PayPal is developing a new advertising platform that leverages its extensive customer data to help merchants target their ads more effectively.
The payments giant has recruited Uber’s Mark Grether to spearhead the initiative, aiming to create a business that uses customer insights to build a dynamic, personalized platform. This platform is designed to enhance advertising spend performance for merchants while providing consumers with attractive offers.
A key component of this initiative is the PayPal Advanced Offers platform, which launched earlier this year. It enables merchants to target customers based on their actual online purchases, down to specific stock keeping units and individual products.
Diego Scotti, EVP and GM of the Consumer Group and Global Marketing and Communications at PayPal, commented, “Commerce and advertising are deeply connected. We believe our new advertising platform will become an essential marketing channel for merchants of all sizes. I’m thrilled to have Mark join our team to lead this important effort.”
PayPal is not alone in this venture. In April, JPMorgan Chase introduced a digital media business that allows advertisers to use transaction data to target the bank’s 80 million customers.
Additionally, PayPal has brought on Plaid’s John Anderson as SVP and GM of the Consumer Group, who will lead product strategy for PayPal and Venmo globally.
