Gone are the days when producers used to rely only on a fixed group of customers for their sales. With the advent of new technologies and globalization, the world, no doubt, has become a global village. There have been myriad changes around us and the world is in its transit to become a digitalized sphere consummately. The usage of INTERNET has been proliferating since its inception. Now the business is not confined to a particular geographical boundary, rather it is expanded all over the globe.
This clearly means that business firms will have to face tough competition in an economy from other business firms producing and selling the similar goods and services. The purchasing decisions of the consumer are dependent upon various factors which comprises of environmental, psychological, social, cultural factors et cetera. The task of business is not limited to the production of the goods. In order to increase the customer base in the most cost effective ways, firms have to figure out TRENDS.
This is where the Analysis of Big Data plays its role. As we all know that in reality there is a tough fight amongst the firms to gain market dominance. It is important to extract ALL types of data that is relevant to the business in general and production in particular. This analysis of various forms of data so as to expand the services, investment and business performance is known as data intelligence.
Now, a very obvious question must have come to your mind that what actually the ‘data’ that we are talking about is? So, basically data is the collection of information which has certain meaning when analyzed and studied further.
For the firms this data can be the number of clicks on a particular website, activities carried out by a person on his social media accounts, the GPS location of a person, amount of internet usage, number of female and male users, response collected from a person by direct and indirect means, the social circle of a person, tastes and preferences of the person et cetera.
We see that there is a never ending and unabating list of the data which grows exponentially. These extremely large data sets may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. Therefore, the term BIG is used before data. Proper analysis of this BIG data is required so as to get maximum benefit and accordingly devise the market strategy to gain dominance in the market.
The benefits of Big Data Analytics are as follows:-
- Finding Target Audience-
Big Data can be used to find the right type of audience. Consumer’s digital footprint is of great importance in the times of marketing and advertising. Whether a person googles about a particular product or likes it on facebook, both these actions will lead to that person’s social media account and smartphone to be flooded with the ads of that product.
- Identifying the tastes and preferences-
The taste and preferences of people may vary. Suppose adult females have a demand for perfume whereas adult males have a demand for watches. Old people have a demand for mythological books. Thus, the analysis of the big data will help in easily knowing what does a particular section of a society desire. The sections can be divided on any basis be it gender, income level, physique, age and so on and so forth.
- Personalized experience
After finding the target audience and understanding the tastes and preferences of the customers, using big data, a personalized experience can be provided to the consumers (in case of online shopping). Suppose a customer likes the red color in his/her apparels then, matching suggestions would come up. This way the person need not waste his time scrolling down the screen to look for outfits which are red in color. It will also increase the satisfaction level of the customers.
- Increased market Penetration
Let us take an example of a bakery shop which has its store in all major cities of a country. A customer’s mobile number is registered with their servers (common practice, nowadays!). The servers will keep notifying the customers about his bonus points, new offers, discount code on first time availing the service in a new city (GPS location from your smartphone will be sent to their servers and they’ll automatically notify the customers about the available offers in that city store) etc. This way the firms can penetrate into market and create new customers and satiate the old ones.
The firms in order to succeed must deliver the right service to the right person at the right time for the right price using Big Data Analytics. Thus, Big Data helps in learning from the past, understanding the present and predicting the future.
zealousgemini 