Retail's 1P Strategy - Executive Roundtable: Q3 2023

Unleashing 1P Data Potential

1P (First Party) data is an extremely valuable source of understanding. Think of 1P as free data as your customers just create it in their retail interactions from your marketing site, e-commerce, loyalty programs, and the in store transactions. It comes with costs to collect it and use it effectively, that is the hard part. It starts with understanding the sources of 1P and building the collection mechanisms to integrate customer data such that it can be used.

Most retail, marketing, and web systems will all have a form of data collection and often export. Understanding that data requires analyst skills but matching it and storing it on a regular basis forms the foundation as analytic data stores or customer data platforms. Data minded individuals are required to organize and curate your 1P data for it to be used. This is the biggest cost and if done well, sets up retailers to really take advantage of customer insights.

Leading retail organizations leverage 1P data to understand the omni-channel view that gives insight into the what, when, and where of the customer journey. For retailers it is a unique opportunity to use their own customer driven data to be more accurate and timely, vs third party purchased data, to drive strong engagement opportunities. If personalization, retention, campaign offers, loyalty, or basket growth are on your retail objectives, ask your organization and systems vendors how you can leverage your 1P data.

Steve Benteau

CTO, Mercatus

Harnessing First-Party Data

07/05/2024 18:31:06

Retailers have an immense amount of valuable data at their fingertips, but even the most sophisticated retailers have difficulty turning this data into valuable insights in order to fully understand their customers. In the new world of CCPA, GDPR, and consumer awareness around data collection, it's important that retailers think carefully about how they access and use consumer data. Partnering with companies that can not only bring unique datasets of consumer spending patterns, but do so in a compliant and permissioned manner, should be top of mind for any retailer looking to drive new customers and increase loyalty.

Ben Mackinnon

Founder & CEO, Kard

Shahin Kohan, a seasoned and trusted technologist, businessman and advisor, is on a mission to catalyze the potential of people and organizations through the power of technology. Three decades of experience working across industries has granted him the knowledge, resources and perspective to effectively create solutions to problems of any size, and ultimately help others make their impact on the world. His companies, including AIMS360, the leader of fashion technology, and Kumo Technology, a pioneering workflow innovation and software development company focused on the private lending industry, allow him to achieve that goal. A proud American immigrant raised amidst the struggle of Tehran, Iran in the 70s, his inspiring journey of possibility, persistence and passion fuels his deep appreciation and endeavor to make technology more accessible, human and powerful for all.

Customer data is your most important corporate asset. It’s foundational to every marketing initiative you’re focused on: from loyalty, to performance marketing, commerce experiences, personalization and harnessing the great potential of generative AI. All retailers should create a customer data foundation to power success, build and architect systems to capture, resolve and make actionable rich first-party data in near real-time. We see retailers that prioritize and invest in zero- and first-party data and analytics as having a distinct competitive advantage going forward.

Erika McGrath

Global VP, Salesforce Data Cloud & Martech at Astound Commerce

Retailers face an 'acceptance vs. action gap.' They recognize the benefits of privacy-aware personalization but struggle to supply the right data to fuel their personalization engines. The absence of structured first-party data collection is indeed a challenge, but an even greater issue is the lack of processes in place for systematic collection of information shared proactively by customers, also known as zero-party data. First and zero-party data are the systole and diastole of effective personalization in a cookieless world. Collecting zero-party data with accuracy, compliance, and transparency isn't easy, as I've detailed in research recently published in the journal Frontiers in Big Data. Yet, digital leaders who harness this power open doors to fantastic opportunities.

Andrea Polonioli

AI commerce product marketing lead, Coveo

Harnessing First-Party Data

07/05/2024 18:31:10

Next-Level Retail Personalization

Leveraging data, AI, and emerging opportunities in generative AI will be the key to helping retailers’ distance themselves from competitors by unlocking more intelligent inventory management, intuitive pricing strategies, and fulfilling guest experiences through personalization. For example, right now, product suggestions are often built on past purchases and ‘like’ products. But what if they were based on combining all attributes of the customer’s journey and grounded in available inventory. For example, not just suggesting a type of sweater, but a sweater in a color and fit tailored to what the customer would want – and is available for same-day delivery to the customer’s home. This scenario is achievable today, but retailers’ data remains heavily siloed across platforms and applications. This level of personalization can only be attained if the data is accessible through a single source that can be constantly analyzed and used to securely train data models. This is how retailers will more effectively compete in the experience economy.

Jeff Warren

Vice President, Oracle Retail

The Personalization Advantage

07/05/2024 16:06:54