Data monetisation by retail companies a key driver in India’s e-commerce growth: dunnhumby
- dunnhumby CEO stresses importance of data monetization for Indian retail companies to remain competitive
Delhi, December 6, 2018: dunnhumby (UK-based group), the world’s leading customer data science company commended India’s e-commerce growth as the fastest growing market globally. Guillaume Bacuvier, CEO, dunnhumby said, “In order to improve aspects of current business performance, as well as to stay relevant and competitive, for the e-commerce industry which are growingly becoming consumer focused data monetisation isn’t necessarily a nice-to have, but something you have to do to survive. ”
India’s online retail market witnessed a compound annual growth rate (CAGR) of 53% for the period 2013 to 2017 according to a latest report by consultancy firm Bain & Company. The total e-commerce retail sales in 2017 were pegged at $20 billion.
Bacuvier further said, “Many retail companies have a lot of data and an opportunity to leverage it in different forms and make profit from it. Whether it’s used in advertising, market research environments or for products, there’s way to add incremental revenue by creating businesses off the back of data.”
“If you take retail in particular,there’s a strategic reason to generate revenue out of data, because the new types of retailers, like Amazon and Alibaba have moved very quickly to create revenue streams out of their data,” he explained. “That allows them to create streams of profit that feed back into products and price points, making them very price competitive,” he further added.
India’s retail industry is poised to grow manifolds. Customer data science, which is still relatively untapped in India, should be leveraged to change the retail dynamics, says Guillaume. It’s certainly not a new concept but has the potential to go much further.
Talking about India plans, he said, “India is the bright spot on the world map and offers enticing opportunities for doing business. We are ready to offer customer data-driven services to Indian retail companies. India has reached the required maturity and it’s the right time to harness the upcoming opportunities and partner with potential clients.”
“I am happy to share that dunnhumby is scaling heights; it registered 25% growth in client acquisition over the past one year and we have expanded internationally. This growth has taken place across industries and regions including USA, Chile, Thailand, Russia, etc.,” said Guillaume.
India is already among the top 10 big data analytics markets in the world. “We are investing in our India centre, with sustained hiring and commitment. The country is growing and we will be adding 10% more workforce by end this FY, to our current talent pool, to meet expectations of growing business demands and cater to new partnerships emerging from our India office,” announced Bacuvier.
dunnhumby is the world’s leading customer data science company and works with brands in 30 countries including Tesco, Red Bull, Coca-Cola, LÓreal and GSK. The 30-year old group has 2000 staff globally, 25 per cent of which are data scientists, and helps organisations tap into first-party customer data sets, such as transactional history, loyalty data and Web data, to extract insights and better understand customer behavior.