BWI: Social Media can be Game Changer in Indian Retail if Tracked Properly, Reports Annik

Press release from Business Wire India
Source: Annik Technology Services Pvt. Ltd.
Friday, October 19, 2012 11:00 AM IST (05:30 AM GMT)
Editors: General: Lifestyle, People; Business: Business services, Information technology, Retailers; Technology
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Social Media can be Game Changer in Indian Retail if Tracked Properly, Reports Annik


Gurgaon, Haryana, India, Friday, October 19, 2012 -- (Business Wire India) -- With the concept of shopping moving in and around hypermarkets, supermarkets, and specialty stores, the emerging opportunities in urban market for manufacturers and service providers seem to lie in capturing and delivering better value to customers through retails. Even though retail sales are still dominated by brick and mortar stores the influence of internet on offline purchasing is becoming increasingly important according to a recent study conducted by Annik Technology Services.

The retailers in India have started adopting social media realizing the power of it. Though this is just the beginning, there is considerable untapped opportunity. "There is a lot of communication happening online but there are not many that are being addressed. This certainly can be leveraged to identify the needs of the people you are engaging with and how you should go about approaching them." said Partha Sarathi Sengupta, Senior Project Director- Analytics Practice of Annik Technology Services.

The study reveals that the total penetration of the Internet is 12% only, which leaves ample space for the Internet to grow and consecutively social media to spread its wing. With a backdrop of changing lifestyle, increased incomes, the demographic variability, and vibrant democracy a sharp rise in the social media usage in India can be expected.

According to the study, two third of social media users in India access a social media site every day and social networking accounted for over 25 percent of all time spent online. Retailers have understood that they can get meaningful insights and use it for decision making in launching new campaign, CRM programs etc. "Text mining and Network mining are evolving as powerful analytic approaches for revealing new insights in social media data" commented Vivek Anand, Associate Vice President of Annik Technology Services.

In text mining, the emphasis is on translating the textual data into sentiment in a carefully controlled process. Annik sees various benefits which Retailers can obtain from sentiment analysis by using social media data

-- Helps identifying patterns in customer behaviours, detect early product feedback and identify indicators to drive innovation

-- Helps in obtaining tremendous advantage sales and marketing team would have if there is scoop on what customers thought about your competitors' products and services

-- Helps in driving brand strategy being able to track trends between brands in similar sectors in real time

-- Helps identifying cohesive groupings of retrieved documents

Social media is growing very fast in India at a CAGR of over 50%. "It is interesting to see how marketers can take advantage of that. This is the platform where consumers talk free. Social media can get you the exact sentiment of customers, you don't have to ask structured questions or probe.., no more feedback cards" added Sengupta

About Annik:

Annik is uniquely positioned in Market Research & Consulting domain which blends Technology with Research & Analytics to provide Business Intelligence and reporting solutions. The technology based solutions helps in managing information in a very effective way enabling clients taking strategic decisions at any point of time.

For more information about the company, please visit our website at www.anniksystems.com.


CONTACT DETAILS
Partha Sarathi Sengupta, Annik Technology Services Pvt. Ltd., +91 7503144518, partha.sengupta@anniksystems.com

KEYWORDS
LIFESTYLE, PEOPLE, BUSINESS SERVICES, IT, RETAIL, TECHNOLOGY

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