Thank you to our audience members who asked questions during our eMarketer Tech Talk titled “How to Achieve True Retail Transformation.” One of our speakers, Vihan Sharma, Chief Revenue Officer at LiveRamp, answers them below:
Q: Have combining Carrefour and CPG data sets in a clean room setting led to any useful media planning insights that were above and beyond the insights Carrefour could derive with its own data? Or is the data combination most useful for scaling activation?
A: Yes, absolutely. Combining Carrefour and CPG data in a clean room setting can lead to useful media planning insights above and beyond what either a CPG supplier or retailer alone could derive with their own data.
Brands have a lot of media data sourced through different campaigns. Unifying previous campaign data, CRM data, whatever is available in your DMP, and retailer data can allow you to better understand your own media campaigns—if you reached an audience in the way you initially planned, how they responded, and what the ROI was throughout the campaign lifecycle.
Q: What advice would you give a retailer who just started exploring omnichannel sales?
A: This is a complex question. Start by unifying customer data. Big brands have huge amounts of data silos; this is a common problem across industries.
The second thing is to bring in any data you might have available in terms of media consumption so you can actually start enriching your view of the customer. These insights will help you understand where sales occur and which locations are performing better, who you are selling to, and how you are doing across a specific category. Having a unified data set allows you to better connect your data with your network of trusted partners so you can collaborate at scale through a solution like LiveRamp.
Q: How do you see the future of this type of collaboration? What do you see as the main points of collaboration in five years’ time?
A: I think this is a really interesting question, and this is an opinion, because we can’t know what will happen in five years.
Today, we are at the beginning of this collaboration journey. We’re talking about leveraging data to have a better understanding of consumers. We believe that this type of data collaboration will evolve into something much larger. The future of collaboration could involve building intellectual property in the form of data-driven insights relevant for retailers and CPG brands to innovate and launch new products, optimize the supply chain, and provide transparency to the consumer.
We absolutely believe that collaboration five years down the line will be very different. However, the main core thesis around collaboration will remain centered on delivering better outcomes to consumers.
Learn more about what LiveRamp enables for retailers or watch the full eMarketer Tech Talk featuring Carrefour.