Li Qiao, Senior Market Analyst, Big Data and Analytics Research, IDC Asia Pacific, picked these four industries to discuss how Singapore will be affected by big data and analytics in 2015.
Retail
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| Li talks about the m-commerce juggernaut. |
Speaking at the IDC &
Intel Big Data Analytics Forum in Singapore earlier this month, Li called m-commerce "unstoppable" when it comes to retail as more people in Singapore begin to trust the idea of purchasing online. "The concept of shopping anytime anywhere is getting accepted here,” Li said. According to IDC, Singapore's online shopper population grew 48% from 2011 to 2014, translating to one in two residents in Singapore shopping online.
While brick and mortar retailers are still playing catchup on e-commerce and m-commerce, smaller players already know it is all about mobile and the customer experience, Li said. One e-tailer to watch is Reebonz, a Singapore startup focusing on luxury goods, she highlighted, noting that the e-tailer has penetrated eight APAC markets in six years, boasting 2.3 million members across Asia today.
“People are willing to spend over S$1,000 on a branded product online,” she pointed out, emphasising the profits at stake for retailers willing to focus on big data and analytics.
“People are willing to spend over S$1,000 on a branded product online,” she pointed out, emphasising the profits at stake for retailers willing to focus on big data and analytics.
Li also featured Redmart, an e-grocer, which makes use of analytics to optimise logistics in real-time. The company sells fresh fruit and vegetables, and needs to deliver them as quickly as possible. They developed an internal app to suggest optimised routes for drivers in real time.
“Redmart knows your address and knows where the trucks are going, suggests (the best) delivery time and provides an incentive, to optimise the overall process,” Li shared. “Redmart is not competing on pricing. Customers really value the experience.”
Financial services
When it comes to the financial services industry, gamification is what's hot, said Li. Gaming is how a younger generation who is not interested in financial planning may be wooed.
Li gave the example of virtual trading platform TradeHero to show how things might work. TradeHero allows gamers to make trades based on real data, but with virtual money, and then ranks the winners and losers. The competitive element has attracted 200,000 active users, 80% of whom are millennials, Li said. TradeHero is doing so well that it is already collaborating with SGX and Macquaries (THD); expanding into forex trading with OANDA, and actually building a live trading platform.
Li gave the example of virtual trading platform TradeHero to show how things might work. TradeHero allows gamers to make trades based on real data, but with virtual money, and then ranks the winners and losers. The competitive element has attracted 200,000 active users, 80% of whom are millennials, Li said. TradeHero is doing so well that it is already collaborating with SGX and Macquaries (THD); expanding into forex trading with OANDA, and actually building a live trading platform.
"Build in the social element to acquire and engage customers," she advised.
Government
For the public sector, Singapore's Smart Nation initiative could drive analytics. The HetNet trial in the Jurong Lake District (JLD) could feature over 1,000 sensors, for example, Li said. She noted that three government initiatives would directly impact the big data and analytics world:
For the public sector, Singapore's Smart Nation initiative could drive analytics. The HetNet trial in the Jurong Lake District (JLD) could feature over 1,000 sensors, for example, Li said. She noted that three government initiatives would directly impact the big data and analytics world:
- The Smart Logistics platform for logistics retailers that will leverage data collected from the airport and port
- The Video Analytics Smart Nation Challenge, which focuses on public safety and situational awareness
- A Smart Health-Assist Pilot, which places sensors in the homes of the elderly and critically ill in the JLD, to explore the possibility of remote monitoring and sending alerts to interested parties in the case of emergencies.
The impact, Li said, would be better government services, more collaboration, as well as a rise in the number of openly-available datasets.
Telecommunications
Telecommunications will see upheaval with the addition of a 4th telco, Li observed. “Whoever it is, it is going to disrupt the telco industry in Singapore,” she said. “MyRepublic has proven its competitiveness. When it came up with an S$49 unlimited fibre plan, it spurred its competitors to come up with similar plans,” she said, lauding their lean structure and use of social media to save on marketing dollars.
Telecommunications will see upheaval with the addition of a 4th telco, Li observed. “Whoever it is, it is going to disrupt the telco industry in Singapore,” she said. “MyRepublic has proven its competitiveness. When it came up with an S$49 unlimited fibre plan, it spurred its competitors to come up with similar plans,” she said, lauding their lean structure and use of social media to save on marketing dollars.
Li also noted that MyRepublic, or an alternative 4th telco, could potentially disrupt the industry as an alternative provider for mobile network and connected devices. “The changes are going to impact us all. It will bring new approaches, new talent, new potential partners,” she said.
Need context?
Read the TechTrade Asia blog post about Smart Nation initiatives
Read the TechTrade Asia blog post on the Microsoft Azure success story with TradeHero.
Need context?
Read the TechTrade Asia blog post about Smart Nation initiatives
Read the TechTrade Asia blog post on the Microsoft Azure success story with TradeHero.
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