Luxury Institute Launches Advanced Personalization Xchange (APX)
Innovative tech platform empowers affluent consumers to license personal data for fair value benefits with ethical premium and luxury brands
NEW YORK, November 17, 2020 (Newswire.com) - The Luxury Institute today announced the launch of its Advanced Personalization Xchange (APX), a unique proprietary technology platform that enables affluent consumers to provide access to their rich, relevant and highly predictive personal data to premium and luxury brands in exchange for rewards and benefits, while maintaining full legal control of their data. APX is the first of its kind, opt-in, people-first, data panel platform that delivers previously inaccessible customer data as a service (DaaS) to premium and luxury brands. The platform is GDPR, CCPA and international privacy law compliant. APX can access personal data in Europe, Latin America, and the USA to start. Asia will be tested soon.
When prospects and existing customers are invited by their favorite brand and opt in to share social media information, a secure, private personal data store is created for each person on a secure platform. Then, each individual is automatically assisted to easily download and transfer their social media data trove from Facebook and Twitter, through an app, first to their device and then into their personal data store. Over time, the data will be updated automatically, in real-time, using APIs. The data is structured immediately for analysis, enabling brands, and/or their agencies, to generate rich insights that drive advanced targeting and personalization. Brands gain a license to this predictive data by exchanging it for creative rewards, benefits and personalized value. APX enables truly personalized, trusted, long-term relationships between premium and luxury goods and services brands and their valued customers.
With legal, ethical access to all the data that Facebook and Twitter (as a start, due to the rich nature of the data) have gathered about an individual, including all their segmentations and ad responses, among myriads of predictive attributes, brands will understand their customer base and prospects at an unprecedented level. Over time, all Google, Amazon, Instagram, Apple and many other types of comprehensive, predictive data will be gathered in each individual personal data store for licensing. While only some customers will opt in at first, as each luxury brand earns trust, and delivers rewards, personalized offers, and services, many more consumers will engage and opt into the mutually beneficial, rich exchange of value.
Luxury Institute research shows that most affluent consumers globally require cybersecurity, privacy and transparency protections for their data, yet are willing to exchange data for safe, secure fair value and personalization with brands they trust and love. This is especially true of younger consumers, who are the future of luxury. The access to rich data will enhance the AI prediction engines that make recommendations and power ads, offers and personalization actions. Ultimately, using APX, luxury brands will dramatically improve prospect and customer conversion, retention, referrals, and average transaction value rates that drive profitability.
APX is a proprietary tech platform powered by DataLucent, an innovative tech company based in Cambridge Massachusetts. The founders are veterans from MasterCard, Forrester Research, MIT, The Berkman Klein Center for Internet and Society at Harvard, and Duke University. The technology will be fully protected by a combined patent, copyright, and trade secret strategy. Milton Pedraza, CEO of the Luxury Institute has made a significant investment in DataLucent, will sit on the Board of Advisors, and has negotiated an exclusive long-term agreement with the company on behalf of Luxury Institute for dozens of categories in the global premium and luxury goods and services industry. Luxury Institute's APX and DataLucent will also collaborate with digi.me, another investment Pedraza has made, in order to accelerate and further automate the legal, ethical, consensual licensing of personal data by individuals. The DataLucent technology is available for licensing across all consumer goods and services industries.
Pedraza is a champion of personal data rights for all human beings and one of the most proactive investors in the rapidly emerging personal data economy. He believes that during the 2020s, all human beings will gain control of their personal data for Advanced Personalization in medicine, financial and lifestyle data streams. By empowering data sharing with trusted brands that serve them, individuals will empower their lives and their economic prosperity, helping to reduce inequality. People with lower incomes can be subsidized and empowered to participate in the personal data economy. Eventually, all individuals will also have access to strictly private, personal AI to improve all facets of their lives. In the next few years, much of this data sharing and AI will take place on the individual device, and in real time.
"We could not be more excited to be working with the Luxury Institute to launch and support APX. DataLucent shares Milton's vision for the protection and empowerment of consumers across the digital ecosystem. Our consent-based system generates legal standing for consumers and opens new ways for them to get value from the information they own and produce," said Tim Moynihan, Co-Founder and Chief Data Officer of DataLucent.
"DataLucent has built its technology around the strictest privacy regulations and processes. The Luxury Institute is the perfect partner to leverage the benefits of our consumer data platform via Luxury Institute's APX service. Luxury brands and their customers demand these standards, and we will work with Luxury Institute to provide clients with state-of-the-art security and compliance," said Brad Davis, Co-Founder and CEO of DataLucent.
"Data is the fuel of the digital economy," said Milton Pedraza, CEO of Luxury Institute. "After a long search, we have found, and partnered with, entrepreneurs who have designed moral, ethical, legal and effective technology that serves the best interests of individuals, as well as the ethical brands who serve them. We are not alone, there are many entrepreneurs and pioneers who have educated and encouraged us to launch APX. Many top-tier luxury brand leaders with whom we have spoken in the last few weeks totally get the need to go direct to their customers for the most legal, accurate and predictive personal data. Most have expressed a strong desire to partner with APX. We look forward to this truly disruptive and transformational journey together."
About Luxury Institute
Luxury Institute is the world's most trusted research, training, and elite business solutions partner for luxury and premium goods and services brands. With the largest global network of luxury executives and experts, Luxury Institute has the ability to provide its clients with high-performance, leading-edge solutions developed by the best, most successful minds in the industry.
Over the last 17 years, Luxury Institute has served over 1,100 luxury and premium goods and services brands. Luxury Institute has conducted more quantitative and qualitative research with affluent, wealthy and uber-wealthy consumers than any other entity. This knowledge has led to the development of its scientifically proven high-performance, emotional intelligence-based education system, Luxcelerate, that dramatically improves brand culture and financial performance.
To learn more about Luxury Institute and the Advanced Personalization Xchange (APX), please contact Luxury Institute.
Contact: Milton Pedraza
Source: Luxury Institute
Categories: Business Technology