Big Data – Empowering Consumers!!
June 14, 2016 | Big Data, Blog, Technology
There’s a lot of talk around Big Data all the time these days. These huge quantities of data have had their impact on many things one of which is online marketing. There’s a lot of discussion about how this data is driving the online marketing forward. While discussing the significance of data, one thing which is usually overlooked is how this same data empowers customers in making wiser decisions. I am writing this post to shed light on some of the ways in which a consumer can benefit from these huge volumes of available data.
The Big Picture
Companies in today’s time do a lot more than just informing the consumers about their products but also share related information. Let us understand this with examples, like a company which manufactures gym equipment will also share information about diet products or supplements. Similarly, a tourist company might share information about some places to visit during a certain season. By providing related information, the company not only augments its brand status but at the same time, gives the customers a bigger picture which helps them in understanding how a service or a product fits into it.
Today, when most of the transaction happens on the internet we still have the urge to speak to the sales representatives while making a purchase. This is one reason why companies have felt the need of humanizing their websites in the best manner possible which would allow customers/visitors to understand that there are real people behind them. Today’s consumer does equal research about the people within a company as much as they do for a particular product or service. This is usually done to determine whom to trust and who not to.
Providing More Resources
Checking multiple options before making a purchase has become a norm due to readily available data. Consumers are not solely dependent on the retailer’s home page these days. Most of the consumer’s frequent websites like www.junglee.com which gathers Big Data from various websites and then processes it through its own algorithm to rank different products. These sources are considered to be unbiased and are very effective empowerment tools for consumers; thus, helping them in making an informed decision. This is the reason why these resources have become a regular source of information for consumers.
Emphasis on Loyal Customers
There was a recent survey done by Forbes which said that it costs at least six times more to acquire a new customer than it takes to retain an existing one. This has compelled the companies to lay emphasis on the members of their most loyal customer base in order to design their promotional campaigns accordingly. Enterprises have developed an understanding that loyal customers are more likely to promote their products/services on social media as well as through the word-of-mouth. This works in favour of consumers who regularly visit a particular company’s website by getting more perks than ever before.
Controlling the Sale
With times, the consumer behaviour has undergone some huge changes. Today, a customer doesn’t simply buy a product online and wait for its delivery but puts every tool available in order to negotiate prices and shipping terms. A recent statistic shared by Internet Retailer shows that roughly 58% of the online shoppers engage in showrooming – a process where the consumer checks the products physically in the stores and then, compares it online through his smartphone. Since the consumers are able to compare prices and features in real time, empowers them to strike a better deal and the chances of this happening are increased if the person happens to be a loyal customer.
A smart shopper knows where he/she can find the appropriate data and then use it to score the best deal. This should be a significant factor for businesses to understand the importance of better data analysis if they wish to see things from a consumer’s perspective who is now better informed than at any time in the history.
This is how Big Data is empowering consumers. Since the end-user is getting more and more aware each day, the businesses have to understand that it is imperative for them to make sense of the available data. For this, enterprises are on a continuous lookout for Big Data professionals. Since data has penetrated into every aspect of our lives, there is a constant need of professionals who can help us in analyzing these huge volumes of data and use it to the best of our interests.
Cognixia runs some of the finest training programs on Big Data and its related technologies. If you have an interest in Data Analytics and wish to make a career in it, then join our training programs today. For further information, you can write to us or visit us at www.cognixia.com