The Luxury Institute gives the introduction of its new Technology platform known for Edge AI. The so-called Advanced Personalization Xchange (APX). Consumers can now easily grant premium brands access to their personal data. And while maintaining full legal control over your data. The advantage: the provision takes place in exchange for the receipt of rewards and personalized offers.
“The platform enables consumers to access their personal data from digital platforms such as Facebook and Google. And then do this in a simple way Brands license that they trust, ”said Milton Pedreza, CEO of the Luxury Institute.
A revolution in EDGA AI
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.
“By this way companies can dramatically improve prospecting, customer relationship deepening and personalization,” explains the CEO of the Luxury Institute.
Simple application for the consumer
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.
“Consumers become fully aware of the great asset value of their data and become sophisticated about how they use their data and how they generate value from it,” Pedreza further explains.
Data in exchange for rewards and personalization
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. "It provides authentic, original source personal data that is the most predictive data that empowers advanced personalization", continues Milton.
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.
Edge AI and the implementation with the APX platform
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. "We have launched the APX platform and are currently educating brand teams, negotiating pilots and projects with major brands", says Milton Pedraza.
Technology from a renown development team
APX is the Luxury Institute's technology platform developed by DataLucent, an innovative technology company based in Cambridge, Massachusetts. The founders are former employees of renowned companies. These include MasterCard, Forrester Research, MIT, the Berkman Klein Center for Internet and Society at Harvard, and Duke University. Milton Pedraza, CEO of the Luxury Institute, has made a significant investment in DataLucent and will serve on the company's advisory board and drive the market implementation.
