Digital innovation in the retail industry formed part of the discussion of our highly successful Luxury Symposium last month and now one of our partners for the event, KPMG, has released its latest report revealing some intriguing insights for businesses in Hong Kong and China.
The report, titled Seeking customer centricity - The omni business model, surveyed 400 consumer retail and manufacturing executives from 27 countries, including 39 from China and Hong Kong. It finds that China’s consumer retailers and manufacturers are increasingly using data and analytics (D&A) and innovative technologies to secure a competitive advantage in a rapidly evolving market, companies who want to stay ahead of the competition are transforming themselves into fully-integrated omni businesses.
Three-tenths of respondents in China and Hong Kong indicated that making better use of D&A is one of their top priorities over the next two years, according to the survey conducted by KPMG International and The Consumer Goods Forum. One third indicated that digital transformation is of key importance.
Rethinking how to use D&A for deeper customer insights is the first step to getting closer to customers, and companies are planning to invest significantly in smarter analytics and technologies, the report finds.
While 29 percent of global respondents say they are currently using D&A, this proportion is expected to double to 58 percent in the next two years. The use of predictive analytics, customer paths to purchase analytics, and artificial intelligence is also expected to double over the next two years to 59 percent, 54 percent and 43 percent, respectively. Real-time tracking systems, scenario modelling and stress testing, and micro targeting are expected to see rapid pickup.
Full report: Global Consumer Executive Top of Mind Survey
For similar insights, check out the recap of our recent Luxury Symposium!
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