Harnessing the Power of Data to Stay Ahead in E-Commerce
April 3, 2023
Indonesia’s reputation as a prominent nation is largely attributed to the significant expansion of its digital market over time. Despite the current economic recession, there is a concurrent phenomenon of digitalisation that is being facilitated by government initiatives, aimed at promoting the proliferation of internet access and widespread adoption of smartphones.
How Data Helps Businesses to Go Beyond
Every transaction has the ability to produce data that provides customer insights. According to research conducted by Deloitte, most businesses have experimented with 17 technology applications in leveraging customer data, and have used at least 28 different data sources to generate customer insights and customer engagement.2 In light of this study, collecting and connecting data are the top business priorities across the board.
“Collecting and connecting data are the top business priorities across the board.“
Other important benefits include:3
Easier Data Access and Unified Data Management
This reflects on the sheer volume of available data, which makes collecting and analysing a wealth of data a challenge.
Through comprehension of consumer behaviour, businesses may determine the level of personalisation as a means to not just cross or up-sell, but also to build loyalty and ensure business growth.
Conditioned upon customer’s prior consent, it enables businesses to establish data access policies, implement audit logs, and identify any potentially anomalous behaviour.
Leveraging Data with Customer Data Platform
Commonly referred to as CDP, Customer Data Platform provides businesses with a single view of the customer through a range of data, from consumer behaviour to store transactions. Customer attributes are then generated using probabilistic and deterministic Machine Learning algorithms.4
Traffic and conversion rate.
Customer service interactions, order fulfilment, and time-to-serve.
Comparisons with products in the same category, consumer reviews, as well as what the competition is doing in terms of price and volume.
The data acquired enables businesses to promptly and comprehensively understand each customer through various touchpoints, allowing real-time insights and interactions at just the right moment.
In spite of the technological advancements that have inadvertently provided advantages to businesses, it is important to bear in mind to:
Be in the business your customers want you to be in.
If businesses do not present a product that gives customers the benefit, a solution that they seek, or a service that precisely encompasses their pursuit, they will move their transactions elsewhere.
Hence, the next question is:
Customers are willing to:
Recommend the products to their acquaintances.
Continue making purchases from the brand.
Discover other products, providing cross- and up-sell opportunities.
Isn’t great experience the driver of loyalty?
At the end of the day, customers want to be served and to buy, but they do not want to be sold to, at least not directly. Among other priorities, it is crucial for businesses to make the vast and growing volume of data easily accessible, understandable, and actionable.
In purely commercial terms, the potential to leverage customer data to drive profit is staggering. More importantly, businesses may provide enormous advantages and convenience to their customers while they are at it.
“Customers want to be served and to buy. It is crucial for businesses to make the vast and growing volume of data easily accessible, understandable, and actionable.”
An example of Swift Analytics’ dashboard.
SIRCLO neither provides regulated advice nor guarantee results. The materials we convey reflect general insight and best practice based on information currently available, and do not contain all of the information needed to determine a future course of action. Such information has not been generated or independently verified by SIRCLO and is inherently uncertain and subject to change. SIRCLO has no obligation to update these materials and makes no representation or warranty and expressly disclaims any liability with respect thereto.
SIRCLO’s Internal Data.