Shelley E. Kohan, Forbes contributor and professor at FIT NewYork, discusses the benefits of data monetization in the retail sector, particularly through the use of retail media networks. Retailers collect in-store shopping data and share or sell this information to brands within their ecosystem. This exchange empowers brands by providing insights into product details, customer preferences, and shopping behaviors. As brands become better informed, they can enhance product relevance, which in turn benefits retailers through improved product presentation and increased customer satisfaction.

Shelley highlights the role of retail media networks in advertising product information in stores and the subsequent collection of data. This data allows retailers to measure the return on investment (ROI) of digital marketing initiatives, providing concrete evidence of their effectiveness. As retailers continue to invest in in-store analytics, the potential for data monetization grows, fostering a mutually beneficial relationship between retailers and brand partners.

The growth of in-store analytics will likely lead to more widespread data monetization, enhancing the overall customer experience. By sharing data, retailers and their partners can work together to create a more relevant and appealing shopping environment. Shelley emphasizes that achieving world-class retail status requires shared partnerships and strategic collaboration with brands and wholesalers, all aligned with the goal of better serving the customer market.

Ultimately, Shelley believes that data monetization will be advantageous for both retailers and their brand partners. The insights gained from shared data will enable more informed decisions, leading to improved product offerings and marketing strategies. This collaborative approach ensures that both retailers and brands can stay relevant and meet the evolving needs of their customers.

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