CANNES — As the idea of leveraging first-party’s data grows in prominence, retailers, which have a direct relationship with their customers, look to be in a good position.
Now the rise of clean room technology is enabling retailers to share audience insights.
As consumers opt-in to share their data, retailers can provide brands with a more comprehensive understanding of their target audiences, says Kevin Dunn, VP of Industry Sales, Retail & CPG at LiveRamp, in this video interview with CIMM MD Jon Watts for Beet.TV.
Clean Rooms: The Key to Data Collaboration
“Retailers really hold on to that [first-party data] and have that like no one else,” Dunn says.
Clean rooms have emerged as a pivotal tool in the retail media ecosystem, providing a secure environment for retailers, brands, publishers, and third-party data providers to collaborate. Even retailers with the most extensive data sets recognize the need to work together to achieve greater reach and scale.
“Data collaboration is sort of now the gold standard,” Dunn explains. “Clean room technologies make everyone sort of comfortable. … There’s technology that makes everyone willing to participate.”
Transparency and Standardization: The Next Frontier
As the retail media space continues to evolve, the industry is grappling with the need for increased transparency and standardization. Buyers are seeking greater clarity about the quality of the data they are transacting against, and there is a growing desire for institutional mechanisms to provide this transparency.
Dunn believes that the first step towards achieving this goal is standardizing the way data is shared across the ecosystem. While a world of standardized measurement may be the ultimate goal, Dunn suggests that the industry should focus on creating a level playing field for data sharing.
Looking ahead, Dunn envisions a “single pane of glass” approach to data insights. With siloed data sets prevalent across the industry, he believes that the industry should rally around a unified view that allows advertisers to see across all the different clean rooms in the market today.
For more videos from this series, please visit this page.
