NEWTOWN, PA — EPAM Systems, Inc. (NYSE: EPAM) has revealed a strategic partnership with Google Cloud to create a suite of retail media accelerators. The move is designed to help retailers overcome the challenges associated with scaling their retail media businesses and optimize advertising efficiency.
Retail media, which involves retailers selling ad space based on customer transactional data, is the fastest-growing segment in the advertising industry. It offers a significant revenue opportunity, especially given the surge in online shopping. However, the sector is currently heavily fragmented, and many retailers struggle with efficiency, scalability, and functionality.
To address these issues, EPAM has developed a Retail Media Orchestration Toolkit in collaboration with Google Cloud. This set of composable cloud accelerators offers an integrated platform for retailers to work more effectively with multiple technology vendors. It reduces reliance on third parties, optimizes costs, and negates the need for retailers to build their own in-house solutions.
The toolkit leverages the scalability and analytical capabilities of native Google Cloud components, along with a network of retail media software vendors. It offers multichannel reporting, automated omnichannel measurement, advanced audience creation, and brand and consumer insights. These features aim to improve campaign planning, enhance advertising experiences, and increase media investments.
David Billings, VP, Global Head of Media Practice at EPAM, said, “We’re pleased to announce this collaboration with Google Cloud to help retailers of all sizes scale their retail media business without the need for costly capital investments.”
Initial integration partners for EPAM’s Retail Media Orchestration Toolkit include Moloco and Salesforce, with a focus on multi-channel measurement, brand and consumer insights generation, and high-value audience creation.
The partnership between EPAM and Google Cloud reflects the growing importance of retail media in the advertising industry. By providing a solution to the current fragmentation and scalability issues, the collaboration could revolutionize the way retailers approach and capitalize on advertising opportunities. Consequently, this development is of significant interest to investors and industry observers alike.
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