Today retailers have many strategies to attract the highly intelligent customer. Customers of goods and services are becoming more and more aware. Their knowledge of different competitors leads them to buying the best product at the lowest rate possible.
The fact that customers are aware, though, does not deter marketers from selling their products in new ways. Aiding this quest for novel ways to maximise the shopping experience is Big Data. Big data is the term for a collection of data sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. The challenges include capture, curation, storage, search, sharing, transfer, analysis, and visualization. Everything about Big Data is rather large. The promise that big data holds is many fold.
Big data is large and complex and rather daunting if not utilized correctly. Organizations have spent millions of dollars analysing and compartmentalising big data. Big data has aided research in many scientific pursuits. The Large Hadron Collider experiments represent about 150 million sensors delivering data 40 million times per second.
Apart from science, big data analysis is also a large part of commerce today. Brick and mortar stores as well as ecommerce sites utilise big data analytics. From logistics to operations to sales, everything is aided by big data. Analysis helps understand the state of mind of a potential customer.
One of the most important results of this vast big data analytics is personalization. Marketers have always endeavoured to customize their products or services. In the past, this was a difficult exercise. Today, with big data analytics, marketers are easily able to peg their customers’ needs and deliver.
Every company has mountains of customer data now a days. Senior marketers believe the best brands mine data to find golden insights that drive better marketing decisions. Big data really becomes actionable and obvious to the consumer when, who you are, what you’re doing, and where you are, are all being used to determine what you will buy. Hoards of statistics—new and old—can be culled into new and meaningful insights.
The importance of big data comes in, when we ask the question, how does data bring value? Well it offers exactly what we want or need at the desired (or thereabouts) pricing. According to an infographic by Monetate, 94% of marketers think personalization is critical to their business. 53% marketers wish to add online customer data to their customer profiles so that they can use that information to customise their product.
Big Data analysis will positively impact purchasing experiences and deepen customer relationships and brand loyalty. For example Amazon.com, remembers your name, what you browsed or shopped last time, etc. This kind of personalization strategy makes the customer feel cared for.
At IntelligenceNODE, we analyse and your data so that you can give a personalized shopping experience to your customers. For more information, log on to www.intelligencenode.com.