LiveRamp launches new Safe Haven platform for data collabs
LiveRamp has launched a new platform known as LiveRamp Safe Haven with the intention of enabling secure data collaboration between global brands and their partners.
According to LiveRamp, the platform enables omnichannel data and audience collaboration in an environment that is permission-controlled and privacy first. This ensures the security of data while also enabling matches between partners, LiveRamp states.
The platform utilises identity resolution and provides advanced analytics tools. It can be used to extract insights from event-level data to inform business decisions and unlock outcome-based measurement capabilities, the company states.
Possible businesses who can use the tool includes brands, retailers and media networks. For instance, it can be used to connect a brand with a retailer to refine audience segments with transaction data, or connect a publisher with an advertiser to curate audiences and measure outcomes.
However, LiveRamp Safe Haven is relevant across many verticals, such as retail, CPG, travel, publishers, and also inclusive of applications outside of adtech, the company states.
LiveRamp is focused on being a go-to neutral and agnostic data connectivity solution. The company is focused on giving advertisers looking to maximise business value of proprietary data a strategic alternative.
According to LiveRamp, the advertising opportunity for retailers is significant.
A 2019 Digiday survey of 71 media buyers found that 90% of marketers advertise with Amazon, but only a few advertise with retailers such as Target, Walmart, eBay, and Kroger.
Furthermore, the vast majority (87%) of shoppers begin product searches on digital channels. Of those, 28% start out on marketplaces like Amazon and eBay, a 22% increase from last year, according to new research from Salesforce and Publicis Sapient.
As such, this is the opportunity for brands, including retailers, to corner a growing market and convert retailer searches into new revenue streams, the company states.
LiveRamp president Warren Jenson says, “The LiveRamp Safe Haven is all about enabling next-generation data partnerships. The vision for this platform is to create natural data sharing relationships between brands and their partners in order to deliver the best possible customer experiences.
“For example, if you're a retailer, you've historically been limited in your ability to deliver shopper insights to your CPG partners. With LiveRamp Safe Haven, you now have the capability to collaborate with your CPGs and provide them the insights they need to better serve your mutual customers.
Jenson says, “As the advertising system becomes increasingly complex, brands need to consider LiveRamp Safe Haven as a way to diversify sources of trusted data in a privacy- and consumer-first way.
LiveRamp Safe Haven product is available in the U.S. and international markets.