Marketing & CXThought Leadership Insights
Joe Shasteen on Transparent Data Monetization
September 21, 2023
Joe Shasteen, RetailNext's Global Head of Analytics, emphasizes the critical role of transparency in data management for fostering trust between retailers, brands, and customers. He believes that transparency is essential for building strong partnerships in the retail sector, ensuring that all parties work collaboratively rather than competitively. By sharing data openly, retailers and brands can enhance the customer experience and make more informed decisions that benefit both businesses.
Joe advocates for the importance of data transparency and sharing, as it enables both retailers and brands to make better strategic decisions. He highlights that understanding the data behind e-commerce algorithms and marketing efforts is crucial. Often, brands and retailers are unaware of the factors driving sales, leading to inefficiencies and missed opportunities. Transparent data sharing eliminates this "black box" effect, providing clearer insights into the effectiveness of various strategies.
Furthermore, Joe points out that when brands have access to transparent data, they can adjust their product offerings and marketing tactics more effectively. This adaptability leads to a more valuable customer experience, benefiting both the brands through increased sales and the retailers through higher store traffic. The feedback loop created by transparent data sharing ensures that both parties can continuously improve their operations and better meet customer needs.
In conclusion, Joe asserts that data transparency is fundamental to the future of retail. By fostering trust and collaboration through open data sharing, retailers and brands can create more effective partnerships, ultimately enhancing the customer experience and driving mutual success. This approach not only helps brands optimize their product strategies but also supports retailers in attracting and retaining customers.
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Transcript
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Read the Transcript
Working in data, I'm all about transparency, and I think that's really important for kind of building that trust, not only for retailers with their customers, retailers in the brands that they're also selling, right. So, I think that's a huge factor for the future of retail and, you know, being able to increase the partnerships. And have it not be kind of you're working against each other, but really working together to provide the right experience for the customer, and I really think just kind of the data, the data transparency and the sharing of data from the brands, the retailers themselves, that's really important. I really feel like that drives more trust and kind of allows both sides to make the right decisions for their own businesses.
It's really about that driving more transparency. That black box of you don't understand what's going on into kind of some of the e-commerce algorithms, or the marketing that you're doing with some of the various platforms. Oftentimes they don't know what's going into, driving the sales from that aspect. So really just that data transparency, the data sharing.
Giving them more feedback to the brands that allows them to make better decisions, whether it's from the products that they're allocating, if they need to change it up a bit, it really provides, you know, more of a valuable experience for the customers as well, which will not only just benefit the brands who are making the sales, but also the retailers are getting the traffic into their stores.
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