The Luxury Institute has 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.
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. The DataLucent technology is available for licensing across all consumer goods and services industries.
“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.”