Two Out of Three Singaporeans Want a More Personalized Online Shopping Experience

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