Siam Piwat fuels retail revolution by embracing AI and personalisation
Siam Piwat, a leading real estate and retail developer behind iconic landmarks such as Siam Paragon, Siam Center, and Siam Discovery,is charting a new course in digital innovation.
In partnership with Pivot Digital Pte Ltd, Siam Piwat has established a joint venture named Xponential Co. Ltd, which is primed to enhance the OneSiam SuperApp to better serve the rapidly evolving needs of customers, business partners, and alliances. The goal is to deliver a seamless digital experience.
Axel Winter, chief executive officer of Pivot Digital Pte Ltd., explained that this new venture exemplifies Siam Piwat’s commitment to expanding its digital capacities and adapting to an ever-evolving digital world.
Winter explained that the digital transformation journey involves continuous innovation in the Thai and Asian contexts.
“AI already plays a crucial role in our digital strategy. In-house teams focus on using AI for personalization, customer segmentation, and search optimization. However, with the advent of General AI, such as ChatGPT and others, we believe a new era of AI is unfolding,” he told Inside Retail.
He said this will drive productivity and introduce novel capabilities across its digital business, from automating mundane back-office tasks to enhancing front-of-house interactions.
“We are actively exploring the potential of General AI to automate technology creation and other areas. Embracing these cutting-edge technologies will allow us to stay ahead of the curve and deliver exceptional customer experiences,” he noted.
Expanding functionality
According to Winter, the OneSiam app already caters to a diverse customer base in Bangkok, including a new generation of consumers. And, by leveraging different content and product offerings to appeal to each customers’ preferences, there is now a seamless link between the app and the malls.
“The app’s versatility, encompassing online-to-offline (O2O) experiences, resonates with the evolving behaviours of the younger generation. To retain and attract this tech-savvy audience, we continuously invest in innovation and regularly update the app with new features,” he said.
He explained that with the successful deployment of the OneSiam SuperApp digital business, they have set a precedent for data-driven decision-making and operational efficiency across the whole group, while driving higher consumer engagement.
“This success inspires us to become even more insight-driven and embrace automation across different aspects of the business,” he stressed.
Evolution, not revolution
Winter said that in modern retails, the customer experience is about delivering innovation at speed, not just adopting features after they become outdated.
“With the software-as-a-service platform we are developing, we aim to introduce end-to-end automation that enables fast-track innovation, ensuring our customers benefit from the latest technological advancements,” he elaborated.
For instance, they envision integrating new business models like non-fungible tokens and crypto tokens, Internet of Things, but also gaming and new seamless O2O features.
“By staying cutting-edge in technology, we can offer our customers unparalleled convenience, choice, and personalised experiences, which is what consumers expect from their brands nowadays,” he stated.
The benchmarks
Xponential aims to set new industry benchmarks in customer engagement, personalised marketing, operational efficiency and seamless O2O integration with FinTech features too.
“We must recognize that the time for digital transformation has already passed. The focus should be on innovation transformation, driving future revenue streams,” he opined.
According to Winter, one of the main challenges lies in transitioning from building small apps to developing strong digital businesses and deep in-house capabilities.
“Some industry players may struggle due to the lack of a comprehensive strategy, expensive vendor contracts, and underestimating the impact of AI, cloud, and APIs on their business models,” he said.
The venture will be actively participating in the open-source community, so it can access early technology innovations and contribute to shaping the technological landscape.
“Embracing change and adapting swiftly to emerging trends will ensure that Xponential remains at the forefront of retail innovation, similar to BigTech’s approach – adopting open source and commercialising it,” he noted.
The sky’s the limit
By harnessing data-driven insights and implementing innovative solutions, Winter aims to provide substantial value to its partners, enabling them to better understand their customers and tailor their offerings accordingly.
“Through the deployment of advanced AI and automation, we envision more personalised and exciting shopping experiences for our customers. This includes seamless O2O integration, customised marketing campaigns, and enhanced loyalty programs,” he added.
Winter hopes that by combining Siam Piwat’s industry expertise with the tech prowess of Xponential, they will be at the forefront of shaping the future of retail and elevating the luxury mall industry to new heights.
“Together, we will continue to delight our customers with personalised, seamless, and memorable shopping experiences, revolutionising the way people engage with luxury retail in Thailand and beyond,” he concluded.
The post Siam Piwat fuels retail revolution by embracing AI and personalisation appeared first on Inside Retail.