The Internet of Things and personalization algorithms will shape the future of eCommerce: Satyakam Mohanty, CEO, Ma Foi, Analytics

The Indian eCommerce industry is on a high, and so is the demand for analytics solutions. Indian player, Ma Foi Analytics, is naturally bullish on this space, and expects trends like mobility and personalization to shape the future of the industry. Dataquest spoke with Satyakam Mohanty, CEO, Ma Foi, Analytics, to get more details.

Some edited excerpts:

1. According to Assocham the Indian e-commerce industry is likely to clock a  CAGR of 35% and will cross the $100-billion mark in value over the next five years. What according to you are the driving factors for such growth?

a.      Aspiration: The youth across the country aspire to use the best brands across categories. In smaller cities and towns where these may not be easily available, e commerce bridges the availability gap, allowing youngsters to access the same brands as their big city brethren.

b.      Customer Service: Leading E - tailers like Amazon are offering a level of customer service that is unprecedented and unmatched offline. As a result people who’ve tasted online shopping are reluctant to buy offline.

c.      Convenience: Free home delivery and liberal returns policies make online purchases extremely attractive given traffic and connectivity hassles in most Indian cities and a cultural affinity for convenience shopping.

d.      Cost: E tail in India, like abroad, started with the promise of better brands, cheaper. This helped provide the initial momentum and continues to be a driver today. We believe this may not continue to be the case in future as the market matures.

2. As Indian e-commerce industry is witnessing a boom, how do you see the opportunity for your organization in this space?

E Commerce Analytics has so far been about retrospective mapping visitor and traffic patterns. Ma Foi is focused on making it more useful and actionable for businesses by going wider and deeper to:

1.      Understand shopper and buyer behavior

2.      Predict future behavior and outcomes

3.      Make insights available in real time and drive immediate action

3. How you are dealing with changing expectations of e-commerce players with respect to your offerings?

Most productized solutions in the market cater to a specific client need. Our productized solutions are evolved enough to solve business needs end to end. PreciseMetrics for example combines CRM and Clickstream data to provide a unified view of customers; micro segments them based on buying behaviour and lets Marketers create and run unique campaigns for each micro segment – providing a complete business solution, as opposed to a point in time service.

With our own proprietary Big Data Analytics platform and deep expertise around research, data science and technology, we not only provide comprehensive solutions for clients in the here and now, but also the depth,  breadth and capacity to meet their requirements in future - whether in an adjacent or greenfield area. Further, Web Analytics, Segmentation, Forecasting and Campaign Management are all available as independent modules that can be called upon as and when needed, and made to collaborate with legacy applications and technology.

4. What kind of technologies will shape the future of this industry?

1.      Mobility : As internet consumption moves from PCs and Laptops to Smartphones and Tablets a mobile friendly interface and shopping experience for anytime, anywhere shopping – with faster and more omnipresent wired and free public wifi access will drive e commerce.

2.      Personalization: The Internet of Things, Personalization Algorithms and new age technology that look at customers as unique individuals, as opposed to a uniform block  allow companies to target customers with relevant choices to increase conversion and share of wallet.

5. Can you name some clients that are using your solution?

 Our Solutions are being used by multiple clients across the globe: online grocers and retailers in India, hospitality chains in the Middle East and Healthcare organizations in the US to name but a few. playcybrcoin.com: an American online video sharing service, that pays people to share videos is one client we are excited to be working with, closely.