprecedented value to retailers monetizing these insights for advertisers.
While the volume of sales still comes from shopping, we are now seeing an increase in profit driven by ad revenue for retailers. Canadian Tire recently announced a $1.2B investment in improving the connection of its digital and physical channel. While Loblaw Companies has an estimated net worth of just under $37B, built from a retail ecosystem of diversified revenue streams that extend far beyond transactions at the cash register.
A significant revenue opportunity for retailers is the monetization of customer insights with advertisers – and why shouldn’t it be? Retailers are rapidly moving to the front of the line of consumer data gathering.
Challenge:
Many retailers are sitting on a gold mine of first-party shopper data that has been collected via billions of transactions at the till, online, and via active loyalty programs. The challenge for retailers in monetizing their data is typically two-fold: their shopping data isn’t connected to a shopper outside their retail ecosystem, coupled with the challenge of packaging their data into assets that can be sold to partners and advertisers.
IntelligentVIEW’s SaaS-based data delivery model gives endemic (brands that sell in their stores) and non-endemic (ie. a car brand that wants to sell to health conscious grocery shoppers) retail marketers access to buy media against highly targeted audiences. This opportunity brings unprecedented value to the table and allows retailers to leverage the customer data they’ve already collected.
Solution: Put Shopper Data Into Action
Retail shopping data are rich and the advertising ecosystems in retailers are becoming increasingly sophisticated. IntelligentVIEW is a powerful platform that provides retailers and advertisers insights into where consumers live, by connecting digital device IDs to a physical postal code.
For marketers, knowing what their customers look like outside of their direct shopping behaviour provides opportunity to scale these audiences by finding look-alikes in the digital world in places, such as Google and Facebook. Three major benefits of leveraging intelligentVIEW’s scalable digital-to-physical data modules are:
1. Increased profits from your current brand partners
If you’re a retailer who sells a portfolio of brands, you know that these vendors are always looking for insights on who is buying their products. IntelligentVIEW’s data modules and segmentation system enables you to leverage your customer data to develop audience profiles that can be shared with vendor partners to improve merchandising, identify new market opportunities, deliver more effective co-branded campaigns, and cross-sell in-store and beyond.
2. Build and leverage actionable audiences
The majority of media is now bought based on targeting and reaching defined audiences. IntelligentVIEW has been designed with one mission in mind: finding and scaling the right audiences. Our customizable audience builder features enables retailers to build proprietary audiences from their data to sell to advertisers. IntelligentVIEW is the bridge between amassed first-party data collected by retailers and the polished audiences that brands and other data purchasers will pay a heavy premium to acquire.
3. Improve media efficiency and acquisition ROI
Retailers are some of the largest advertisers in Canada and increasing efficiency with each dollar spent can have a significant impact on the bottom line. Those same proprietary audiences built in intelligentVIEW can be pushed or shared with all media partners, closing the loop on finding specific shoppers across all media channels.
Want to know more? Test drive intelligentVIEW and see how you can maximize your existing data through the deployment of new revenue streams with the ability to scale your customer targeting with precision and efficiency.