Retail media offers a significant revenue-generating opportunity for retailers to sell advertising space fueled by customer transactional data and insights. However, scaling such a business poses a significant challenge for many. EPAM Systems, Inc., a leading digital transformation services and product engineering company, today announced a partnership with Google Cloud, aligned with its Industry Value Network (IVN) initiative, to develop a composable suite of retail media accelerators to help retailers solve efficiency, scalability and functionality challenges.
EPAM’s Retail Media Orchestration Toolkit, developed on and in collaboration with Google Cloud, is a set of composable cloud accelerators that allows retailers to work more effectively with multiple technology vendors via a single, integrated platform while reducing dependence on third parties and optimizing cost. Retailers can leverage the scalability and analytical capabilities of native Google Cloud components, along with a network of retail media software vendors, eliminating the need to build their own in-house solution.
With more consumers shopping online than ever before, retail media is the fastest-growing segment in the advertising industry, with the potential to generate billions of dollars of annual revenue. In a currently heavily fragmented space, EPAM’s Retail Media Orchestration Toolkit provides a solution for creating higher-quality advertising experiences with greater measurement and targeting capabilities.
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The Retail Media Orchestration Toolkit features the following:
- Multichannel reporting with automated campaign metrics from multiple platforms into a single dashboard.
- Automated omnichannel measurement to help brands understand the incremental sales and revenue impact of their retail media investments across channels and platforms.
- Advanced audience creation using analytical tools within Google Cloud, enabling brands to create powerful, predictive audiences across channels and platforms.
- Brand and consumer insights to analyze category share, consumer profiles, purchase channels and basket composition, helping brands plan more effective campaigns and increase their media investments.
“We’re pleased to announce this collaboration with Google Cloud to help retailers of all sizes scale their retail media business without the need for costly capital investments,” said David Billings, VP, Global Head of Media Practice at EPAM. “Our clients often work with multiple retail media technology partners and need a comprehensive data and analytics layer that can seamlessly integrate these partners to enhance value for advertisers and reduce their operational burden.”
“Retailers are already working with Google Cloud to power their digital transformations with cloud infrastructure, data and AI,” said Pallab Deb, Managing Director, Solutions and Industry Value Networks at Google Cloud. “Our approach to Industry Value Networks helps these customers more quickly bring together and create value from multiple partner platforms on Google Cloud, and we’re pleased that EPAM will expand its work with Google Cloud and our ecosystem of partners to accelerate digital transformation in the retail industry.”
As a market leader in developing composable cloud media and marketing platforms, EPAM has designed and built custom media technology platforms for some of the world’s largest advertisers and retailers. Initial integration partners of EPAM’s Retail Media Orchestration Toolkit include Moloco and Salesforce, with first use cases focusing on multi-channel measurement, brand and consumer insights generation and high-value audience creation.
“This partnership will enable the world’s largest retailers to build and grow their own retail media technology ecosystem with Moloco’s machine learning powered platform at the center of that stack,” said Nikhil Raj, Vice President, Retail Media Platform Business at Moloco. “We expect this partnership will help move the entire industry forward with an increased focus on transparency, measurement and performance.”
SOURCE : PRNewswire