Big Data is all retailers want for Christmas. The way we see Big Data has evolved in an unprecedented way. Big Data is everywhere and most importantly in marketing. The ease to analyse your customer trends and make helpful insights out of the digital trial your customer leaves is where Big Data really shines.
What can Big Data do?
It can do a lot of things. Google uses big data to track your web search history and provide relevant links in your next session. This is the basic google trick, it kind of helps us to find what we want. Sometimes we may not even know that we need something, but seeing that recommended links, we will definitely go and explore that.
Big Data is relevant in many fields today, Medical, Banking, E-commerce, Stock Exchange, Education and the list goes on and on. Everywhere we are using predictive analysis to become something more, something we were not before. This helps in constant improvement of services, which will ultimately lead to better customer service.
Holiday season has begun
This time of the year everybody buys gifts for their family or something for themselves in recognition of all the good or bad times they went through this year. The retailers and e-commerce websites get ready for this time of the year with exciting discounts and sales. Big Data analysis is very critical to decide the price of the product and a little error could mean billions of dollars of loss. Rarely predictive analysis results are wrong because they are derived from real time user data.
This year, the black Friday sales sky rocketed with record high sales in US with 2.36 billion US dollars. This is a huge increase from previous year Black Friday sales of 1.97 Billion US Dollars. But is it possible to amount to such high sales without a little help from Big Data? Certainly not.
The reason why retailers want Big Data so badly is the very reason of automating most of the business analysis. If you go by conventional way of keeping track of sales in excel sheet you might not catch up with the rest of the world.
Big Data makes this whole process of tracking customers experience in real time and making it perfect to the core without much hassle is something any retailer would want.
Connecting with Omni-Channel-Shopper
The success for a business is when it can seamlessly connect with its Omni-Channel-Shoppers. It is a popular trend these days, we buy from mobile apps, web-apps, sometimes from social media outlets and finally offline stores. Serving a particular customer who uses different channels of purchase regularly is exhaustive job. The retailers need to take care of the customer’s history and reflect it into some useful recommendations and personalised discounts and also one-on-one customer support.
Having an Omni-channel-data-analysis can prove to be more than useful. Tracking the user behaviour, demographics, Customer traffic trends are really necessary to take a well-informed decision on certain business strategies. If you haven’t launched such an analysis system yet, it is high time you start working on it.
The main objective of Omni-Channel-Shopping is to give customer the ultimate control over where they buy and how they buy.
Customizing your company’s newsletters or messages to the customer your sending them will definitely make a difference. The best part about predictive analysis in Big Data is derive such data without much manual effort.
Discerning raw data from useful information
If we can’t really see what is required and what is not, there is no way ahead actually. Your company’s mobile app can track GPS location, search history and let us say, successful purchases made. Having graphs or charts about where the customer was at various days of the year won’t help, but combining that data with what they purchased from that location and for how much they purchased, did they use any coupons? Did they have any coupons at the time of purchase? How many times did they purchase the same item from the same store in a month? These kinds of insights will help you to draw useful conclusions about your customer.
Big Data is of paramount importance and it is absolutely required to make major business decisions. You may question what about time when Big Data was not there? Business ran smoothly without any fuzz, right? The businesses before the advent of Big Data did not trade at these astonishing numbers. Imagine trading 2.3 billion dollars safely during a holiday rush!
