Data monetization: It’s the holy grail of revenue growth today. The global market for data monetization, which was estimated to be at $1.6 billion in 2020, is projected to reach $4.1 billion by 2026.
Retailers have troves of data in their customer databases and from their loyalty programs. This data, when shared securely and in accordance with consumer privacy laws, can be valuable to a number of businesses. Suppliers can improve inventory planning and pricing. Advertisers can better target their marketing content. Financial and support organizations can offer adjacent customer services such as financing and warranties.
The challenge lies in how to isolate specific data sets and share them easily, securely, and compliantly. Traditional data sharing involves copying and moving the data, which is often time-consuming, risky, and inefficient.
Snowflake Marketplace makes it easy for retailers to securely share and monetize their data, data services, and applications. They can choose the data sets they want to share from their Data Cloud suppliers and instantly publish them to Snowflake Marketplace as live, governed, read-only data sets. This eliminates the need to build and maintain APIs or data pipelines and reduces the cost and effort associated with ETL processes for data transformation and delivery. It also gives retailers control of their own data as they share and monetize what they want, when they want.
Here’s how a few of our retail customers are using Snowflake to monetize their data.
Sainsbury’s chose the Snowflake Data Cloud to create a single source of truth for business-critical data across all of its brands. Sainsbury’s implemented Data Vault, a method and approach to modeling an enterprise data warehouse that is agile, flexible, and scalable. With Snowflake, Sainsbury’s was able to launch a product-matching service that compares its products with competitors’ products. The service is a popular feature on its websites. The company built business models to calculate the business benefits provided by the data science engine on Snowflake. Before Snowflake, handling GDPR requests and generating reports entailed complex processes on multiple systems. Snowflake helps eliminate layers of duplication and confusion—instead of seven or eight different systems, engineers now just have to look at one.
Retailers can access Snowflake partner Foursquare’s industry-leading Visits and Places location data available via Snowflake Marketplace. Snowflake customers can quickly access, analyze, and utilize Foursquare data sets in their preferred, supported cloud environment. Users have easy access to—and use of—Foursquare’s industry-leading point-of-interest (POI) data set (Places) and real-world consumer behavior (Visits) data. Joint Foursquare and Snowflake customers no longer have to spend time and resources to set up ETL processes, which only increase implementation costs and delay time to value.
Allergan Aesthetics uses Snowflake and Segment to generate personalized offers and reduce customer acquisition cost. Allergan Aesthetics is prototyping a Flash Rewards channel that delivers personalized offers to customers. The company is partnering with select providers to facilitate these offers at their practices. Going forward, Allergan Aesthetics is evaluating adding Snowflake secure data sharing and leveraging Snowflake’s Marketplace. Snowflake Marketplace enables the company to query external data sources and seamlessly join them with its own data.
Discover how your organization can leverage data to create new revenue streams with Snowflake:
- Learn more about the Snowflake Retail Data Cloud.
- Read our Retail Success Guide: 10 Ways Retail and CPG Drive Business Value with the Data Cloud.
- Visit Snowflake Marketplace, where you can discover, evaluate, and purchase the data, data services, and applications you need to innovate for your business.
- Read our blog post: Does Data Monetization Seem Daunting? Here’s How to Start.
- Watch our webinar: Jump-Start Your Data Monetization Journey.
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