“Data is the king; data is the king,” emphasised Mritunjay Kumar. In a virtual interview, the co-founder and CEO of InsightzClub, gives us some insights on the importance of big data, its benefits to businesses and some tips for business owners trying to make it in the online market.
InsightzClub is a marketing start-up that caters to the needs of both online and offline retailers by analysing customer behavioural data to give businesses the upper hand. Much like the first half of its name, the company provides insights for its clients to ensure they make the best-informed business decisions to produce positive results.
The Role that Big Data Plays in E-Commerce
When discussing big data and its current implications, Mritunjay states, “It’s critical for every sector including e-commerce. Why is it important for e-commerce? Because the industry has shifted towards more e-commerce.” The world of e-commerce has seen a significant rise in consumer adoption since the pandemic first hit in 2020. As reported by the CEO, “There is up to 65% change in consumer adoption of e-commerce in the past year and a half.”
Due to health threats, consumers have moved online and rely heavily on the e-commerce industry to fulfil their every need, making businesses shift to follow the rush of customers. To cater to the shifting consumer demand and increasing competition, retailers should consider utilising data to launch themselves ahead of their competitors.
The primary use of big data is to gain a deeper understanding of the consumer. Once the retailer has understood the wants and needs of the customer, they can then make the right choices about future business plans, the right marketing approach and logistic partners. Brands are also able to detect the saleability of merchandise and decide whether to manufacture specific products.
Mritunjay further describes big data as clarifying consumer “Intent, persona, interests and wants.” This information, in turn, allows online retailers to create custom shopping experiences for their customers. “As a consumer, you’re happy to get what you want; at the same time, it also allows our retailers to be ahead of our entire journey,” said Mritunjay. Making it a win-win situation for both parties as the consumer experience and satisfaction are essential parts of any equation regarding business success.
Retailers that choose to utilise big data can also manage and predict their appeal to investors. With data, business predictions and projections are made easier allowing businesses to convince potential investors of their future success through analytics and consumer wants.
What Services Does InsightzClub Provide to its Clients?
InsightzClub provides end-to-end services to its customers. From the ideation of the business to the management of data once the business has taken off. In the words of Mritunjay, “We allow them to be ahead of the consumer needs, demands and expectations by offering them more predictive behavioural data where we can analyse, and we can understand.” The company provides “insights at different stages of the marketing journey” to its clients, both new and established.
Below are some of the specific services that InsightzClub provides to its clients:
Checking and validation of ideas at the ideation stage.
Developing and validating concepts and content created by businesses.
Validate creative messaging in terms of design creativity.
Check the marketing effectiveness of both digital and non-digital campaigns that the company is currently running.
Measure marketing efficiency in real-time.
Find the most suitable platforms to market to, factoring in the multiple forms of media publishing and the increasing use of social media.
Identify the market segment that the company is situated in to better cater to the demographic in terms of specificity.
Monitor the brand performance once it has been established to see if it has reached its goal.
InsightzClub represents around 45 brands and has been primarily active within the Southeast Asian region and Bangladesh. The company caters to both large businesses and SMEs. They believe that small brands can thrive with the use of data and are willing to assist in facilitating company growth and improving business efficiency. With plans to expand out of the current region, InsightzClub CEO has informed us that they have put some plans on hold due to the progression of the pandemic.
Tips to Succeed Online
As someone who has studied the industry and has had experience in seeing the development of online retailers, Mritunjay shared some of the things he has learned in his time helping businesses grow. According to him, the application of big data has only penetrated about 45% of the market so far. There are still many untapped sectors that can benefit from its use.
The first and most important thing to remember is that it is imperative to understand the customer’s needs and persona. Relating to that, managing and identifying customer expectations in terms of segmentation and demographics is also vital. As Mritunjay states, the “customer is always king.” Much like how data use is important, catering to customer needs is always a priority in running a business. The identification of an audience is essential as a business always runs the risk of being too general. Try to appeal to specific demographics within your community to ensure a better outcome.
In the grand scheme of things, consumers are always looking out for choices. Sometimes, they are unsure of what they want, “but we have to educate them and give them what they want,” reiterates Mritunjay. The market is vast and retailers should offer their customers products according to consumer specific product categories to not confuse them.
Regarding the types of businesses that are most likely to thrive online, “categories like electronics, home care, furniture. Categories which you don’t have to touch and feel are mostly doing good,” informed the CEO of InsightzClub. He also addressed the boom in sales for personal care products sold online, stating that parts of the market are still untapped and should be looked at in terms of customer wants.
In conclusion, Mritunjay advises business owners to use data as much as possible as its use is critical. Never be afraid of data, as data always tells the truth. Even if the data is not in your favour, it is always better to adapt to turn the tide than turn your back on the data completely.