EPAM’s Retail Media Orchestration Toolkit for Streamlined Ad Operations
Increase retail media success more quickly with Google Cloud and EPAM.
Retail media networks are not a novel form of advertising platform that enables merchants to sell advertising space to outside companies on their digital platforms. However, they will undergo a significant transformation in the upcoming year. As consumers’ concerns about privacy grow, they want more tailored advertising advice.
For many years, EPAM and Google Cloud have been developing retail media solutions, giving you the data and insights you need to enhance buyer experiences, improve metrics, and get more thorough and granular perspectives of your consumers.
Businesses who employ AI and gen AI and make the most use of first-party data will experience a return on investment in retail media. I am excited to inform the launch of EPAM’s Retail Media Orchestration Toolkit today, which will enable retailers of all sizes, regardless of how developed their retail media operations are, to take advantage of the opportunities that lie ahead in the upcoming year. The Retail Media Orchestration Toolkit gives you access to specialized, internal retail media operations that are coordinated with EPAM’s extensive retail knowledge and backed by Google and Google Cloud’s market-leading digital advertising capabilities.
You may significantly outperform your rivals and enhance your first-party data with previously unattainable information by utilizing Google Cloud’s AI and gen AI technologies and expertise.
Profits from retail media are still elusive
Even while many retailers have established retail media operations and are aware of the economic potential of first-party data, they still have difficulty seeing these initiatives through to maturity. Typical obstacles to optimizing retail media earnings consist of:
Marketers can choose from hundreds of retail media networks to host campaigns. This infrastructure cannot match the increased demand for data-driven insights. Companies want to spend their advertising resources on networks with comprehensive, data-driven insights, yet many retailers struggle to provide the in-depth information advertisers require. Few shops specialize in retail media; they sell products. The challenge is further compounded by the magnitude involved for many retailers.
Incapacity to deliver precise, quick measurements: Closed-loop campaign performance measurement, and in particular omnichannel measurement across various digital and physical consumer engagements, necessitates a degree of retail media technology, skill, and coordination that few merchants have.
The absence of resources and technology to enable data clean rooms Retail media are driven by consumer data. The success of advertising increases with the amount of detailed and thorough data. It’s critical to protect sensitive information, including comprehensive customer data, in order to uphold industry ethics, preserve consumer trust, and frequently comply with legal requirements. Data clean rooms offer a secure setting for several authorized individuals to use and exchange client data. However, many merchants lack the resources and knowledge necessary to maintain a data clean room, and the technological obstacles are substantial.
Data and workflow standardization challenges: Most retail media networks are made up of disparate independent software vendors (ISVs). They make use of their own protocols, guidelines, and reporting styles. As a result, incoming reporting data is constantly pouring in and needs to be converted to internal formats before being sent to advertisers. A lot of retailers try to deal with this by manually handling incoming data, which leads to more employees, worse performance when reporting to customers, and lower profitability for retail media.
Retail Media Orchestration Toolkit
Retailers can now deploy in-house, customized retail media solutions, just like Walmart, Tesco, Albertsons, and Kroger have done.
In collaboration with EPAM and Google Cloud, the Retail Media Orchestration Toolkit was created through Google Cloud’s Industry Value Network (IVN) project, utilizing ISV solutions like Moloco. With the help of the Toolkit, retailers may use their data to help their advertising clients and enhance their retail media operations.
EPAM’s extensive understanding of retail media operations stems from years of experience creating in-house, customized solutions powered by Google Cloud for some of the biggest retailers globally. Custom retail media solutions can be designed and implemented with Google Cloud’s comprehensive, end-to-end platform and solutions for audience capabilities, measurement, media execution, and innovation.
EPAM’s Toolkit, which is built on the cutting-edge Google Cloud Cortex Framework cloud-based data foundation, enables clients to make better use of their data, regardless of where it is stored. This includes first-party data from programs like Google Ad Manager, Google Search Ads 360, Display & Video 360, and others, making a true in-house, custom retail media solution a feasible option. The solution, which is a component of Google Cloud’s Industry Value Network, also makes use of ISV solutions to offer a complete and replicable solution via the pre-built connectors and accelerators.
Using the Retail Media Orchestration Toolkit, retailers benefit from:
- An entirely owned, tailored, internal retail media system that is readily expandable when necessary
- The capability of automating, standardizing, and streamlining retail media operations
- Costly, prone to error human processes are replaced with fully automated ones.
- Omnichannel measuring capabilities so they can show marketers the ROI and campaign effectiveness
- Making better, data-driven decisions to optimize campaign performance across various, heterogeneous platforms
- Advice on how to use cutting-edge technology like artificial intelligence (AI) and machine learning (ML) to create a solution that meets their present demands.
Significant, measurable advantages are already being felt by retailers who are utilizing the EPAM and Google Cloud retail media solution, such as:
- Increases in retail media revenue and advertiser demand of 15% to 20%
- Double the campaign’s performance
- 40% time savings
- Costs of retail media activities are reduced by 12%.
Retail media success’s four stages
Four steps make up the design and implementation of an internal solution using the Retail Media Orchestration Toolkit:
- Combine, standardize, automate, evaluate, and display transactional and multichannel campaign delivery data for multichannel measurement.
- Superior omnichannel measurement Data from user-level interactions across platforms and channels should be tracked, reported, and examined.
- Audiences: Using unique segmentation models that are built within your own cloud environment and syndicated to your retail media partners, create high-value predictive audiences based on your transactional data.
- Utilize analytics to create and improve new revenue sources by drawing on brand and consumer data.
Regardless of their degree of retail media maturity, retailers were intended to profit from this staged approach. When you’re ready, you can take use of the insight-boosting potential of Google Cloud’s AI and ML capabilities. Your solution may be set up and installed to suit your unique requirements, yielding benefits practically instantly.
Prepare to expand your media efforts in retail
Due to its youth, very few, if any, organizations have fully matured their retail media activities. There is still room for improvement, even for large retailers who have created their own in-house retail media solutions. Some areas that usually lack technological maturity include optimizing workflows, creating complete automation of retail media operations, and making the most of emerging capabilities with AI and ML.
However, where is your organization now? How far along is your company in realizing the full potential of retail media? What actions are necessary to get to that point?
To address those questions, a maturity evaluation is used. It will only take two or three meetings with important members of your company to give us a broad overview of your retail media business. And it will use that information to create a customized action plan for you that includes:
- A multi-year plan that addresses technology, procedures, and collaborations and is tailored to your company’s maturity level
- A projection of retail media’s profit and loss that identifies important dependencies
- A structure of investments and resources to help you expand more quickly
Simply put, your maturity assessment shows you how to get from where you are to where you want to be and shows you how to maximize the potential of retail media for your company.
