Today’s most successful retailers are monetizing supplier data-sharing to build new, high-margin revenue streams. This guide offers a structured approach for retailers seeking to monetize their data through a Data & Insights monetization program. Either on internal resources own or through a technology partner, monetisation strategy should go through these phases.

1. Preliminary Assessment

• Data Inventory: Dive deep into understanding the kind, depth, and quality of the data you possess. This includes, but isn’t limited to, Sales, Availability, Customer Engagement, and Loyalty Data. Knowing your data assets thoroughly sets the foundation for monetization.

• Technology Audit: Examine the platforms and tools you employ for data collection, storage, and distribution. It’s crucial to ensure they’re not only robust but also adaptable to future needs.

• Supplier Collaboration Assessment: Take an in-depth look at your current data-sharing agreements and collaboration initiatives with suppliers. How ingrained is this collaboration in your operations?

• Organizational Data Culture: Gauge the level of acceptance, enthusiasm, and understanding of data-driven strategies within your organization. A positive culture can be the wind beneath your data strategy’s wings.

• Evaluation of Current Capabilities: Confirm that you have the necessary mix of people, streamlined processes, and advanced technology to undertake a successful data monetization initiative.

2. Strategic Planning

• Engagement with Brands: Engage in meaningful conversations with brands to determine their data interests. Recognize that a vast majority are inclined towards transparent and open data collaborations.

• Strategic Brand Classification: Thoughtfully categorize your brand suppliers by various factors like their maturity in the market, specific data needs, and the turnover they generate for your business.

• Competition Analysis: Delve deep into the data-sharing models and strategies adopted by your competitors. This will help you identify gaps and opportunities in the market.

• Industry Research: Take the time to familiarize yourself with prevalent data monetization practices in the industry. Whenever possible, lean towards procuring tools over creating them from scratch, unless they’re core to your unique business operations.

• Vision Setting: Using the insights you’ve gathered, set ambitious yet realistic goals. This is also the stage to identify and partner with the ideal Data Monetization entity that aligns with your objectives.

3. Action Plan & Rollout

• Platform Selection: Give precedence to technology platforms that not only ensure utmost data security and compliance but also offer scalability for future growth. Decide on the specifics of data-sharing, including timelines and modes of sharing.

• Data Offering and Packages: Collaborate closely with your chosen partner to design data packages that meet diverse supplier needs and foster stronger collaborations.

• Pricing Strategy: Decide between offering standardized data packages, imposing flat fees, or charging based on turnover percentages. Also, weigh in on the implications of various charging mechanisms for data access.

• Sales Strategy: Determine the sales responsibility – whether it lies with your internal team or the partner’s team. Remain flexible and open to adjusting strategies based on evolving outcomes.

• Deliverables and Support: Ensure your suppliers are provided with an intuitive, feature-rich platform. Additionally, make sure they receive continuous training, consulting, and support to derive maximum value from the data.

4. Continuous Improvement

Even post-deployment, it’s imperative to keep revisiting and refining the strategy based on feedback and results. A truly successful data monetization strategy thrives on organizational commitment, leadership support, and a relentless focus on data-driven decision-making.

For those keen on starting their data monetization strategy, let’s talk. eRetail Audit Marketplace is tailored for retailers aiming to monetize their data assets efficiently through a partner. The platform serves as a powerhouse at the hands of retailers, with direct benefits:

• New Revenue Stream: We introduce an invaluable revenue stream to your P&L, enhancing profitability.

• Accessibility & Ease: Our platform democratizes data monetization, making it accessible to every retailer to create a SaaS business with minimal effort.

• Empowering Retailer-Supplier relationships: Position your monetisation strategy at the forefront of data-driven commerce, truly embodying the essence of a new era in retailer-supplier collaboration.