Why should you build a data marketplace or a data shop?
A data marketplace or data shop generates direct revenues short term. If the data you own, or that another data provider owns, can help solve operational or business pain points of other organizations, data products can represent a huge value to these organizations acquiring the data, i.e. target data acquirers.
With a data marketplace or a data shop, your organization can start right away to commercialize data products and improve its P&L with high margin revenues, while keeping strict control of visibility, access rights and conditions of use of the data products.
In growth phase, with the leadership and first-mover advantage your organization has taken, you are in the position to develop your new revenue streams and maximize the benefits by:
- Identifying new data products and services, for new target data acquirers
- Extending data exchanges to adjacent businesses
- Building data sharing relationships with partners, therefore extending to an industry data hub model that will generate additional indirect benefits
A data marketplace or data shop provides two types of revenue streams:
- As a data provider, an organization can generate direct benefit by distributing its data products, through subscription plans or pay-per-use pricing
- As orchestrator of the data marketplace, your organization will be able to generate direct revenues through participants’ subscriptions to the Data Exchange Platform and commissions on third-party transactions
