Use consumption data to enhance personalization: Suresh Shankar in HKET

Published October 6, 2021   |   

Date: October 5, 2021

Source: HKET

Providing services through digital channels is a designated action by companies, and using data on hand to provide consumers with personalized options will help improve business performance. Companies that provide related solutions pointed out that consumers are no longer satisfied with personalized services. If they cannot meet their requirements, they will naturally turn to other brands.

Singapore-based big data and AI company Crayon Data’s founder and CEO Suresh Shankar shared that the epidemic has changed the habits of businesses and consumers. Consumers are shifting through online consumption. Therefore, the effect of using digital tools to enhance sales is increasing. He explained that many companies used to think that personalized services are just icing on the cake and not necessary, but since the epidemic, the digital economy has become more prosperous, and companies understand the importance of personalized services in the digital transformation process.

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▲ Suresh Shankar, founder and CEO of Crayon Data, said that companies can refer to digital examples such as Netflix and Spotify to provide customers with more intimate and personalized services.

Provide suggestions more proactively

He emphasized that the potential of personalized services is still in its infancy, and that new technologies can be used to achieve more powerful personalization, and cited several recent cooperation projects as examples:

Aviation industry:

Tourism has been hit by the epidemic, but there are also airlines who have taken the opportunity to improve their membership system. An international airline has a large amount of passenger record data. If these records can be integrated and transformed, it can be more proactive to provide consumers with comprehensive itinerary recommendations, which is a step further than just providing tickets based on the date and location entered by the passengers, for example, for summer arrivals. For tourists who are on vacation in other places, tailor-made sunny beach travel itinerary recommendations, together with hotel and restaurant options that suit customers’ habits.

Credit card companies:

Credit cards have always provided 7/24 telephone hotline concierge services for high-income customers, assisting customers in booking air tickets, hotels, and even handling special requests. For example, after integrating customer files with a personalized solution, when frontline customer service receives a call, the system can display the customer’s preferences and consumer habits in real time, allowing customer service to actively provide suggestions on itineraries and shopping, and improve the degree of service attentiveness.

Digital wallet application:

A digital wallet application launched by financial institutions. Personalized services can benefit both merchants and consumers. When consumers open the application, they can automatically pop up relevant consumption options and offers based on their consumption habits; merchants can actively define target customer groups through the application platform and issue offers and product information.

He specifically pointed out that the banking and financial industry is an industry with great potential for the development of personalized services, and it is also the business focus of the company at this stage.

Reporter: Zhou Junlin