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  • Writer's pictureVivien Koh

Using Social Data to generate Customer Insights and Opportunities

Before the pandemic, the adoption of technology driven research techniques was slow, with only 13% of retail companies using AI in product development. Yet, analytics and AI have become an essential tool amidst the shifting of tides due to COVID-19, thanks to its efficient problem-solving and predictive prowess.

Social data is one such tool to generate insight. Social media, the world's largest focus group, provides firms with real-time conversations on consumer patterns and the reasons behind, giving insights into consumer wellbeing, mindsets, and perceptions. Unlike traditional research where only predetermined questions can be asked to a few consumers, social data grants access to information from millions, and it should not be overlooked.

At VKT, we profess the importance of analytics to collect observational and field research data. We have helped clients embed tools like ANGie™ and to gather real-time customer insights on customer engagements, digital footprints, purchase behaviors and product preferences, achieving a 22% increase in ROAS and 18% increase in AOV. Analytics and AI should not just be a lifebuoy in these tumultuous times; firms should thoroughly explore the use of such technologies beyond the pandemic to turn actionable insights into opportunities.

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