ownerIQ’s 2nd Party Data Marketplace Sees Record Number of Direct Data Deals
The company’s platform recorded over 12,000 individual data requests sent by buyers
and 7,000 direct approvals granted by sellers in 2018
BOSTON, MA – March 11, 2019 — 2nd party data is a hot category in the digital advertising space; however, most solutions still struggle with how to scale the opportunity because traditional data marketplaces are unable to streamline the approval process for direct buyer to seller transactions. ownerIQ believes they have cracked that code. The leading company in 1st and 2nd party data solutions for retailers and brands announces that they have recorded over 7,000 direct data deals in their platform, CoEx, this last year. This is an increase of over 30% year over year.
Each data deal in CoEx represents a direct 2nd party data agreement between a buyer, or advertiser, and data owner or seller. The majority of these deals are between ownerIQ customers that have an existing marketing relationship, such as retailers, brands, manufacturers, and OEMs, or their agencies.
The company’s CEO, Jay Habegger, says that enabling direct 2nd party data deals that put minimal strain on client and ownerIQ resources is key to continued growth of their 2nd party data marketplace. “Every retailer, brand, service, etc. collects a massive amount of 1st party data within their walled gardens. In order for the opportunity of 2nd party data to truly scale, that data has to find its way into a transparent marketplace,” says Habegger. “But while all organizations see the value in data sharing, not all want to share on a broad level or as part of some co-op. This is why enabling individual transactions governed by both buyer and sharer in the platform is so important. We need to help organizations create 2nd party data relationships on their terms– and at levels of scale they are comfortable with. CoEx does this.”
ownerIQ has over 2,300 customers with active accounts in CoEx. 35% of those customers are actively selling, or sharing their 1st party data on the platform. Over 9 billion page views and $2 billion e-commerce transactions are recorded each month from data sellers/ sharers and available in CoEx’s 2nd party data marketplace.
Jay credits the growth of these direct transactions to the success of the CoEx’s unique permissioning features which enable buyers and sharers to directly interact with one another to secure a 2nd party data deal. “Getting the organization that owns the 1st party data to say “Yes” to a data request is everything,” says Habegger. “So we spend a lot of time and energy hardening the process in our platform around data permissioning to make it easier for data owners to push that “Approve” button and say “Yes.” And it’s working.” Where 2nd party partnerships in other platforms can typically take months to negotiate and approve, ownerIQ has managed to shorten the process to a matter of weeks, and days, in many instances.
Once a retailer or brand approves usage of their data, the buyer or advertiser then has continuous access to it in the platform until the data owner shuts it off. Larger advertisers in CoEx have gained approval to access the 1st party data of hundreds of retailers and brands. Data deals can include any type of 1st party data, e.g website browsing, e-commerce transactions, Mobile, CRM, and more. The data is used for a variety of marketing use cases, including programmatic advertising, retail attribution, customer insights, etc.
Some of the unique features within CoEx that support the process of these direct data deals are block list management tools, data deal settings, data network management, and data usage reporting.
The majority of ownerIQ’s revenue still comes from data deals that do not require buyers to directly interact with the data owners. These are digital ad budgets that use data from the company’s large monetization retail partners and their non-branded products. But the continued growth of the direct transactions represents ownerIQ’s future vision of their 2nd party data marketplace–an environment that operates like a partner network where the customers directly and transparently interact. This creates a 2nd party data ecosystem that can grow organically. In fact, of the retailers and brands that became new data sharers in 2018, 70% of them originated from a data request or invite by a current ownerIQ customer.
ownerIQ, or “The Q”, has built the market’s first and only single-platform solution designed to support the full suite of 1st and 2nd party data programs that are now part of every retailer and brand’s digital marketing playbook. Our software platform, CoEx, is an award-winning, vertically integrated data, and advertising technology stack, the center of which sits the largest second-party data marketplace of shopping and purchase data.
ownerIQ was founded in 2007 and is headquartered in Boston, MA with offices in NYC, Chicago, and Seattle. For more information, visit www.ownerIQ.com.