EPAM Launches a Composable Suite of Retail Media Accelerators with Google Cloud

Rhea-AI Summary

EPAM Systems, Inc. partners with Google Cloud to develop a composable suite of retail media accelerators, providing a solution for retailers to scale their retail media business and leverage the analytical capabilities of Google Cloud. The Retail Media Orchestration Toolkit aims to help retailers solve efficiency, scalability, and functionality challenges by allowing them to work more effectively with multiple technology vendors via a single, integrated platform while reducing dependence on third parties and optimizing cost. EPAM's partnership with Google Cloud is aligned with its Industry Value Network (IVN) initiative and aims to create higher-quality advertising experiences with greater measurement and targeting capabilities in the fastest-growing segment of the advertising industry. The partnership enables retailers to leverage scalability and analytical capabilities of native Google Cloud components, eliminating the need to build their own in-house solution.

Positive

• Partnership with Google Cloud to develop a composable suite of retail media accelerators
• Aims to solve efficiency, scalability, and functionality challenges for retailers
• Aligned with EPAM's Industry Value Network (IVN) initiative
• Creates higher-quality advertising experiences with greater measurement and targeting capabilities
• Enables retailers to leverage scalability and analytical capabilities of native Google Cloud components

Negative

• None.

Insights

Market Research Analyst

The collaboration between EPAM Systems and Google Cloud represents a strategic move in the retail media segment, which is currently experiencing rapid growth within the advertising industry. The development of EPAM's Retail Media Orchestration Toolkit is a response to the increasing demand for efficient, scalable advertising solutions that can harness the power of customer transactional data and insights. The toolkit's focus on multichannel reporting, automated omnichannel measurement and advanced audience creation is designed to address the fragmented nature of the market and provide a unified platform for retailers.

From a market research perspective, this partnership has the potential to streamline operations for retailers, enabling them to maximize the return on their media investments. The integration of Google Cloud's analytical tools could lead to more precise targeting and measurement, thereby improving the effectiveness of advertising campaigns. Furthermore, the involvement of initial integration partners such as Moloco and Salesforce could indicate a trend towards a more interconnected ecosystem within retail media, potentially leading to industry-wide improvements in transparency and performance metrics.

Financial Analyst

EPAM's initiative may have a significant financial impact on the retail media market by providing a cost-optimized solution that reduces the need for retailers to invest in their own in-house platforms. The use of Google Cloud's infrastructure and analytical capabilities could result in cost savings for retailers, as well as an increase in advertising revenue due to enhanced campaign effectiveness. The toolkit's ability to integrate multiple technology vendors through a single platform suggests potential for increased operational efficiency and reduced reliance on third-party providers.

Investors in EPAM Systems may view this partnership as a positive development, given the company's expansion into a rapidly growing market segment. The collaboration with Google Cloud and the inclusion of major players like Moloco and Salesforce as initial integration partners could enhance EPAM's competitive positioning and lead to new revenue streams. For the stock market, this may translate into an optimistic outlook for EPAM's financial performance, especially if the toolkit gains widespread adoption among retailers.

Digital Transformation Expert

The partnership between EPAM and Google Cloud is indicative of the broader trend towards digital transformation in the retail industry. The Retail Media Orchestration Toolkit is positioned to facilitate this transformation by leveraging cloud technology to enhance the capabilities of retail media platforms. The toolkit's emphasis on automation and analytics aligns with the industry's shift towards data-driven decision-making and personalized customer experiences.

By utilizing machine learning and AI technologies, such as those offered by Moloco, retailers can expect to see improvements in audience segmentation and campaign performance. The toolkit's promise to deliver brand and consumer insights could empower retailers to optimize their advertising strategies further. This level of digital transformation in retail media not only has the potential to improve operational efficiency but also to redefine the standards for advertising effectiveness within the industry.

EPAM's Retail Media Orchestration Toolkit provides a solution for retailers to scale their retail media business and leverage the analytical capabilities of Google Cloud

NEWTOWN, Pa., Jan. 24, 2024 /PRNewswire/ -- Retail media offers a significant revenue-generating opportunity for retailers to sell advertising space fueled by customer transactional data and insights. However, scaling such a business poses a significant challenge for many. EPAM Systems, Inc.  (NYSE: EPAM), a leading digital transformation services and product engineering company, today announced a partnership with Google Cloud, aligned with its Industry Value Network (IVN) initiative, to develop a composable suite of retail media accelerators to help retailers solve efficiency, scalability and functionality challenges. 

EPAM's Retail Media Orchestration Toolkit, developed on and in collaboration with Google Cloud, is a set of composable cloud accelerators that allows retailers to work more effectively with multiple technology vendors via a single, integrated platform while reducing dependence on third parties and optimizing cost. Retailers can leverage the scalability and analytical capabilities of native Google Cloud components, along with a network of retail media software vendors, eliminating the need to build their own in-house solution.

