Ensure your business keeps up with the demands of the new era of retail.
Industry 4.0 is rapidly spreading across the globe with Asia at the forefront, where even your local mom and pop stores are hopping on board with the help of Alibaba.
With the likes of retail giants such as Toys “R” Us, Radio Shack, and Crabtree & Evelyn filing for bankruptcy in the retail apocalypse, it’s innovating or die for most retailers.
Here’s how you can prepare your business – big and small – to adapt to the Industrial Revolution 4.0.
Adopting e-commerce is a no brainer at this point with 1.92 billion, or 25% of the world’s population, shopping online. In Southeast Asia alone, e-commerce has doubled to $23 billion and is expected to exceed $100 billion by 2025.
Out of that, nearly half of online shoppers in Asia are transacting over mobile (45.6%); and with more mobile devices than there are people, it’s either adapt to catering to mobile-first shoppers or miss out.
Shopping is now a personalised experience far removed from the traditional brick-and-mortar market place where owners don’t even know the people who pass through their stores. Retention using points-based loyalty and rewards just don’t cut it anymore – customers are getting savvier and demanding a difference.
The new retail experience is digital; it knows its customers, what they like, what they want, and what they’ve already purchased. With the use of data analytics, businesses are able to create micro-segmented and hyper-personalised experiences that are crucial to lead generation.
As the lines between physical and digital blur, the challenge for businesses is to create a seamless experience.
This creates a mammoth task of consolidating the experience for each customer, across every customer, and across every possible touchpoint. It includes in-store, email, social media, web, e-commerce, call-ins, mobile, SMS, and so on; all integrated through data science and machine learning.
However, the payoff is real – where businesses with omnichannel customer engagement strategies retain on average 56% more than those that have a poor omnichannel experience.
The term “big data” has grown beyond a buzzword to a reality everyone is trying to decode. However, 93% of marketers still do not have enough access to data –and even with integrated data, 49% of businesses still say that they are not very confident in drawing actionable insights from their data.
But on the flip side, a report by Boston Consulting Group (BCG) and Google found that brands in Asia have seen an average incremental increase of 11% in revenue and 17% in cost efficiencies from data-driven marketing campaigns.
These insights were drawn from the ADA Retail Business Insights Dashboard (Retail BID), a suite of solutions that provides actionable insights for retailers to compare their market share, customer behaviour, and footfall against their competitors by a geographic area.
The dashboard allows retailers to zoom in to specific areas to track changes in trends, consumer demographics, and personas to ensure the best targeting for marketing and sales strategies. The dashboard includes data from automotive, mall, and petrol stations.
Through ADA’s business intelligence tools and capabilities, you will be able to know exactly who your customers and potential customers are. We’re able to go beyond their demographics to which apps they use, what time they shop, which areas they frequent, and how they get around and much more.
We can also help provide insights through the Geographic Information System (GIS) to help you tap into new and returning customers. It lets you gain insight from geo-location data to know where your customers live, how far they are willing to travel, to gaps in your competitors’ market space that you can fill.
Attain actionable insights from footfall analytics to find out peak times for specific stores, differentiate regular and seasonal customers, and even drill down to which type of customers come in at what time. Deep diving into data is crucial to the customer experience as it provides a greater understanding of average time spent, conversion rates, and if they are actually willing to walk into your store.
If you are confused about where you can get started, ADA has the capability to integrate data with XACT, our Data Management Platform (DMP) that carries over 280 million consumer data sets across Asia.
By combining our business insights tools and marketing dashboards, you are able to make sense of all that data and understand consumer behaviour to reach out to them through our Acquisitions model, where advertisers only pay for every successful acquisition of customer and ADA bears the media risk.