Exabytes New Retail Summit 2024: A Recap of Data X AI Magic!
What an incredible ride it was at the Exabytes New Retail Summit 2024!
If you missed it, don’t worry—we’ve got you covered with all the highlights, key insights, and why data and AI are now the superheroes of the retail world.
Held at the vibrant Multi-Purpose Hall of UOB Plaza 1 in Kuala Lumpur, the summit brought together industry experts, tech enthusiasts, and retail leaders to explore one big idea: Data X AI—the game-changers of modern retail!
Why Data X AI? The Future of Retail is Here!
Retail is no longer just about selling products—it’s about creating personalized, memorable experiences that keep customers coming back.
The magic combo of data and AI is making that happen by transforming every aspect of retail operations.
Highlights of the New Retail Summit 2024: What We’ve Learned
The summit wasn’t just about discussions; it was a hands-on experience that left 160+ attendees inspired and ready to take on the new retail world. Here are some standout moments:
Opening Ceremony
Firstly, Chan Kee Siak, Exabytes Group founder & CEO gave an opening address.
The collective takeaway was clear: retailers that do not embrace personalization risk falling behind. In today’s environment, customers not only expect personalized experiences—they demand them. Those who fail to provide this level of engagement will lose customers to competitors who can.
During the summit just right before lunch, he also shared about the Exabytes New Retail, a solution that seamlessly merges online and in-store experiences, ensuring a smooth shopping journey for your customers.
Whether they’re exploring online or making in-store purchases, it all effortlessly integrates with our online to offline retail solution.
This powerful solution not only enhances customer satisfaction but also empowers your business with valuable data insights & AI tools for deeper customer understanding and increased sales.
Retail Changes and Opportunities
Then, Serm Teck Choon, co-founder and CEO of Antsomi, addressed over 160 professionals in the retail and e-commerce sectors during his keynote.
He emphasized how first-party data, combined with AI-driven personalization, gives retailers a powerful advantage in the face of current consumer spending behaviors.
First-party data, which is collected directly from customers through interactions on websites, apps, or in-store visits, is one of the most valuable resources a retailer possesses.
However, to turn this data into actionable insights that can drive personalized customer experiences, retailers must adopt a sophisticated Customer Data Platform (CDP).
Beyond the Sales Team
Next, we had Johnson Goh, Co-Founder of Mindhive, a company that focuses on helping businesses streamline operations for growth, stay ahead of the competition with our machine learning and Gen-AI products.
Being the designated innovation partner for ZUS Coffee, he shared how Mindhive reduces operational costs and improves scalability by managing most of the technological innovations.
AI and Data Visualization
Moving on, we have two aspiring entrepreneurs, Brandon Loo, Marketing Analytics Manager & Wei Hao, Senior Data Analytics Product Manager at Persuasion.
Having successfully driven business growth for brands such as Natura, CompAsia, ZUS Coffee, dUCk, UNICEF, Shell, Bonuslink, Habib Jewels, Club21, G2000, and IMU University – they shared how using data to provide layered insights, marketing strategies, and actionable recommendations.
They’ve even covered digital marketing, email marketing automation, and multi-platform marketing.
By leveraging data to customized strategies, retail brands can achieve measurable business outcomes.
Panel Discussion 1 of Exabytes New Retail Summit 2024
Next up, we had an amazing panel discussion filled with an equally amazing panel that consists of:
- Moderator: Cheong Peng, VP of Digital Sales at Exabytes
- Edward Yee, Business Director of NOSE
- Joyce Ooi, Marketing Director of Neubodi
- Johnson Tan, Founder & CEO of TraceyStar
- CobyDaddy™, Ken Chan, Founder of CobyMall
The panel discussion highlights on adopting the best practices and learning from the industry leaders, retailers can more easily navigate the complexities of omnichannel implementation.
The discussion offered each their own experiences, valuable insights, practical solutions, and actionable strategies to help retailers overcome challenges and achieve a seamless omnichannel experience.
