Have you ever wondered how E-commerce sites know about products you might be interested in and recommend the one that’s absolutely perfect for you? Big data provides businesses with insights into what their customers want.
To be more specific, customers’ movements across the web can be tracked, and their call centre records can be analysed. Based on these, businesses can listen to their customers’ conversations on social media to deepen a holistic understanding of brand and customer experience.
- You may also read: How AI And Chatbots Are Strengthening The Customer Experience?
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Big Data & CRM
Big data contributes to improving customer relationship management (CRM) strategy of a company so that it can lead to stronger customer loyalty and increase in sale. Here are a few ways companies are using big data to build better long-term relationships:
Prediction: Companies collect tonnes of customer data such as their address, products they purchase, websites they access, and when they contact customer service, and if they interact with companies’ brand on social media. Thus, companies can predict customers’ behaviour and choose the right products to promote to the right people on the right channels.
Customer service interaction: For many companies, leveraging big data does not only help with more effective marketing and product development but also improve their customer service. When a customer contacts a company, a representative can solve customer problems faster when they access the right information. It’s not necessary to ask customers for information since they already know the answers.
E-commerce has changed the retail environment where consumers use data and technology to take charge of their shopping experience. A study of IBM shows that according to 62 per cent of a retailer, using information (including big data) and analytics possesses a competitive advantage in comparison with 63 per cent of other industries respondents. The study also discovered that retailers are taking an approach to big data.
Big data & SMBs
There is a concern raised about whether big data is relevant to small businesses because of being expensive and complex. Most of the analytics solutions were actually developed for larger businesses, which leads to high cost and complexity of implementation. Luckily, with the presence of big data, more solutions are launched into the current market and some of them are built to meet smaller businesses.
Here are some ways small businesses should consider to take advantage of Big data:
Cloud computing can help SMBs embrace the power of big data effectively while simultaneously reduce costs. The service providers deal with all of the technical sides of things, saving a great deal of money and time and help SMBs focus on other important business tasks.
- Read more: Cloud services
The attracting visual would convey the company’s message in a more efficient and memorable way. A study showed that info-graphics and data visualisations have been proven to draw 30 times the audience of standard text articles, and are much more likely to widely spread on social media. There are many tools that businesses can use to generate their data in a more attractive way. Inforg.ram, Fusion Table, Piktochart and Easel.ly are some visualisation tools that you should consider.
Use good business-intelligence tools
Business-intelligence tools are a type of software using to work with data. Good business-intelligence tools can offer powerful and deep root analytics capabilities to the businesses. The best business intelligence solutions for small businesses are usually those that do not require any coding knowledge for data exploration.
Big data trends in 2015 Data lake
A Data Lake is storage that includes any kind of data in native format Data lake gives users easier access to all that data and another advantage is that data models are not required beforehand. Data lakes are the relatively recent concept, but in 2015 will mark more organisations experiment with data lakes.
- Read more: big data trends 2017
In-Memory databases enable companies to access, analyse and take actions based on data much quicker than regular databases. It means that more data can be analysed so that businesses can make quicker decisions. In-Memory Databases can save a great deal of money and time for SMBs.
Deeper customer Insight
Deeper customer understanding is more important in the context of the rise of new technologies that allow consumers to approach different information sources in much faster and more convenient ways. To be more specific, a retailer could take advantage of geographical data to a deeper understanding of purchasing trends. In 2015, transaction data is truly looked at in multidimensional ways to create even deeper customer insight.
Although the big data world is still very new, it has significantly changed the business environment. Businesses should consider how to take advantage of big data effectively if they do not want to lose the game.
As a leading software company in Vietnam, Savvycom is striving to head towards tools that support both historical and real-time data analytics platform for analysing and searching continuous streams of massive data. Ratechex, an easy-to-use tool to combine the best travel deals is a great example of how Savvycom embrace the Big Data trend. Ratechex works with monthly up to millions of traffic and provides a rich information kit, including hotel details, good deals and customer reviews. Savvycom has developed Ratechex with the aim of dealing with a terabyte of data, with millions of users and real-time analytics.