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"Futurists in London in 1901 met to help prepare the city for the future in 1925. They discussed, researched and wrote a report that included a recommendation to prepare for a pressing need. The need was to get ready for 1 million horses that will be used for transportation in the city in 1925.” – Peter Sheahan, Founder and CEO of ChangeLabs
We have come a long way since the time we predicted the use of 1 million horses in 1925.
What has changed? How are we gearing ourselves to make better predictions and informed decision making? Are we well prepared to make intelligible use of data resources at our hand? Are we fully equipped to drive data into actionable insights and ultimately translating into profits and growth?
Big Data drives marketing today. Global brands are realising big gains from Big Data analytics by influencing consumer behaviour. Forbes stated that retailers who leverage on Big Data are able to increase their operation margins by 60 per cent.
Amid a rash of retail bankruptcies and store closures, companies making use of Big Data analytics are continuing to swiftly and unapologetically gain ground.
The question is how do you navigate the topsy-turvy seas of retail business? With shopper clearly in the driver’s seat, enabled by technology to remain constantly connected and more empowered than ever before to drive changes in shopping behaviour, the time has come to make use of powerful analytical tools and technologies in your hand to meet your business objectives.
“Everywhere and anywhere commerce” has become deeply entrenched allowing consumers to shop however, wherever, and whenever they want—whether in stores, online, by mobile, voice activation or click-and-collect. The challenge for retailers is to capture the right data, process at the right speed and take appropriate and necessary action.
According to Google’s Zero Moment of Truth (ZMOT) research, 70% of consumers research online before purchasing in-store. This behavioural change means analytics must change - store and digital research data sets have to be connected to produce the real insight needed to understand how consumers research and respond to offers.
Hong Kong's retail sector recorded its first annual growth since 2013, with sales up 2.2% to 446.1 billion Hong Kong dollars ($57 billion) in 2017. As predicted by Hong Kong Retail Association, Hong Kong’s retail sales will rise nearly 4% in 2018, continuing last year’s rebound – which stood at 3.2%.
The time is now opportune to adopt a more structured approach to deliver richer customer experience by turning to big data - information that retailers can and are able to collect through every customer interaction, across every store, on different occasions, multiplied with different touch points and individual preferences — which they also combine with external data.
By pooling and integrating information from different data points, retailers can find out:
A McKinsey report showed that when armed with advanced analytics, customer experience leaders gain rapid insights to build customer loyalty, make employees happier, achieve revenue gains of 5% to 10% and reduce costs by 15%-25% over two or three years.
OpenGov is pleased to bring an exclusive Breakfast Insight session to enhance your knowledge on how to effectively leverage technology to improve the customer experience, convey a consistent brand message, develop long-term customer loyalty and retention and increase profits in a hugely competitive retail market.
The unique proposition of this OpenGov Breakfast Insight is the integration of GAMIFICATION, our hugely popular scenario-based approach to learning. You will be learning while playing, gaining new and unique insights while having fun! OpenGov Breakfast insight sessions are concise, to the point, strategic level discussions designed to bring learning within a short span of 3 hours!