Can the potential power of customer data be truly unlocked with powerful data analytics?
Kick-starting the topic of customer data, Ivan Chak, CEO of Great Eastern Indonesia sheds the light over the power customer of data from the perspective of an insurance company as a co-moderator during Day 1 of the Retail and eCommerce Expert Roundtables sessions at Retail World Asia 2014.
He shared that insurance companies remain to be the most backdated industry when it comes to harnessing new technologies and it’s shocking to see how banks end up selling more insurance policies than insurance companies themselves. The difference that separates them lies in the power of customer data.
As always, there’s no one-size-fits-all method in approaching the topic of customer data, and if businesses fail to realize this, then they truly run the risk of searching for answers in the wrong places.
Instead, the very essence of customer data is designed to to bring discipline to the analysis of an open-ended and creative process.
Pawoot Pongwitayapanu, also affectionately known as Pom, the Managing Director and Founder of TARAD.Com indicated that most efforts have been focused into social monitoring systems, which is essentially what big data is all about.
Today, social monitoring systems help to track customer conversations collected from popular social media websites such as Facebook, Twitter, Instagram, etc. and as such, these systems act as an eye for marketers to regularly monitor the attitudes of consumers in the attempt of creating more effective campaigns, doubling up as crisis management solutions and yielding analyzed information which consistently supports CRM.
As a result, some of the top e-commerce websites in Thailand such as TARAD.Com, Weloveshopping.com, Sabuy.com, etc. leverage on social monitoring systems to further develop a more detail oriented understanding of their consumers.
Following a detailed study on the Thai consumer market with ZocialRank and ZocialEye, the online channel remains a cheaper alternative option and merchants from the online segment are often entrusted with consumer information.
Pom also shared that in Thailand, customers are more inclined to buy products online due to three factors which is price, trust and convenience only after examining the existing sociocultural values that are embedded within a particular consumer segment.
“The processing capabilities and power of big data remains to be untapped without first developing understanding the social and cultural dynamics of the consumer segment,” explained Pongwitayapanu. “In Thailand, you have to understand that the culture is very family oriented and they grow up in large communities at a young age. As a result, it is normal for them to want to stay connected with each other.”
“The reason why LINE is the most popular messenger app in Thailand is because they provide users the ability to send ‘stickers’ to their loved ones because it presents a great opportunity for them to express their emotions as compared to other messaging services.”
When the culture of the consumer segment is defined, consumer data will offer clarity and with the advent of new age technology, there really isn’t problem in driving purchases online.[Image: SAP]