From Walmart Luminate to Scintilla with Walmart Data Ventures SVP Mark Hardy
Oct 12, 2024
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Mark Hardy, SVP of Walmart Data Ventures, leads the Scintilla platform, which aims to unlock the potential of Walmart's vast data assets. He discusses the shift from Walmart Luminate to Scintilla and its impact on customer personalization and brand loyalty. Hardy emphasizes the importance of first-party data in crafting targeted consumer experiences. He also reveals insights on integrating retail strategies and enhancing collaboration between suppliers and merchants, highlighting real-time data use for smarter decision-making in today's retail landscape.
Walmart Data Ventures seeks to transform Walmart's extensive data into actionable insights, enhancing decision-making for brands and improving customer engagement.
The rebranding of Walmart Luminate to Scintilla highlights a renewed focus on providing small yet impactful insights that drive innovation and collaboration between brands and merchants.
Deep dives
Retail Media Investment Trends
Retail media investments have seen significant growth, approaching $50 billion in the U.S. last year, with projections to exceed $100 billion by 2027. This trend highlights the urgent need for retailers and brands to enhance their expertise in retail media to create value across the consumer journey. The growth emphasizes that effective engagement through retail media not only benefits brands and retailers but ultimately leads to better consumer experiences. This backdrop sets the stage for educational programs aimed at leveraging these developments for strategic advantage.
Executive Education in Retail Media
An executive education course titled 'Retail Media Strategy' is being introduced in collaboration with Cornell University's Johnson School of Business. Scheduled for spring 2025 in New York City, this four-day program aims to deepen participants' understanding of building and executing retail media strategies. Engaging industry leaders and academics, the course will provide insights on creating a retail media ecosystem that effectively measures marketing performance through robust platforms. Limited to 60 participants, this program is designed to attract major brands and retailers looking to advance their strategies in retail media.
The Role of Walmart Data Ventures
Walmart Data Ventures was established to generate value from Walmart's vast data resources rather than simply monetizing it. By focusing on creating actionable insights, this initiative allows for improved decision-making that benefits both the company and its customers. The growth of first-party data presents an opportunity to enhance consumer personalization while respecting privacy concerns. As changes in consumer expectations continue to evolve, Walmart Data Ventures aims to streamline the collaboration between merchants and suppliers for optimized customer engagement.
Integration and Innovation with Scintilla
Walmart Luminate, the current data platform, will be rebranded as Scintilla, reflecting its evolution and renewed focus on providing small insights that spark greater ideas and innovations. The platform aims to enhance the partnership between brands and merchants by facilitating data-driven decisions and unified strategies for customer satisfaction. New modules such as the integration of insights with retail media through Walmart Connect will further assist suppliers in leveraging data for marketing effectiveness. This transition emphasizes a commitment to continued advancement in data utilization to meet the growing complexities of consumer preference.
The CPGGUYS are joined in this episode by Mark Hardy, SVP of Walmart Data Ventures. WDV recently announced the impending renaming of the Walmart Luminate platform to Scintilla. Data is the most valuable commodity today to build consumer trust and loyalty. Take business growth, with targeted consumer profiles and preferences, personalization is actually possible anchored on data.
Find Mark Hardy on Linkedin here. Find Walmart Data Ventures on Linkedin here. Find Walmart Data Ventures online here.
Here's what we asked him : 1. What prompted Walmart to create Walmart Data Ventures and what’s your strategic mission? 2. In today’s volume-challenged environment for brands, reaching and retaining customers is becoming even more important – especially for lost households due to loyalty changes. Customer expectations are changing, and it’s harder for brands to keep up. How can you help solve for this with your offerings? 3. Can you tell us more about how brands can leverage this suite of solutions to better reach and drive consideration with customers? 4. How is Walmart Luminate influencing the way suppliers work and create joint value with merchants? 5. Some exciting news was also shared at the Inspire event yesterday. Can you share that news with us now? 6. As you think about the growth of Walmart Data Ventures and its offerings, how are you thinking about integration with other areas of the Walmart business, like Walmart Connect? 7. Looking forward, what new capabilities is WDV looking to bring to its suppliers and how will that improve the customer experience through merchandising, retail media, etc.?
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