“Consumers are getting smarter, and providing personalized shopping experiences is becoming the standard for e-commerce!” With the AI wave on the horizon, how can e-commerce businesses smartly use AI tools to gain a competitive edge? On August 25th, the Digital Development Department’s Digital Industry Agency held the first E-Commerce Carnival, where HoDo Mobile’s Chief Strategy Officer, Zhuo Xing, mentioned that even with the end of cookies, "personalized experiences" are still a basic feature for e-commerce. But how can small and medium-sized e-commerce businesses achieve personalized experiences? Zhuo Xing believes that "RMN" will be the key to enabling all e-commerce companies to thrive!
The E-Commerce Carnival featured the 2023 E-Commerce Trend Forum, held on August 25th at Shin Kong Mitsukoshi A11. In addition to the trend forum, there was also an e-commerce marketplace and new tech experiences. As for the next wave of trends, generative AI, precision marketing, and RMN have become hot keywords! With third-party cookies phasing out, both e-commerce and media are exploring ways to collect first-party data. E-commerce businesses are looking to build RMNs: Retail Market Networks, while media companies are focusing on RMNs: Retail Media Networks, all in an effort to master the art of precision advertising.
Consumers actually want to be served with precise ads that match their preferences and needs, but they are concerned about their data falling into the wrong hands. Zhuo Xing believes that companies should constantly reassure consumers that the data is being used to make personalized recommendations and that only first-party data is collected. This will greatly reduce consumer concerns. Meanwhile, businesses and media need to develop first-party data collection technologies and use them in a compliant and legal manner. This allows for precision marketing even in anonymous settings!
# RMN Will Be the Next Big E-Commerce Trend
“I believe RMN will be the next big trend because integrating online and offline data will enhance personalized shopping experiences!” Zhuo Xing said. He believes that high conversion rates happen when consumers are browsing, and AI recommendation engines can help uncover potential products on a website and recommend them to suitable consumers, bringing high conversion rates. HoDo Mobile not only has AI technology but also partners with over 500 websites to deliver personalized content based on user preferences. They will soon expand offline, integrating online and offline data to serve location-based content to users.
# AI Ushers in a New Industrial Revolution for E-Commerce
Aside from the phasing out of third-party data reshaping e-commerce, the upcoming AI wave will also transform the structure of the e-commerce industry. “Efficiency will increase by 30% in the future!” said Jian Lifeng, former Google independent director and keynote speaker at the forum. He addressed the industry’s concerns about the impact of generative AI. Jian Lifeng pointed out that during every industrial revolution, repetitive tasks were replaced by machines, but this also freed people to do more creative and valuable work. He encouraged e-commerce companies to embrace the AI wave with confidence!
# TenMax Integrates Online and Offline for Precision Remarketing
TenMax’s Director of Performance Marketing, Lin Dawei, shared a case study on precision advertising. By integrating online and offline data, e-commerce companies can achieve more precise remarketing. For instance, customers who have already made a purchase can check store inventory. When users click on something, their behavior is tracked, and the system will target those users with precision ads. This approach has proven to be more effective than broad-spectrum advertising.
# Shin Kong Mitsukoshi Expands with Payment Solutions for Multi-Scenario Shopping
In the discussion on “Building Retail Competitiveness with Digital Power,” Shin Kong Mitsukoshi’s Vice General Manager of Commerce, Zhuang Wanni, shared their strategy of focusing on “members, members, members!” By integrating member systems and channels, they are expanding online and offline shopping experiences. They have also expanded their skm pay payment service across various industries, achieving over NT$30 billion in revenue last year, accounting for 36% of total consumer spending. This demonstrates the strong OMO (Online Merge Offline) power of Shin Kong Mitsukoshi!
The event was star-studded, bringing together MarTech and e-commerce marketing experts. The list of speakers was impressive, including Professor Ye Yizhang, Director of Research and Development at Shih Hsin University; Qiu Shiguang, Head of North America Business Development for Amazon Global Selling; Li Zhijie, VP of Enterprise Solutions for Greater China and Japan at Appier; Cheng Shijia, Co-Founder and CEO of iKala; Gao Chenxi, Founding President of the Taipei Metaverse Rotary Club; and Ni Junkai, CEO of Tianyan Interactive. Together, they shared successful case studies and prepared for the next revolution in e-commerce.