With more consumers shopping online than ever before, retail media is the fastest-growing segment in the advertising industry, with the potential to generate billions of dollars of annual revenue. In a currently heavily fragmented space, EPAM's Retail Media Orchestration Toolkit provides a solution for creating higher-quality advertising experiences with greater measurement and targeting capabilities.

The Retail Media Orchestration Toolkit features the following:

• Multichannel reporting with automated campaign metrics from multiple platforms into a single dashboard.
• Automated omnichannel measurement to help brands understand the incremental sales and revenue impact of their retail media investments across channels and platforms.
• Advanced audience creation using analytical tools within Google Cloud, enabling brands to create powerful, predictive audiences across channels and platforms.
• Brand and consumer insights to analyze category share, consumer profiles, purchase channels and basket composition, helping brands plan more effective campaigns and increase their media investments.

"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," said David Billings, VP, Global Head of Media Practice at EPAM. "Our clients often work with multiple retail media technology partners and need a comprehensive data and analytics layer that can seamlessly integrate these partners to enhance value for advertisers and reduce their operational burden."

"Retailers are already working with Google Cloud to power their digital transformations with cloud infrastructure, data and AI," said Pallab Deb, Managing Director, Solutions and Industry Value Networks at Google Cloud. "Our approach to Industry Value Networks helps these customers more quickly bring together and create value from multiple partner platforms on Google Cloud, and we're pleased that EPAM will expand its work with Google Cloud and our ecosystem of partners to accelerate digital transformation in the retail industry."

As a market leader in developing composable cloud media and marketing platforms, EPAM has designed and built custom media technology platforms for some of the world's largest advertisers and retailers. Initial integration partners of EPAM's Retail Media Orchestration Toolkit include Moloco and Salesforce, with first use cases focusing on multi-channel measurement, brand and consumer insights generation and high-value audience creation.

"This partnership will enable the world's largest retailers to build and grow their own retail media technology ecosystem with Moloco's machine learning powered platform at the center of that stack," said Nikhil Raj, Vice President, Retail Media Platform Business at Moloco. "We expect this partnership will help move the entire industry forward with an increased focus on transparency, measurement and performance."

For more information about EPAM's Retail Media Orchestration Toolkit and to request a demo, visit https://www.epam.com/retail-media-orchestration-toolkit.

Learn more about EPAM's partnership with Google Cloud: https://www.epam.com/about/who-we-are/partners/google-cloud.

About EPAM Systems
Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has leveraged its advanced software engineering heritage to become the foremost global digital transformation services provider – leading the industry in digital and physical product development and digital platform engineering services. Through its innovative strategy; integrated advisory, consulting, and design capabilities; and unique 'Engineering DNA,' EPAM's globally deployed hybrid teams help make the future real for clients and communities around the world by powering better enterprise, education and health platforms that connect people, optimize experiences, and improve people's lives. In 2021, EPAM was added to the S&P 500 and included among the list of Forbes Global 2000 companies.

Selected by Newsweek as a 2021, 2022 and 2023 Most Loved Workplace, EPAM's global multidisciplinary teams serve customers in more than 50 countries across six continents. As a recognized leader, EPAM is listed among the top 15 companies in Information Technology Services on the Fortune 1000 and ranked four times as the top IT services company on Fortune's 100 Fastest Growing Companies list. EPAM is also listed among Ad Age's top 25 World's Largest Agency Companies for three consecutive years, and Consulting Magazine named EPAM Continuum a top 20 Fastest Growing Firm.

Learn more at www.epam.com and follow EPAM on Twitter and LinkedIn.

Forward-Looking Statement
This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as "may," "will," "should," "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets and the broader economy, and the effect that these events may have on our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company's most recent Annual Report on Form 10-K and the factors discussed in the Company's Quarterly Reports on Form 10-Q, particularly under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

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SOURCE EPAM Systems, Inc.

FAQ

What is EPAM's ticker symbol?

EPAM Systems, Inc.'s ticker symbol is EPAM.

What is the purpose of EPAM's Retail Media Orchestration Toolkit?

The purpose of EPAM's Retail Media Orchestration Toolkit is to help retailers solve efficiency, scalability, and functionality challenges by allowing them to work more effectively with multiple technology vendors via a single, integrated platform while reducing dependence on third parties and optimizing cost.

What is the Industry Value Network (IVN) initiative?

The Industry Value Network (IVN) initiative is an initiative by EPAM aimed at creating higher-quality advertising experiences with greater measurement and targeting capabilities in the fastest-growing segment of the advertising industry.

What are the benefits of the partnership between EPAM and Google Cloud for retailers?

The partnership between EPAM and Google Cloud enables retailers to leverage scalability and analytical capabilities of native Google Cloud components, eliminating the need to build their own in-house solution.