Siam Piwat joins Huawei Connect 2023 in Shanghai, showing insight for “data management for extraordinary experience creation”
The digital revolution, particularly the development of artificial and virtual reality, is reshaping the retail landscape, which relies on data as a game changer. By connecting the dots and identifying relationships among data, Siam Piwat, the global destination developer that utilizes innovation to place itself at the forefront of the industry in the era of intelligent experience economy, has been able to understand the customer journey, both online and offline, obtain insights into customer needs, deliver experiences that exceed all expectations, and ultimately revolutionize the future of the retail business.
Waiyot Piyakulvoravat, First Executive Vice President Group Head - Customer & Business Solution, Siam Piwat Co., Ltd., stated during his recent talk entitled “Data Drives New Retail For A Better Shopping Experience”, as Thailand’s leading developer of luxury shopping malls, such as Siam Paragon, ICONSIAM, Siam Center, Siam Discovery, and Siam Premium Outlets Bangkok, at Huawei Connect 2023 in Shanghai.
“We strive towards excellence in the retail property development business. The launch of ONESIAM SuperApp has enabled us to elevate shopping experiences, implement a point collection program and bridge the offline and the online worlds. Tenant satisfaction is a key to success, and we believe that the success of our tenants is our success as well. Therefore, we have introduced technology and innovation to drive the business in order to maintain our leadership and ability to consistently offer experiences beyond expectations to our customers.”
The retail business is moving away from the use of omni-channels and big data to understand customer behavior and entering the era of intelligent experience economy, which sees the convergence of generative AI, Web3, VR, AR, and MR. In this era, it is data that drives the response of all devices, from what is displayed on a screen to the IoT, which delivers personalized messages and offers at the appropriate time, thus creating a smooth online-to-offline journey. As such, data will play a vital role in delivering valuable experiences to customers. In addition, instead of simply collecting the data of each individual, all such data will need to be connected to each other to form a network of relations with data in society. In the “data is everywhere” society, data will no longer be merely a tool, but rather a foundation for how we interact with customers, meet their needs, and truly engage with them.
Data as a game changer
Boonlerd Sinsombat, Senior Executive Vice President, Division Head - Information Technology, Siam Piwat Co., Ltd., added, “We have been utilizing data to revolutionize online shopping and elevate our offline customer service, starting from data from our application, which helps us understand the customer journey, loyalty programs, and e-commerce platforms. For offline interactions, we collect data from our POS systems and service counters. Even in advertising, we have adopted Google Analytics and other analytics tools to create positive interactions with customers, prompt them to make purchase decisions, and seamlessly connect the online and offline worlds. We have achieved this by, for instance, linking loyalty card numbers and license plates, allowing us to recognize customers when they drive into the shopping center or visit our stores. We connect these data dots and determine their relationships to generate insights and create success stories for our tenants and partners. Our world is entering an era where data is everywhere, and we don't just collect it; we create an ecosystem of data by understanding it, adapting, and using innovation, which is at the core of our mission.”
By connecting the data dots, Siam Piwat has been able to ensure customer satisfaction at every touchpoint and deliver a seamless online and offline experience. This ultimately leads to the success of our tenants and partners as well as enables the company to identify opportunities to generate revenue and growth. To achieve these objectives, Siam Piwat believes in the power of the 5 Vs: 1) Volume (the amount of data generated every second.), 2) Value (the practical value of data), 3) Variety (the diversity and coverage of data), 4) Velocity (prompt availability for decision making), and 5) Veracity (the accuracy and reliability of data).
Memorable customer journey
Data not only reveals complex customer behavior, patterns, and preferences but also makes it possible to predict future actions based on past interactions, deliver personalized marketing campaigns or promotions based on customer preference analysis, and tailor offers to each individual. We are thus moving away from just selling products towards creating meaningful connections. In other words, customers no longer just buy products but rather embark on a memorable shopping journey. Finally, data also drives dynamic activities and sales promotions, making it possible to pinpoint the right time, place, and audience for each campaign. Data, thus, helps replace guesswork with precision, ensuring that “our efforts yield the optimal results.”
Digital fingerprints
Digital fingerprints indicate the unique behavior, preferences, and interactions with brands of each customer within the ecosystem. Using algorithms like the Singular Value Decomposition (SVD) to analyze data into core components helps us understand the fundamental structure of customer behavior. K-Means identifies groups of customers with distinct characteristics and enables responses personalized to individual preferences in every interaction, making it possible to predict future actions as well as enhance customer experiences and service efficiency. Every customer interaction, thus, strikes the right balance between privacy and understanding. Customers are the key to unlocking extraordinary experiences and provide a compass that points to what they desire. The future of retail is ever-evolving. Innovation, technology, and customer-centricity are converging and driven by data, forming a vital part of modern retail.
Data-first thinking
While data-first thinking can bring a myriad of benefits, there are various challenges that need to be considered, such as privacy and security, which need careful management, and the integration of data from various sources, in which quality and accuracy are key concerns. Data-first is not just a strategy but a data-driven mindset for the enhancement of shopping experiences. Data is a pivotal variable in shaping the retail model. Beginning with data collection and analysis, retailers can gain insights into customer behavior, preferences, and changing trends, allowing them to create personalized shopping experiences. This also paves the way for seamless transactions across multiple channels, both online and offline, creating a cohesive shopping experience.
As a developer of world-class shopping destinations, Siam Piwat believes that data is not just a tool, but a compass for better decision making, as it enables retailers make informed decisions when adjusting strategies and optimizing operational efficiency for success as well as helps pave the way towards creating shopping experiences that surpass all expectations.
