EngageMint 2023: Industry leaders discuss importance of data analytics, customer retention

Webengage’s EngageMint 2023 Mumbai Conference was held on Friday where leaders from different industries got together to speak on topics around user engagement and retention. During the conference, there were sessions on the topics "Solving for the single view of the Customer" and "Data As A Moat," among others.

The session on "Solving for the single view of the Customer" was moderated by Akhilesh Chopra Director - Strategy & Growth, WebEngage and consisted of Harleen Bhatti, Head Retention, The Good Glam Company and Amit Sethiya Head - Marketing, Syska. With two very different sectors, the discussion revolved around customer mindset, their perception of brands, their knowledge of the products and how brands navigate around that.

Harleen spoke about unified user view and personalization. She spoke about how that is achieved at The Good Glam Company, by carefully analyzing data and bringing it under one data structure. “So I think that's something that, we've largely uncovered, we’ve largely done from a CDP perspective, but the insight generation, reaching out to customers, that is an experiment.”

Speaking about beyond customer data point, Amit touched upon how inventory and knowing one’s products well is an added plus. “As a brand, we have started adopting technology. Before you look at customer data point, it is important to figure out what is happening with your inventory, because whatever I'm doing whatever I'm saying, at the core of it, is this product. If I don’t have knowledge of the product only, what do I do? So right, from the factory, to logistics, to warehouse ,to regional warehouse, to super stockists, distributor, retailer, I think that many touch points in terms of my product journey needs to be mapped first.

The “Data As A Moat” Fireside chat was a conversation between Swaminathan Aiyer Head of Analytics-India, AWS and Chief Operating Officer of EaseMyTrip, Lokendra Saini who spoke about data collection and its utilization in the travel world and using hyper-personalization as an effective tool.

Talking about the three most important part of data analytics in business, Saini says, “Collection is obviously the baseline of it. Unless you have enough data points together in your system, you will not be able to analyze it properly. So, I see this as three golden rules. One is your data collection. Second, is your data analysis. And third is utilization.”

He went on to explain the way data hyper-personalization works with customers in the travel world and how data applications can do wonders. He says, “Data, if I have to put it, is an understanding of the user behavior, and understanding the anomalies that exist in the system.”