Customer Data Platform
April 16, 2024
The societal shift over the past two years has consolidated our move online for work, education, shopping and entertainment, leading to increased adoption of customer data platforms in Asia-Pacific. As technology became indispensable for both consumers and businesses, the latter are still scrambling to adopt data-driven strategies to keep up with an ever-changing landscape.
Despite a sense of normalcy returning, consumers are unlikely to abandon their expanded digital lives, with a reported 87% of Asia-Pacific (APAC) consumers spending more time online. Businesses have an abundance of customer data on hand, yet the ability to derive meaningful and actionable insights from that data is still a challenge for many.
With the deprecation of third-party cookies, maximising the value of first-party data will continue to be a top marketing challenge for B2C and B2B marketing decision-makers in the region, with 21% of them identifying an inability to take action on customer data.
We have also seen how customer expectations have continuously evolved over the course of the pandemic. The growing demand for personalised engagement is more present than ever in the region. APAC consumers are considered some of the most demanding in terms of personalisation, with high expectations for businesses to deliver seamless and curated experiences throughout the entire customer journey.
The future of personalised experiences lies with customer data. In today’s global digital economy, personal data holds substantial economic value as businesses are able to offer services that better meet customers’ demands. However, customers are becoming increasingly concerned about the commoditisation of their data. The key is for businesses to be completely transparent with how this data is being used. Only those businesses that have control of their entire data ecosystem, and can manage and analyse data effectively, will succeed in this age of personalisation. At Tealium, we help businesses realise the value of their customer data, and customer data platforms (CDPs) are a key enabler of this through compliant data management, categorisation and qualification. With the right CDP in place, businesses can take their customer experience and personalisation delivery to the next level.
CDPs are no longer a nascent technology. More and more businesses are effectively integrating CDPs into their operations. According to the CDP Institute, industry growth is especially strong in APAC, where the share of industry vendors grew from 13% in 2020 to 17% in the first half of 2021, as more private and public sector organisations look to enhance their marketing technologies. A Forrester report reveals that 26% of APAC marketers are planning to use CDPs in the next 12 months, the most cited among the 20 marketing technology options given.
In addition to unifying real-time customer experiences across channels, individuals are also demanding greater privacy and respect around how data is gathered, stored and used. Not only will implementing customer data platforms in Asia-Pacific help businesses maximise the value of the first-party data they collect, it will also enable compliance with relevant data protection regulations. Privacy and consent management is built into Tealium’s technology, ensuring that customer data is protected at all times. When addressed properly through disclosure and consent, first-party data collected by a CDP can create a data taxonomy to drive better insights and optimise the customer experience.
As businesses adapt to the challenges and changes of the past two years, a CDP like Tealium can help drive relevancy in real-time interactions to accelerate business growth. Knowing how to engage with customers successfully, while respecting their data privacy, will be what sets market leaders apart. Customer data platforms in Asia-Pacific will become increasingly crucial for businesses to get the most out of their growing reserves of customer information, while building lasting trust with those customers. Remember, consumer trust is the driver of first-party data acquisition, with data the key to unlock innovation capability and build a sustainable competitive advantage.
To go deeper into the increase of customer data platforms in Asia-Pacific and learn how CDPs are used across various industries, read Tealium’s APAC CDP Starter Kit.
