Retail spending: big data is the name of the game
Long-term prosperity increasingly depends on getting big data right
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IN thinking through the power of big data in retail, the oft-cited example is that from US department store Target, which a few years ago famously alerted a teen mother to discounts on baby products - before her dad knew she was pregnant.
And as Singapore trudges through a malaise in the retail market, a fresh partnership between Singapore's largest retail landlord CapitaLand and American Express (Amex) bears big-data potential. Success in this big-data aspect rests largely on Amex being able to expand its network of merchants to provide more rigorous data to CapitaLand.
In July, Amex and CapitaLand jointly launched a multi-mall loyalty and credit card. Customers who spend using the American Express CapitaCard at the 15 participating CapitaLand malls in Singapore will get the highest conversion rate for loyalty points offered by the retail group.
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