How is the ePharmacy industry doing?
Short answer, very well. Slightly longer answer, during the COVID-19 pandemic, globally visits to ePharmacies grew by 43% to 2.7 billion. Major players posted staggering growth in the past year, as well. JD Health, a unit of JD.com, increased its revenue, jumping to a 76% year-over-year growth to $1.34 billion, in the first six months of 2020. Alibaba-backed Alibaba Health posted a 74% revenue increase over the period March to September 2020. Amazon invested heavily in the industry with the acquisition of PillPack in 2020.
These high-level metrics highlight a unique opportunity for consumer healthcare retailers and manufacturers to satisfy new consumer and patient habits. They also make even more relevant the discussion about data, their use and monetization, for retailers. Data monetization is already happening offline by giant companies such as Nielsen, IQVIA, DH, IRi. eRetail Audit Marketplace is the ideal analytics platform to help ePharmacy retailers work with and earn from their data.
What can you do with eRetail Audit Marketplace?
eRetail Audit Marketplace is the leading data monetization platform for online pharmacies across countries. It enables Retailers & Brands to share, access & benchmark data, all in one platform.
Gain meaningful insights
Your commercial, eCommerce & marketing data, from the top level down to basket-level analytics, convert to actionable insights that bring real, bottom line improvements. It’s like Google Analytics on steroids!
Create and strengthen relationships with brands
Top global brands use eRetail Audit Marketplace and the entire suite of Convert Group products to benchmark themselves against their competitors and improve their sales. And they are eager to work with you on buying your data.
Why choose eRetail Audit Marketplace for your data monetization?
- So that you don’t get your hands dirty. eRetail Audit Marketplace cleans, enhances and synthesizes your data in a consistent way, which brands love.
- To transform data into insights through advanced analytics models that produce accurate insights to drive RGM (revenue growth management).
- To build your own monetization factory. With the help of bleeding edge tech (from user access management, freemium models, plans, and authorization process), you can manage your monetization while maintaining full control and ownership over your data.
- To go beyond data integration. You won’t just sell your data, you can build a revenue pipeline and serve FMCG manufacturers with ad hoc reporting, without doing the actual work.
How does eRetail Audit Marketplace work?
- Data collection: Hundreds of retailers connect their data to eRetail Audit Marketplace, in less than 10 seconds.
- Data synthesis: Data then enters a series of processing steps to filter relevant data points, clean up, enrich, and prepare them for reporting. Anomaly detection and integrity checks from the retailer level down to the basket-item level ensure the reliability of data used in reporting.
- Data modeling: Data is modelled via a series of sophisticated rule-based processing jobs and machine learning classification models to create the most tangible value out of data.
- Data delivery: The most powerful, ready-to-use insights available today that help retailers and brands, share, access and monetize data.
So, where are you at the data monetization journey?
To create your data monetization strategy and open the revenue stream, get in touch with the Convert Group team and request a platform demo.