Bangkok--23 Jul--Precious Communications
Following the lead of its neighbours Singapore and Malaysia, Thailand has also shifted gears and is transitioning from a traditional to a digital economy. Through the joint efforts of the government and the private sector, Thailand is embracing mobile and digital technology in order to transform itself into an "intelligent country" over the next decade. Retail and tourism, for instance, are sectors that are heavily investing in technology to become more digitally connected, create efficiencies in the business, and ultimately, improve customer experience.
With customers at the core of every business, providing an "omnichannel experience" has become a common theme across industries. In Thailand, revenues from physical stores or shopping malls still make up of the larger chunk of total commerce at THB3.4 trillion, while local online retail currently only accounts for 3 to 5% at THB1 trillion, according to Thai Retailers Association (TRA). This is set to change with the increased adoption in mobile and apps, and consumers' changing preferences, so retailers are now beginning to make bold moves to offer an omnichannel approach to meet customer needs across both online and offline channels.
To prepare themselves for Thailand 4.0, businesses today are in a race to shift from the "digital first" organisation to a "data first" organisation, by using real-time data insights to directly affect customer engagement and create a 360-degree customer view across all channels. Enterprises must first break down internal barriers so they can properly collect data and create a 360-degree view of the customer and their relationships across each channel to fully understand the customer omnichannel, This drive to create a data omniverse would allow enterprises to easily derive insights across channels, however, is not easily achieved.
OVO, the concierge platform of Lippo Group, a prominent conglomerate in Indonesia, has realised the need for a single, unified customer view and has since chosen Kinetica, provider of the instant insight engine for the Extreme Data Economy, to integrate in its AI, in-memory, GPU database. With Kinetica's solution, OVO is able to consolidate all their customer data that are being generated by transactional systems from various subsidiaries as well as from CRM/demographic/behavioral/ geographic data, brand sentiment, social media behavior, and purchasing behavior via e-commerce, e-wallets, and loyalty programs, into a centralised analytics platform, which can then produce a 360-degree view of the customer profile and journey. These actionable insights power the next generation of businesses in the Extreme Data Economy, such as Lippo Group, enabling them to push out highly targeted campaigns to capture the wallet share of their customers.
As customer omnichannel becomes increasingly important, decisions around data must be woven into the very fabric of the customer journey and backend operations. To create new engagement models, businesses need to translate their data pipelines into instant data insights that inform their business decisions, customer engagement, and delivery of real-time services. A unified strategy that consolidates customer experiences and translates them into out-of-the-box strategies for engagement that drive category leadership and competitive differentiation will be imperative.
"With the growing population of Thailand's mobile-savvy customers, an omnichannel strategy will be key to improving customer engagement," said Joseph Lee, Vice President, Asia Pacific Japan, Kinetica. "Yet many brands face the challenge in ensuring a consistent experience across all touchpoints – and this is especially so for conglomerates which house many different brands. Adopting an instant insight engine will hence allow businesses to gain an overview of what's happening and take action on these insights immediately."
When extreme data requires companies to act with unprecedented agility, Kinetica powers business in motion. Kinetica is the instant insight engine for the Extreme Data Economy. Kinetica's accelerated parallel computing brings thousands of GPU cores to address the unpredictability and complexity that result from extreme data.