Peng Gao, Co-Founder & Chief Executive Officer at Convertlab discussed how brands and retailers should leverage data platforms to better engage and convert consumers in his keynote speech.
EVENTS
[Video] LS Keynote Shanghai 2021: Leveraging Data Insights to Generate Conversions
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Over the last decade, collaborations between luxury brands and contemporary artists have gone beyond mere artistic partnerships towards a new kind of luxury branding.
PARIS – Art and fashion have always developed side by side, for fashion, like art, often gives visual expression to the cultural zeitgeist. During the 1920s, Salvador Dalí created dresses for Coco Chanel and Elsa Schiapparelli. In the 1930s, Ferragamo’s shoes commissioned designs for advertisements from Futurist painter Lucio Venna, while Gianni Versace commissioned works from artists such as Alighiero Boetti and Roy Lichtenstein for the launch of his collections. Yves Saint Laurent’s vast art collection, recently auctioned at Christie’s in Paris, testified to his great love of art and revealed the influence of a variety of artists on his own designs.
In the 1980s, relationships between luxury brands and artists were advanced when Alain Dominique Perrin created the Fondation Cartier. In the Fondation Cartier pour l’Art Contemporain, a book marking the foundation’s 20th anniversary, Perrin says he makes “a connection between all the different sorts of arts, and luxury goods are a kind of art. Luxury goods are handicrafts of art, applied art.”
The Fondation Cartier pour l’Art Contemparain building in Paris
Peng Gao, Co-Founder & Chief Executive Officer at Convertlab discussed how brands and retailers should leverage data platforms to better engage and convert consumers in his keynote speech.
According to a recent study, Chinese consumers spend nearly four hours per day online on average – which is approximately one quarter of a regular person’s waking hours. So while offline points-of-sale continue to be instrumental for recruiting new consumers, the online arena has become an important platform for brands to continue the conversation with them and drive conversions. How can brands better make use of data to ensure that their efforts to engage with customers and prospects are targeted and effective?
Peng Gao, Co-Founder and Chief Executive Officer at Convertlab, delivered a keynote speech at Luxury Society Keynote in Shanghai, discussing how brands and retailers can augment and guide marketing decisions with customer data from a wide range of channels and platforms.
In terms of brand digital infrastructure, Gao believes that brands should not focus solely on data consolidation – "If you only develop a OneID system, but you don't have an automation system, an orchestration system, and an activation system in place, all that data will go to waste." As such, he believes that building an integrated, scalable, and automated data platform is the most crucial foundation for brands.
"The customer data platform (CDP) serves two critical functions: insight and measurement," he explained. On the insight level, a CDP can assist brands with forecasting, consumer preferences, and assortment. Based on this, brands can also drive consumers closer to that final act of purchase through targeted marketing activities. On the measurement front, brands can leverage campaigns and push alerts to retarget consumers that exhibit certain behaviours – such as making a purchase, adding products to the cart but not checking out, or cancelling an order.
With the right data architecture in place, brands can rely on it to engage with different consumer groups in order to improve marketing efficiency, says Gao. Long-tail customers can be acquired and activated at scale using a centralised automation approach, while data-guided engagement can be used to provide targeted services and experiences for high-net-worth clients.
In his presentation, Gao also outlined a framework for an ideal digital infrastructure, as well as best practices from other industries on data-driven marketing.
Watch the video for his full session. A PDF version of his presentation is also available for download at the link below.
Luxury Society Keynote Shanghai 2021: Leveraging Data Insights to Generate Conversions
Editor, Luxury Society
Before joining Luxury Society, Alexander was a business journalist covering M&A, finance, technology and marketing strategy at Women’s Wear Daily. He contributed articles to Financial Times, T: The New York Times Style Magazine, WSJ. Magazine and other media regularly as well. Alexander is also Research Director at DLG China.
