The Data Daily

Improving Consumer Experience Through Big Data

Improving Consumer Experience Through Big Data

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Big data and conversion rates. That's what everyone is talking about nowadays. If you are preparing for the interview of a marketing position or the head of advertising, you had better get yourself well-versed in the new trends that are rocking the marketing world. Gone are the days of blindly throwing around advertisements, hoping that your target demographic will notice you. Gone are the days where you are forced to waste thousands of dollars putting up billboards and banners in places you think your audience will frequent. 2020 is all about target advertising. With the help of big data analytics, you will be able to know where to advertise, how to do it, down to when the advertisement should go up.

There are so many platforms nowadays for you to put up your advertisement. You have social media, traditional media, phone applications – the real estate for advertising is digital and it is boundless. With this in mind, it wouldn't be practical to spend on every single platform. You need to find out where your target audience will be and advertise on that platform. You need to figure out what time of day the largest amount of traffic from your target audience will be present. You need to create content that will speak to your audience. This is what big data can do. It will help you save thousands in advertising because it will help you narrow down and pinpoint exactly what you should splurge on.

AI and analytics, are the two driving forces of every digital transformation. Organizations across industries are embracing these disruptive technologies and utilizing their applications to make a difference in their business processes. As a tech enthusiast or a business owner, it is important to be updated with the latest developments and applications of modern technology as it helps in having a competitive edge in this cut-throat business world.

Big data analytics will be able to help you create customer profiles that enable you to better understand your audience. Not only will you be able to create marketing campaigns which are catered to them, you can also curate products which they would be interested in purchasing, and develop a more coherent shopping experience for the customer. It can even help you anticipate their wavering interest and help guide them back to your brand. Understanding the behavior of your consumers will ultimately help you gain an edge over your competitors.

Personalization also plays an important role in eCommerce. When your customers feel that you are listening to them, they will reward you with loyalty. The cherry on top is that with big data, you can pay attention to what they are not saying. By analyzing their behavioral patterns, you will be able to predict what they want from you. Give them exactly what they want, even if they don’t know they want it. This will make them happier about their regular purchases and as we all know, a satisfied customer is the best business strategy of all.

Another money saving benefit that big data has is that you can judge based on current economic situations, whether you should continue doing things the way you’re handling them or change it up. Take for instance, the pandemic which has rocked the world. If you have already implemented the use of big data, you will be able to foresee whether you should start doing home deliveries, continue as is, or hunker down and wait for the trouble to pass. Without the information that big data provides, you will be stumbling around in the dark, hoping that you're doing the right thing. In a few more months, you can expect big data to receive an upgrade.

Artificial intelligence paired with big data is no laughing matter. Forbes reported back in 2019 that A.I will be taking over our analytics. This will further utilize the information that has been harvested through big data and organize it in a way that human minds simply are not built to do. With the implementation of A.I, there will be so much more that we can do with that information. The merging of the two technologies almost seem organic or natural. Artificial intelligence has the potential to bring big data to new, insurmountable heights that we are unable to reach without this technology.

Customer data has become as valuable as gold to brands. And as modern marketers access and integrate increasing sources of data, their reserves grow. Such data overload means they are rich with information but not necessarily the insights necessary to drive high ROI.

An organization‘s ability to sustain, compete and thrive is increasingly driven by how well it can deliver differentiated customer experiences ones that are individualized and consistently delivered across channels. This requires embracing technology to leverage data, apply analytics and orchestrate customer touchpoints across channels in real time. Serving today's evolving consumers means leaning into data-driven insights to engage them with the right message at the right time. What can often hinder a brand's ability to create an impactful customer touchpoint, though, is too much data. Unfortunately, data sometimes creates more noise than value.

In the world of digital commerce, there are lots of parties who've long had access to information about consumers' buying behavior. It's common practice for third-party sources to mine consumers' data from banks, card issuers, networks and credit bureaus and sell it. This method of harvesting data enables everyone on the data supply chain to make money off of it everyone, that is, except the consumer.

That's changing now. Regulators in the U.S. and the EU are embracing the idea that consumers should be the ones in control. Increasingly, consumers are deciding who accesses their data and how and they're recognizing that they should be the ones who benefit from its use.

Brands pivoted going into the pandemic, which we're seeing again as we pivot out of it. Behaviors have changed, and there's no going back to what we once thought was '''normal.

As we move forward, consistent observance and adjustments to align with consumer expectations and behaviors will be key. For instance, consumers used to go to the grocery store and stop at the bank on their way home from work. But now, some people are, and will continue to be, only in the office for part of the week if at all. Some have been out of work and may be more economically challenged, meaning their shopping behaviors will change. At the same time, others saved from working remotely and not going out on weekends, meaning they will have more disposable income. Brands need to understand how these occurrences will impact future consumer buying patterns.

Disruption will continue, and a large amount of untapped opportunity awaits. As brands look to reach consumers with personalized experiences that match their current lifestyle, data will be key. It all still comes down to using the right data at the right time with the right audience.

Consumer data are clearly transforming business, and companies are responsible for managing the data they collect. To find out what consumers think about the privacy and collection of data, McKinsey conducted a survey of 1,000 North American consumers. To determine their views on data collection, hacks and breaches, regulations, communications, and particular industries, we asked them pointed questions about their trust in the businesses they patronize.

The responses reveal that consumers are becoming increasingly intentional about what types of data they share'and with whom. They are far more likely to share personal data that are a necessary part of their interactions with organizations. By industry, consumers are most comfortable sharing data with providers in healthcare and financial services, though no industry reached a trust rating of 50 percent for data protection.

The way big data is analyzed will be much more straightforward and organized, rather than the old query or SQL which are the traditional methods of searching for certain strings of information. Filtering through the vast amounts of data will be easy with A.I spearheading the project of data analyzing. This is also another budget-friendly method because with the use of A.I, businesses can cut down on data analysts which is time consuming and not cost effective. However, this does not mean that human labour is no longer needed. There is no technology which is able to replace human intuition, at least not yet.

Needless to say, big data has revolutionized eCommerce and advertising sectors around the world and it is not done. It will continue to change the way that things are being done and tailor them to their clients and consumers, because in a world of consumerism, the customer is king.

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