WeChat and Alipay have the monopoly in the Chinese market, in terms of electronic transactions, near next to eradicating the need for cash. Taking the consumer trend of ‘convenience’ to the next level. Not just with money transactions, but providers of goods and services are running at the same pace. Where anything and everything can find its way in the palm of your hand in no time, and with very little effort. Making for a lot of satisfied customers.
But what’s more satisfying for WeChat and Alipay is the data. The rest is icing on the cake. The data is the cake. Access to customer behaviour in real-time. When dealing with population of a Chinese scale, we are now talking ‘Massive Data’, rather than just ‘Big Data’.
This brings us back to the customer funnel. What Lead to a purchase transaction? We may find out that it goes a lot deeper than the current customer persona. It may extend to the previous five customer personas and how they have influenced the current customer persona, which lead the customer to the purchase of a particularly product at a particular moment in time. Massive data will be writing the story of our lives, telling us before we know, what we will be doing next.
Key Business Takeout: If you are not talking customer funnels, it’s time to start. Start with assumptions. It will highlight your data gaps and opportunities.