Data and information are crucial elements for most businesses. Data selling platforms can help maximize data monetization for data providers and bring a lot of value to data buyers. These platforms are constantly expanding, new ones for different data types, different users, and different industries.
Data selling platforms are soaring in popularity. Their emergence is related to the growth of Big Data. They are the quick marketplace for buying and selling external data.
What is a data selling platform?
A data-selling platform is a software solution that facilitates the buying and selling of data. These platforms are mostly cloud services where individuals or businesses upload data from various sources. The data-selling platforms have strict privacy rules, which offer a safe environment for all parties, along with high-quality and assessed data.
Therefore a data-selling platform is where multiple providers upload individual data while data buyers search for and purchase the data that meets their requirements and demands.
Main benefits of data marketplaces
Since many businesses are generating more data, some of this data is useful to other companies too. Data marketplaces allow monetizing the data, which is a stimulus to share data. As specified by Gartner, 80% of companies fail to monetize their data. Regarding the monetization stimulus, data-selling platforms have other benefits, such as:
● Access to outside data. Data platforms license organizations to collect data from other sources. This data is optimized for use by external organizations, meaning it’s clean and comes with extensive metadata to enable.
● Faster insights or product development. Businesses can spend more time on data development and pursuing it into results, rather than data collecting.
● Safer data sharing. It’s often hard to find safe spaces. When sharing such important data it’s key for it to be safe. The policies and blockchain technology can assure you data selling and purchasing is completely safe.
How to use a data selling platform
When looking to sell or purchase data you need to be consistent and trustworthy. Here are some insights into how it works:
Finding the proper data providers
When businesses are looking for valuable data to enrich their processes, it is important to thoroughly research potential data providers. A data-selling platform usually offers multiple data providers, increasing the chance of finding the right and trusty data source.
And the users on the platform can be physically located anywhere in the world, meaning businesses can connect with them directly, which most likely isn’t possible otherwise.
Data marketplaces, not only let you search through all variants but also allow you to browse using filters according to numerous parameters. A similar technique you can find on product marketplaces or housing rental sites. Businesses use data marketplaces to find particular types of data according to budget, geographical location, and many other criteria.
Compare your opportunities
Finding trustworthy providers is hard as it is. However, searching for such gets even more challenging when it’s through the web. A data-selling platform will let businesses compare data providers because these platforms are the independent middlemen between sellers and buyers.
The ability to compare different sellers not only increases your chance of finding the right data but also the seller you find most trustworthy and attractive. This unbiased way of sourcing is transparent and most platforms can consult you with finding the perfect match.
Access external data samples
Purchasing external data, also known as third-party data, can be extremely costly as it provides an unbeaten competitive advantage. This is why most platforms let businesses try a sample of the chosen data before paying for the entire file. This helps ensure that the data you chose is suitable for your needs, and assures you of seller trustability.
In other cases, businesses need to check whether the third-party data they purchase is compatible with their corporate software capabilities. A data sample will also help with running such a test before purchasing the whole file.
Purchase the relevant data
After trying the sample data, you can purchase it. These sets are usually available in different formats, depending on the providers. Providers might offer bulk databases via S3 drops, APIs, or continuous data feeds. The platform will also charge you a fee for connecting you with the seller. These costs can vary depending on various nuances:
● An ongoing subscription with access to continuous data streams
● Usage-based agreements, meaning you pay only for what you use. These might include a monthly minimum fee
● One-off data purchases, this is data at a fixed data price, but usually don’t include future updates that happen
Review your experience
Feedback is the reason why the industry stays so transparent, is post-purchase feedback from actual buyers. The data selling platform invites buyers to always leave feedback, this allows you and other buyers to choose trusted sellers with high-quality sources.
This ability to review your experience shapes the entire community for the better, enhances transparency, and encourages providers to enhance the quality of service they offer.
Key advantages of data platforms for businesses
The value of data is significant in almost any area of business. The growth of data is caused by business professionals that are implementing data-driven decision-making to grow in today’s highly competitive digital landscape. Therefore, they all turn to data-selling platforms that help businesses and investors to stay ahead of the game.
A study conducted by Pitney Bowes showed that businesses are increasing spending on data marketplaces. 54% aim to spend more while 37% are willing to exceed $10,000 worth of data. Furthermore, firms from all businesses are realizing the potential of data marketplaces and their tremendous value.
