The Data Economy Is Open For Business

The data economy is open for business. Companies are increasingly jumping in. According to Forrester Research, in 2020 52% of decision-makers reported that their companies were sharing data and generating incremental revenue from it. And, that’s up from 32% in 2016. The word is out.

We all know Amazon’s “Customers who bought this item also bought X” and “You may also be interested in Y” recommendations or LinkedIn’s suggestions of “People You May Know,” “Jobs You May Be Interested In” and “Groups You May Like.” These early pioneers demonstrated the use of insights to grow revenues by expanding share of wallet and deepening customer engagement. These efforts monetized data internally.

Taking data to market, however, opens an exciting new universe. Opportunities to take data to market are growing as companies seek external data to enrich analysis and machine learning models. In 2020, 87% of decision makers reported that their companies wanted to better leverage external data, according to Forrester. Not only are traditional data providers taking advantage of this uptick in demand but companies from all industries are launching new data products and services as incremental revenue streams.

Manufacturers offer data services to help customers improve efficiencies and reduce operating costs. Telecom operators offer location data services to help retailers understand catchment zones and customer frequency. Retailers offer data services to suppliers to help predict customer demand and improve product offerings. These new data products take a variety of forms from raw data for developers or data scientists to more derived insights that deliver value directly into a decision making process or workflow. Embedded insights can be automated into processes like logistics routing or prospect prioritization. The opportunities to deliver customer value are endless.

Data Monetization In Retail

Snowflake’s upcoming Retail And CPG Data And Analytics Forum on July 21st will highlight several examples of successful data monetization.

Snowflake offers data providers a new channel to market, improving their visibility and customer reach. Currently, Snowflake Data Marketplace is home to over 500 data sets from over 140 data providers. At the Forum, three data providers, Ibotta, Weather Source, and Safegraph, will demonstrate how retailers and CPG companies use purchase history, weather, and location data from Snowflake Data Marketplace to better understand the characteristics that influence consumer purchase behavior.

But wait, there’s more. You don’t have to be a traditional data provider to take advantage of the data sharing and monetization capabilities of Snowflake. Zabka, a large Polish, has undergone a massive digital transformation. And, as we all know, digital and data are two sides of the same coin. New data sources have fueled initiatives that have revolutionised Zabka’s business, enabling it to expand revenue, cut costs, and develop a better customer experience. The Zabka team has built machine learning (ML) algorithms to better identify locations to build new stores and to deliver personalised experiences to their app subscribers based upon their buying behaviors. But the team also delivers data and insights to their suppliers helping them to optimize promotions, improve customer engagement and increase sales. Zabka illustrates how companies can create data ecosystems to expand the business value derived from data.

Please join us at the Forum to hear about Snowflake and discover more about these partners and customers.