Despite economic decline, HKTVmall announced an interim profit of $109 million in the first half of 2020 after previous 4 years of making a loss. Business volume has increased by 113.6% annually, representing an unprecedented success for the company.
After failing to secure a free-to-air television licence 5 years ago, Ricky Wong, CEO of HKTVmall refused to give up. Instead, he embraced digital transformation and left behind old ways of thinking, outdated equipment and technology. Instead, he focused on building a citywide digital shopping network for Hong Kong.
Rick’s effort paid off 4 years later. During a recent interview with Hong Kong Economic Times (HKET), Ricky revealed that big data played a critical role in his company’s success. “When we established the online shopping platform 5 years ago, the biggest challenge was that there were not sufficient consumer data. We had no way of understanding consumer behaviour, neither did we have any tool to predict consumer trends,” Rick said.
“After 5 years of trial and error, we now have a growing customer database and tools to predict product sales trends. But, we still have challenges on delivery route planning, which we are looking to improve with AI technology,” he added.
Having accumulated consumer data for 5 years, HKTVmall has gained the upper hand advantage in online consumer insights, which analysis and reveals customer preferences. This is a great recipe for effective digital marketing. If you are wondering how big data can improve your online marketing plan, click here to obtain your brand analysis report now!
