“We don’t say we have the best technologies in the world. We don’t say we have the smartest guys in the world. But we say we have the best technology fitted to the needs of the luxury industry and we have the best analysts that understand data. That’s something very important because you need these two together. So number one is this mix between data and business intelligence,” said Jonathan Siboni, Founder and CEO of smart data platform and data services provider Luxurynsight in an exclusive interview with AMEinfo on the sidelines of the Arab Luxury World conference 2019 at the JW Marriot Marquis Hotel Dubai.
A leading voice on data intelligence and an expert on targeting consumers of the future, Jonathan Siboni provides interesting insights on the need to reach out to the right audience. “If I take a very clear example, we work with a lot of companies that want to increase their sales to Chinese tourists – just because China is today 9 percent of the world luxury market, Chinese are 33 percent of the world luxury market. Fast-forward to 2025, which is tomorrow, Chinese will be 46 percent. If almost 50 percent of the world luxury market is made by Chinese, the question that everyone should ask is not: how can I sell more here? But stop everything: I should devote 50 percent of my time to them. I’m not sure all the CEOs do that,” Siboni said.
Speaking about the challenges companies face in the move from gut- and experienced-based decisions to data-driven decisions, Jonathan Siboni adds, “With data and digital, people will do the same job the same way, but just quicker. That’s step 1. Then because you use digital so much, you’re going to be like I’m the same person, doing the same job, but I’m not going to do it the same way because there are tools that help me change the way I work. And then there will come a point when you’re not going to do the same job anymore. Because with data changing the way, you’re going to do another job. And there will come a point when it won’t be you, it will be someone else. So that’s what people fear. They fear that by letting people change their process and their ways, they may end up losing a job because they’ll lose their way to do it. But that’s like having a fire outside and locking the door saying that it hasn’t affected us so far. The truth is that the world will continue, so the sooner you adapt, the better you will be.”