Data Analytics Helps Excel in Identifying Customer Insights for Better Customer Experience and Business Growth
With its long established history and commitment in Hong Kong, Chow Tai Fook Jewellery Group Limited (CTF) has been widely recognized for its trustworthiness and the authenticity of its products, and is renowned by its customers for its designs, quality and value.
In face of competition in the jewellery industry and the fast-changing customer expectation in today’s digital era, a large amount of data must be captured from various channels, such as the extensive e-commerce platforms from its e-shop and other major online shopping platforms, as well as physical stores. Identifying the most suitable marketing plan and strategy becomes important to CTF to cope with the ever-changing market. CTF thus decided to leverage data analytics to understand customer behavior and preferences for a better customer experience.
Comprehensive Analysis for Enhanced Customer Services and Business Performance
To give a holistic view of customer behavior and business performance, detailed and in-depth reports must be prepared. By deploying SAS Analytics, CTF management can gain a greater visibility of sales performance and stock in hand for efficient resources and product assortment planning, which enables faster fact-based decisions that help reduce costs and drive revenue. CTF also leverages on these insights to improve the customer experience with relevant and timely offers and promotional activities, and to plan for more appropriate marketing campaigns.
Executive Director of CTF
“Using the SAS solution, we are able to review the correlation between the performance of each product line and customer preferences across different product categories in different regions or districts. This gives us considerable insights in designing the new loyalty campaigns with preferred privileges by tiers of membership.” says Bobby Liu, Executive Director of CTF.
A Powerful and Efficient Solution for Effective Strategic Planning
With its vertically integrated business model, CTF needs to consider the benefits for every stage, from frontline to backend, when planning for optimal market strategy. Facing the challenges in integrating and analyzing the enormous amount of data from different systems and channels, a powerful and efficient data analytics solution is essential.
Deputy General Manager of Strategy and Analytics, Group Executive Office of CTF
Jade Lee, Deputy General Manager of Strategy and Analytics, Group Executive Office of CTF, says, “Information means business for us. To capture opportunities in today’s competitive marketplace, we need information to make smarter decisions. We are looking for a solution that can speed up our ability to crunch through and analyze the vast amounts of data we generate on a daily basis.”
“SAS Analytics helps us turn numerous data from different database systems into useful insights for us to understand customer behavior and purchase patterns more efficiently. With more accurate and precise information on hand, we can verify our strategies and promptly react to rapid market changes, driving a scientific decision management of customer loyalty program and supply chain process,” added Jade.
In the near future, in order to tie in the “Smart+” initiatives of CTF, more deployment for mobile devices will be introduced to support daily operations. “We can see there is a growing importance for data analytics in each stream of our vertically integrated business model, ranging from upstream connection and collaboration with our suppliers to downstream frontline customer experience. With all data integrated into such a powerful platform, this adds value for us in devising our product and inventory management strategies, enabling more targeted and effective resources allocation,” adds Bobby.
CTF will also foster O2O interactions with customers and collect relevant data for analysis. By extending the use of customer insights for evaluating the effectiveness of their marketing campaigns, CTF is committed to further enhancing their CRM performance and providing a more rewarding in-store experience for customers.
Identifying the most suitable marketing plan and strategy becomes important to CTF to cope with the ever-changing market.
By deploying SAS Analytics, CTF management gain a greater visibility of sales performance and stock in hand for efficient resources and product assortment planning.