Two Out of Three Singaporeans Want a More Personalized Online Shopping Experience
Online shopping comes out tops for Singaporeans when using mobile applications, with a preference for a more tailored approach
- Online shopping is the most common mobile application for Singaporeans (57%)
- Over 60% of Singaporeans want a more personalized shopping experience
- Over half willing to provide their email address, birth date and clothing preferences for a personalized shopping experience.
- For 83%, poor marketing efforts (retargeting with products previously purchased) detract from the brand.
SINGAPORE, March 03, 2017 – New research from Talend (NASDAQ: TLND), a global leader in cloud and big data integration software, has revealed the need for businesses to create personalised online shopping experiences for Singaporean consumers.
The research, which polled Singaporean consumers, revealed online shopping is the most common mobile application for Singaporeans (57%), with 61% preferring a personalised experience that showcases products matching their individual style and shopping habits. As such, online shopping is also the application that is most welcomed by customers in collecting personal data, with one in two Singaporeans (52%) willing to provide their email address, birth date and clothing preferences in return for a more personalized shopping experience.
“As the e-commerce sector grows rapidly in Asia, creating an individual customer experience is critical to winning customer loyalty. However, businesses are facing the challenge of mining readily available customer data to provide a more personalized customer relationship,” said Calvin Hoon, Regional Vice President of Sales for Asia, Talend. “Businesses need to be able to seamlessly integrate data across all consumer touch points to gain a 360-degree view of their customer and, ultimately, deliver an experience shaped to individual needs.”
A common challenge for retailers in becoming more data-driven is their ability to convert multi-channel customer data into actionable insights. Retailers have access to a world of insights across multiple channels – structured (e.g. web logs) and unstructured (e.g. customer-generated social media content such as a tweet). Data-driven retailers differentiate themselves by their ability to integrate these different types of data into a single view of the shopper. Doing so provides visibility into the products demanded by consumers, identify price sensitivity to different items as well as determine which e-commerce site content is more likely to convert website visitors into paying clients. It’s these insights that allow e-tailers to ensure they are delivering seamless, personalized messages across multiple channels, such as in-store, web, live chat, email and mobile applications.
“Singaporeans are spending increasing amounts of time sharing valuable behavior patterns with retailers; however, more needs to be done to take advantage of this information,” said Hoon. “Having a data platform in place goes a long way in integrating customer data from disparate sources, which can be used to harness valuable customer insights. Without the proper tools for managing data, companies will always be one step behind their customers, or one minute too late to close a purchase.”
It’s also interesting to look at the type of information consumers are more or less willing to share. The study revealed that Singaporeans are more secretive regarding their driving habits than they are their eating habits. In return for discounts, consumers are more inclined to allow grocery stores to track their purchases (44%) than they are to enable insurance companies monitoring their driving habits (24%).
Hoon continued, “Big data has made it possible to understand better customer behaviour and react in real time. By applying these concepts across all sales channels, retailers today are empowered to understand each customer’s journey and deliver offers with far greater accuracy.”
Other key findings around consumers’ privacy concerns, stress the importance of companies maintaining data quality, governance and stewardship.
• The vast majority of consumers would like to know what happens to the personal information they share (92%)
• Almost 2/3 of consumers are selective about the information they allow apps to access on their phones
• Majority of consumers believe there should be national regulations regarding data loss (84%)
• 91% of consumers believe that personnel in addition to companies should be fined if poor security practices or carelessness leading to a data breach
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