Panel Discussion 2 of Exabytes New Retail Summit 2024
The next panel discussion is lead by:
- Moderator: Professor Loh, Vistage Corporate Coach
- Christine Tan, SQL E-Invoice Ambassador
- Chan Fong, Founder & CEO of 180 Degree
- Clarence Leong, Founder & CEO of EasyParcel
Their discussion highlights deeper insights into sustainable supply chain management, the importance of branding, energy optimization, and innovative technologies.
The discussion shared how the right partnerships can address various challenges in sustainable operations.
Retail Marketing & Digital Marketing
Before the third and final panel discussion, comes Mr. Eng Jin, Chief Mentor at Monster School.
Having navigated the complexities of the online marketplace for years, Eng Jin has developed a sharp understanding of its dynamics.
During his session, he’s shared some amazing insights that allows him to anticipate market trends and devise effective strategies for tackling the challenges of the online market.
He has represented Malaysian food producers in partnership negotiations with major Chinese platforms such as Tmall, JD.com, Suning.com, Global-e, Yihaodian and has participated in the MATRADE cross-border e-commerce forum.
Panel Discussion 3 of Exabytes New Retail Summit 2024
The final panel discussion shares what exactly do retailers need, and how can they attract investors?
Led by the amazing:
- Emcee & Moderator: Xiao Ma, DJ/Host/Producer
- Datin Shin, President & Financial Expert of YYC
- Ching Chee Pun, Founder of Finsource Group
How the Entire Summit Benefits Different Retail Sectors
Whether you’re in fashion, electronics, or food retail, there was something for everyone. Here’s why it’s more important than ever to integrate data and AI into your business:
1. Enhancing Customer Experience
Imagine walking into a store (or browsing online) and seeing exactly what you need, with special offers just for you. That’s the power of data-driven personalization. According to Accenture, 91% of consumers prefer shopping with brands that provide relevant recommendations and offers. At the summit, experts explained how AI can deliver insights into customer behavior, making it easier to tailor the shopping experience.
Even those hesitant to share their data can be persuaded with the right incentives. Gartner found that 67% of initially reluctant consumers are willing to share data when offered discounts or rewards. It’s a win-win situation—customers get what they want, and businesses gain invaluable insights.
2. Smarter Inventory Management
Ever walked into a store only to find your favorite item out of stock? Frustrating, right? With AI-driven inventory management, that’s becoming a problem of the past. McKinsey estimates that AI can reduce forecasting errors by up to 50% and minimize sales losses due to stockouts by 65%. Plus, with cost reduction up to 40%, as highlighted by Capgemini, it’s clear why AI is the go-to for modern inventory optimization.
3. Boosting Sales Efficiency
Numbers don’t lie—businesses integrating AI into their sales processes can expect revenue growth of 30%, according to Gartner. From improving sales forecasts to helping companies allocate resources more effectively, AI is proving to be a valuable sales companion. Harvard Business Review even noted that AI can enhance sales forecast accuracy by 10-20%, allowing businesses to make smarter, data-driven decisions.
4. Marketing Optimization at Its Best
Marketing is no longer about shouting louder; it’s about speaking directly to the right audience. Using AI, companies can cut customer acquisition costs by up to 50% and increase marketing ROI by 10-20%, as per Boston Consulting Group. And in today’s fragmented digital landscape, where 50.4% of retail brands struggle with data silos (thanks to 91APP’s 2023 survey), integrating these channels is more critical than ever.
5. Precise Customer Segmentation
Gone are the days of generic marketing. With data and AI, businesses can now achieve laser-focused customer segmentation, ensuring every marketing dollar is spent wisely. Deloitte reports that AI-powered analytics offer accurate segmentation, making marketing efforts more targeted and effective.
A Big Thank You to All 160+ Attendees, UOB & EasyParcel!
We want to thank everyone who joined us at the Exabytes New Retail Summit 2024. Your enthusiasm, questions, and willingness to learn made this event a huge success.
And of course, a big thank you to UOB for sponsoring the beautiful venue at UOB Plaza 1 and EasyParcel for the huge support. Together, we are shaping the future of retail, one data point at a time.
Couldn’t make it? Don’t worry!
Stay tuned for our upcoming events and join us next time to keep up with the latest in Data X AI and retail innovation.
If you want to learn more about Exabytes New Retail, click here.
