this year more Over 5 trillion Digital Advertising It shows World wide.
This is a staggering figure and a testament to the advertising giant's corporate aspirations. coca cola Even the smallest Amazon Marketplace sellers must embrace the promise of digital advertising: delivering the right offer to the right customer at the right time. Banyan president Alpesh ChokshiNew efforts to tie payment to advertising volume make sense.
“I feel like the market is moving towards where we are now,” with companies building new businesses with the help of artificial intelligence to ensure that at least a significant percentage of those ads are relevant, he told PYMNTS CEO Karen Webster.
Looking back on his 25 years in the financial services industry, Choksi said, “Item level, or SKU data, was the Holy Grail for companies to understand what consumers were buying.” Similarly Company.
Traditionally, banks' offers have tended to be off-target and difficult to access and understand via mobile, he said. but now Consumers are becoming more data-savvy Used in So As far as they know Information It remains safe and private. At the same time, companies want to combine insights with business models that generate revenue through advertising, as customers evaluate and accept relevant offers.
This conversation is part of PYMNTS' “Afterthoughts” series, in which executives reflect on a busy month of activities, announcements and conferences to offer insights into what customers are looking for and where payments innovation is headed. Head to Over the next few months.
A busy month
Indeed, Banyan has had a busy month. partnership and Wex and Walgreens It provides item-level receipt data capabilities to help you engage and serve your customers better. Customer-level insights based on granular data Key to Enabling new customers and commercial use Examples, Solving problems in financial services, promotion and advertisingChoksi said:.
Data, especially receipt-level data with consumer permission, will have the power to make a difference. How we do business End itHe said.
And there are some changes To be made.
Companies often road It always Cashback rewards are 1% to 2% of the purchase amount or advertising. Crafted Take a one-size-fits-all approach.
Transforming Advertising
One of key It's the topic of the day, he said — and surely This month's feature is Transforming Advertising. Financial Services Company JPMorgan Chase and PayPal A detailed description of the creation of Ad Network use data From user purchases.
“Creating these new business lines and revenue streams and new ways to serve our customers is revolutionary,” he said.
It needs to use data not only to generate new revenue streams but also to deliver offers to customers across its various ecosystems of 400 million PayPal users and 80 million JPMorgan clients. Do it the right wayHe said.
“This meets consumer demand and takes privacy into consideration,” Choksi said, adding that the company's executives in Follow these steps:
He championed his company's efforts to provide receipt-level information, saying it can “connect a payment to a person without actually knowing who that person is, because customers, wherever they are, are allowing advertisers to target them in specific, unique ways,” whether online or in-store.
Well doneTargeted advertising means paid revenues will get a boost. There is No additional capital requirements are needed to capture these high margin sales. It's no surprise that Amazon saw 24% growth in advertising. work As seen in the most recent quarter, these sales are a significant contributor to consolidated sales.
“It has to be backed by an economic model,” Choksi says. “You have to be able to prove that sales are coming from advertising, and manufacturers and advertisers have to be able to say, 'Yes, this is a high return on advertising spend, and we want to do more of this.' And I think that's what these models will enable.”
Beyond technology companies, there is data and customers all over the world, and providers integrate it all to generate revenue from their customers.He said. Future innovation may come from companies leveraging manufacturer budgets to create offers that drive consumers to specific products. Types When you purchase a brand or product (such as toothpaste or soap), you receive additional discounts.
“These offers break through the clutter,” Choksi said. “Everyone wants to save money if it's automatic.”
“The bridge Crossed“You're going to see a lot more collaborations and businesses everywhere will be taking note of what PayPal, Amazon and Chase are doing,” he said.
“We're still in the early stages of all this, and people now know it's all possible outside of the big tech world,” he told Webster.
