Product Matching by Consumer Taste Outperforms Other Models While Ensuring Privacy and Higher Conversions
PreciseTarget, the first data company to help retailers generate higher engagement and revenue by understanding the taste of their customers, announced the launch of its first two retail consumer taste products on LiveRamp: Product Taste Audiences and Brand Taste Audiences. The products will allow retailers to customize offers and experiences for consumers based on their individual taste, which outperforms other common data targeting methods. PreciseTarget’s innovative approach was recently profiled by James Hercher in AdExchanger.
PreciseTarget’s new taste products will help individual retailers solve their sparse data problem by combining aggregated daily retail data from over 200 retailers across the attributes that actually determine consumer taste and purchase habits attributes like material, price, brand, fit, and color. Unlike other retail targeting products, PreciseTarget’s taste audiences do not rely on cookies and fully protect consumer and retailer data privacy by relying on a trusted third party to anonymize it.
“I started PreciseTarget because I realized that what Netflix was doing for movies and video could also be done for retail shopping. I realized that apparel retailers I interact with – whether, by banner ads, email offers or other channels should be reflecting my own taste or preferences when they show me their product assortments, and that’s not the case today,” said Rob McGovern, CEO of PreciseTarget. “I realized that what retailers need is the ability to ‘peek into the closet’ of a customer to get a sense of what combination of attributes actually determine their individual taste – that’s how people actually choose what to buy. It’s why I’m confident that our taste data is going to finally deliver on the potential of programmatic.”
Built on an initial data set of over 5 billion SKU-level transactions, PreciseTarget’s taste audiences uniquely resolve apparel attributes across catalogs, allowing retailers to quickly adjust their campaigns and maintain effectiveness in the face of rapidly-changing product lines. Conceived as a consortium that would safely allow retailers to share data and enjoy the aggregate benefit, PreciseTarget enables deep audience insight based on their unique taste across digital channels. With Product Taste Audiences and Brand Taste Audiences currently available on LiveRamp, PreciseTarget plans to announce additional consumer taste products in the coming months.
Because retailers have historically kept their first-party customer data a closely guarded secret, PreciseTarget turned to a trusted third-party data processor to anonymize that data and allow retailers to share it without worrying that competitors will use it to target and poach customers. The end result allows for targeting based on clusters of consumers rather than tracking cookies, which makes PreciseTarget compliant with current and future expected privacy regulations.