Technology companies LiveRamp and Euclid have teamed up to provide retailers with a platform that allows them to measure individual store visits. LiveRamp, a provider of omnichannel identity resolution, and Euclid, a data platform for offline attribution and store visit retargeting, have partnered to personalize messages and influence the path to purchase for multichannel retailers.
According to a recent report from Euclid, 75% of consumers between the ages of 18 and 34 visit a store to see a product but later purchase it online. Therefore, retailers struggle with measuring a digital ad's effect on an in-store versus a future online purchase. But the new technology formed through this partnership enables retail marketers to get a complete customer profile that integrates online ad exposure and an in-store visit.
"This is ultimately about context—with our partnership, we provide online and offline identity resolution in a highly accurate and privacy-safe way. The ability to understand who visits a store, why they came and the context for their online and offline behavior is a real differentiator for us," Brent Franson, CEO of Euclid, told FierceRetail. "And it's a real differentiator for our customers, who understand that today's buying journey is incredibly blurry. You need that single view of customers across both online and offline to make sense of it."
"LiveRamp's IdentityLink helps marketers to get insight into data that can be utilized for people-based initiatives. And by using permission access to preferences, marketers can provide more individualized experiences. Then combine this platform with Euclid's people-based location data, and a marketer gets a 360-degree view of the customer journey."
Franson calls the new experience "seamless," ultimately feeling more cohesive and connected. For customers that already have both LiveRamp and Euclid, it's particularly simple, but it's also very easy to get up and running if the retailer is a customer of just one of the platforms.
This technology integration is a symbol of what Franson calls a post-mobile, post-Amazon retail world.
"The retailers that do best in this environment are agnostic about where the purchase happens. Offline or online is less relevant in this landscape than the fact that purchase itself took place. What's very important is that single view of the customer—understanding who they are both online and offline," he said. "That's the future and most retailers are just not there yet. They have fragmented data sets or they understand offline or online really well, but not both. With the capability we offer, retailers will get that holistic view of the customer they need to compete."