New Data Sets Will Increase Acquisition Audience and Augment Existing CRM Data for Retailers
PreciseTarget, the first data company to profile the retail buying taste of 220 million U.S. adults, announced the beta launch of its new Consumer Taste Profile data sets, which will expand retailers’ existing acquisition audience and augment their CRM files with taste data to solve the retail industry’s persistent sparse data problem. The announcement comes as PreciseTarget exhibits at the National Retail Federation’s 2020 Big Show in New York and follows on the heels of a banner 2019, during which the company launched their initial retail audience segments and announced a strategic partnership with Equifax.
PreciseTarget’s Consumer Taste Profiles categorize every U.S. adult according to their personal retail and apparel taste – the combination of attributes such as Brand, style, retailer type, and price that determines purchase behavior and preference. Using machine learning to analyze daily data feeds from hundreds of retail partners, PreciseTarget’s Consumer Taste Profiles allow retailers to expand their acquisition audience, reduce acquisition costs, and increase customer lifetime value (LTV) by advertising products that actually fit shoppers’ individual preferences.
“2019 was an incredible year for PreciseTarget as we came to market with our first data solutions and industry-leading partnerships to help retailers, and we’re building on that momentum with our presence at NRF 2020,” said Rob McGovern, CEO of PreciseTarget. “Everyone knows that the retail industry is at a crossroads, and we’re here to throw retailers a lifeline by enabling a true omnichannel marketing strategy based on consumers’ individual taste.”
Unlike other retail targeting products, PreciseTarget’s Consumer Taste Profiles do not rely on cookies, clickstream data or personally identifiable information (PII), making PreciseTarget’s technology compliant with current and future digital privacy regulations. By relying on an industry-leading third party to de-identify consumer data, PreciseTarget allows retailers to safely improve their own data sets and better understand their best customers.