Technology Connected, the leading network for the technology industry in Wales, launched today its first ever international, hybrid tech summit. Wales Tech Week 2023 will showcase Welsh technology, its ecosystem and champion Wales as a centre of opportunity for enabling and emerging technologies and their applications for today’s business and society. Wales Tech Week 2023…
In light of yesterday’s sad news of the passing of HM Queen Elizabeth II, and in respect for the period of national mourning we are announcing that the Wales Technology Awards, due to be held on Thursday 15th September, will be postponed. As the nation and indeed millions of people around the world grieve and…
We are united in sadness following the death of Queen Elizabeth II, who will be missed by us and by millions of people around the world. She witnessed remarkable social and technological change in her life and remained true and steadfast to her people throughout. We extend our deepest sympathies and sincere condolences to The…
With the eighth Wales Technology Awards set to take place on 15 September at a glittering awards ceremony in Cardiff, founders Technology Connected have launched an official app to ensure that finalists, guests and all involved will have access to the event information. Technology Connected will host more than 350 technology organisations from across Wales…
Implementation of CMDM is transformative in the back office first, but then with the potential for a complete shift in the customer experience in relation to the potential for personalization and customized engagement but for this to happen, you have to be confident that your business is ready to embark upon such a journey.
MDM focuses principally on the management aspects of the customer with a respectful tip of the hat in relation to the duties performed by those trying to grow the business through marketing initiatives (CDP), the transactional systems (ERP, CRM, eCommerce, POS) and the reporting, analytics, forecasting and insights platforms.
Pretectum believes that where these other systems fall short, is either in the complexity of their implementation when focused on data management tasks, or their inability to unify the relationship over common data. We know this is a problem because even when these other systems are implemented with supposed master record management capabilities, they’re found to fall short of the varied expectations of the diverse teams that are expected to use them, or, in fact perhaps worse, access to them is constrained to a few, exclusively.
The Customer Master Data Management (CMDM) can operate in a number of different ways within any given business depending on the deployment approach. This approach is determined by the upstream or downstream influences and requirements of either business units, processes or technologies.
Defining the approach for Customer Master Data Management (MDM) for your organization means also understanding the boundaries of functionality. Define it right and you will have a goldmine of opportunities.
The term MDM has become progressively ambiguous over the years as vendors have branched out into areas of functionality that are not necessarily aligned with the optimal concept of master data management. This is just as true for the customer MDM as it is for the supplier, the employee and other master data elements.
Pretectum’s view is that IT should not own or manage the content of the MDM, they should care for the platform but the ownership of the data and the quality of the data should rest within the business and business users.
As she prepares to return to university, Carys Preddy reflects on working at Technology Connected as a Kickstart placement, and the wider work of Technology Connected as an accredited gateway for the Kickstart Scheme. We wish Carys all the best in the next chapter of her career and development. From 2021, Technology Connected took on…
Whether you’re in Product or Service management, Sales, or Marketing you know that having an understanding of the customer, analyzing, and keeping track of their behaviour is critical for the effectiveness of your business.
Customers make thousands of calculated and spur-of-the-moment decisions every waking hour of the day from deciding what they will eat to what they’ll wear. It is easy to think that the many ‘buy’ decisions, in particular, are made without too much thought, particularly the less significant ones.
Decoding the thought processes behind customer decisions is no mean feat, particularly if you don’t have the data to back up your hypotheses around why customers do certain things.
The Technology Connected team attended some of the events at last week’s London Tech Week. As the leading network for the technology industry in Wales, it is always important for us to see how the Welsh tech community can best utilise the technologies available as well as share learning about how tech can develop in…
Social shopping or S Commerce is a type of eCommerce that seeks to involve people with similar tastes in an online shopping experience. Sites like Pinterest claim to differentiate because on the one hand they offer the ability to pin items of interest but on the other hand they allow targeted marketing and click-through referral opportunities through image relationships. Arguably TikTok and Snapchat are also powerful channels for brands to launch their eCommerce campaigns. In fact, perhaps more than 50% of Snap’s business is in Direct Response advertising.
Many social shopping sites are similar in feel and design to social curation site Pinterest. E-commerce experts suggest this is not coincidental, that the approach is catering to a new generation of shoppers who enjoy and expect a “Facebook experience” where users like and share as part of their online life and are seen to do this.
Social shopping sites, like Kaboodle and ShopStyle, offer recommendations to members in the same way that you’ll see on Amazon Etsy and eBay.
The concept of Social Shopping makes presentations personal, by providing members with the ability to create personal boards, preferences and lists. For these sites, stickiness comes in the concept of community and the opportunity to engage in a dialogue with friends and peers. The goal is to build community by encouraging members to talk about products and preferences and make suggestions directly to their friends and social contacts as they might if they were shopping together in actual bricks and mortar stores.
Social commerce is that segment of eCommerce where sellers can actually sell and not just market their products directly through the social media platform, they can also browse goods catalogues and make those direct purchases.
Unlike the more limited, social media marketing, true social commerce gives the customer the option to perform a direct checkout and settlement.
Right now this is a $90Bn market, so what are the implications for customer data and your business?
Social commerce is a subset of eCommerce makes it easy to measure and evaluate the performance of your ad spend with the various platforms. The social media platforms have built-in eCommerce metrics for impressions, engagement and reach. you can see the number of clicks, the number of views and the level of engagement and perhaps even the response sentiment. All these capabilities come at a price which erodes your potential customer lifetime value. With the average consumer spending around $400 – $500 per annum on social commerce, there are the many costs that are loaded up by the platforms to consider, from the ad spend through the commerce fees and charge and pay commission.
In reality, social commerce is there for shoppers, not businesses. Since the entire process is focused on the particulars of the Social Media platform and if it includes checkout you lose website traffic and the opportunity to harvest some important customer characteristics.
