The tricky part of the equation remains the last two variables.
Evaluating and selecting a technology partner to provide the platform is the most critical decision that the retailers need to make. One needs to evaluate their technology provider on five key parameters – costs involved, time to market, data security, data ownership, and scalability.
Another crucial piece in the puzzle remains the first-party data that is unified and usable. Getting millions of users on your website or app isn’t enough until that data is stored, regularly updated, and made available to advertisers so that they can create usable customer personas.
Customers generate vast amounts of data when they engage or purchase from online (or offline) retailers and eCommerce platforms. Yet only a few retailers can mobilize and monetize this data.
This data is not limited to benefitting the end-user or customer. Brand partners, advertisers, and sellers are betting heavily on retail media. Retail media, in turn, relies solely on retailers’ ability to unify and activate their first-party data and make it available to the advertisers.
Kritter Software Technology enables retailers to onboard their first-party data, generate audience-based insights, create customer segments, and make them available to target through the demand-side platform. The retailers, in turn, make it available to their brand partners, sellers, and other advertisers to execute targeted campaigns to deliver more relevant and personalized messaging and offers.
Kritter, with its agile frameworks and compatible APIs, is optimally placed to onboard huge volumes of first-party data and create usable customer segments for advertisers to target while maintaining high data security standards. Emphasizing the same, Rohan Rai, Co-founder of Kritter Software Technology Pvt Ltd, states, “With one of our mobile payment clients, the customer base was reaching a few hundred million. Their major concern was the scalability of the platform and the security of the customer data. Our team helped them scale to onboard their entire first-party data, create dynamic targetable segments, onboard their partner brands, and sellers, and deliver billions of monthly ad impressions – all within 8 months.”
The customer segments are refreshed on each action taken by customers and reshuffled to keep the homogeneity of the groups intact.
The commerce advertising solution, developed over five years, is being deployed by retailers, eCommerce players, payment apps, and other organizations across the globe to better monetize their first-party data and online properties. The solution is easily deployable on retailers’ infrastructure, integrates seamlessly with any upstream and downstream modules, maintains data security & ownership, and is highly scalable.
With the third-party cookies deprecating within a year, advertisers are seeing retail media networks as mediums with high intent audience segments, multiple ad formats, clear attribution, and high ROI.
If retailers want to woo advertisers, they need to have a clear first-party data storage, activation, and mobilization strategy in place.
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