With every click a consumer gives his trust to the company as it his data which is being shared and he expects it to be used responsibly, therefore, it is the duty of the organisation to use it in the right fashion, said Anindita Veluri, Director of Marketing, Adobe India.
Veluri was speaking at the fifth edition of ‘The Digital Transformation Summit - A day-long conversation under the themes of AI, Web3 and Metaverse’, organised by The Internet and Mobile Association of India (IAMAI), digital executives from different sectors discussed how data-driven decision-making is the future of tapping into consumers.
The session on Data-driven Decision Making was moderated by Vivek Bhargava, Co-Founder, Profitwheel, and had Arpanarghya Saha, Chief Digital Officer- Nippon India Mutual Fund; Virginia Sharma, India Marketing Head, Google Cloud; Ramesh Padala, Chief Technology Officer, Reliance Retail, and Anindita Veluri, as speakers.
Consumer behaviour and first-party data are the keywords that businesses are tying together for serving the consumers better and increasing conversion across offline and online channels. According to Arpanarghya Saha, Chief Digital Officer- Nippon India Mutual Fund, consumer dynamics and preferences are changing every passing moment and businesses should adhere to them.
On the question of how do you reach out to consumers with the right offerings, Saha said, “I want to first talk about data late dilemma, data late has been the most used term across organisations. The problem is we have a variety of consumers hailing from different demographics and the way Nippon India Mutual Fund has 1.7 crore consumers, is the way we believe that static data does not give you everything. Consumer preferences changes with the way the economic scenario is changing and that is why we are creating smart data buttons which are real-time and on the go.”
“We try to embed the consumers in real-time, on-the-go rather than creating a data model and spending years in it. This has helped us acquire consumers in various digital assets. We are continuously learning and evolving with our data partners and machine learning technologies and help consumers make decisions on the go rather than telling them what to do.”
According to a report by Deloitte, retailers across the world are investing in a more agile, nimble, and asset-light business model to keep pace with changing consumer behaviour, government regulations, and investor sentiment. The move would create newer reasons of scale, sustenance, and deeper penetration.
As regards to data on-the-go, the biggest challenge arises as to how can a business go about enriching data, and what has changed in data-driven marketing. Sharma of Google Cloud said, “A decade ago we used to wait for reports and there used to be a huge team to drive this kind of data, but today 10 people can do what at that time 100 people were doing with the coming-of-age technology. It used to be like a passage to secure data at that time for marketing people, now we get the updated data every couple of hours that enriches the connection of data.”
“With this, we have gained better yield with a better pipeline. When this data reaches the sales team, it gives us the ability to gain a better yield,” she added.
On the question of what are the things that one should look out for to integrate this data strategy, Anindita Veluri, Director of Marketing, Adobe India, said, “Data centricity is required in an organisation to tap into the consumers. There are various aspects that an organisation should pay heed to - inclusion of data; using data responsibly. In a survey, 89% of consumers were concerned about their data being used by companies. Every click is a consumer trusting an organisation with their personal data. The third is the ability to ask the right questions, there is an abundance of data, how are you leveraging that data for a better user experience and business. These are some of the aspects that businesses should keep in mind.”
Sharma of Google Cloud mentioned the upcoming RAM: Random Access Marketing, which is usually when the teams come up with ideas and the ability to convert this into consumer acquisition.
With the discussion progressing and the increase in the different sectors adopting technology having different segments such as health-tech, med-tech, edu-tech, and fin-tech, Saha said that there will be a synergy of all this into ‘Life-tech’. The new generation consumers will want to get the best of the best, and will treat this technology as a value-added thing.
Padala spoke about the advent of AI & ML and how the organisations are adopting this technology with better providers. He also spoke on leveraging this technology by companies to understand consumer behaviour and collect more stringent data, along with using it properly.