Big Data / 22 January 2018
Eliza’s Sharing at the HKTDC Toys Industry Conference 2018
Eliza was invited to be one of the speakers at the Toys Industry Conference of the Toys and Games Fair, organized by the HKTDC on January 9, 2018.
During the presentation named “How to use Big Data to build Strategy”, Eliza shared with the audience on how big data can help retailers understand who to target, where to expand, how to promote and what IP to license. She pointed out that, in particular, big data helps uncover new information. For example, we found out from the big data that one of the user segments is the “Forever-young” group who are in their 50s and love buying toys.
Eliza added that big data could supplement CRM (customer relationship management) and help identify and reach untapped customers. This was echoed to the previous speaker of the conference, Mr. Calvin Yum, COO, Hamleys Toys (Nanjing) Co, Ltd.
Mr. Yum revealed that Hamleys is planning to integrate its online (e-commerce) and offline channels. “By building big data, we will gain information such as how often consumers buy and what they buy. This will be the future for all the retailers.”
Eliza said, “For example, a customer bought a four-year-old boy a pair of size 4 shoes, and never came to the shop again. After locating that customer, CRM could send out a message and offer a free pair size 7 shoes within two hours. The customer may then go to the shop for the free pair of shoes,” And the frontline sales could have an opportunity to persuade the customers to buy more.
Eliza said that big data could also help evaluate an IP, noting that the Hollywood blockbuster Iron Man serves as an effective example for analyzing big data, which suggested using a tycoon and a beautiful actress would be the formula for box office success.
For the full presentation, please check out the post in our Insight session.