Posted 27 June 2016
As a society, we are protective over our personal information. We are bombarded with the consequences of being too trusting with such details on a regular basis. We hear of people being hassled by third-party companies and, to the most extreme, of being conned out of huge amounts of money or even their identity. And when it comes to filling out forms, we are always careful to check the box to opt out of any future offers or surveys.
But isn’t it great when your online clothing shop offers the perfect tie to go with the new shirt you’ve just put in your basket? Or when Amazon recommends a movie to you that you end up enjoying? Without collecting specific kinds of data on their customers, such companies would have nowhere near as much scope as they do to offer such personalised and efficient services.
Businesses have much to gain from adopting this approach, which is made possible by the collection of Big Data. Additionally, customers stand to benefit most from the use of Big Data, and see a new incarnation of business come to life.
So what does Big Data offer that you wouldn’t otherwise get?
Businesses can offer anywhere from just a handful of products and services to millions. Last year, Amazon added 235 million new products to their catalogue within a sixteen-month period, according to Export X. What if someone who knew your tastes, interests and budget could filter these vast catalogues for you and throw the best-suited deals your way?
Improved business operations
When businesses have a detailed profile of each individual customer, they are in a far better position to give you a personalised experience. Such information provides a keen filing system for businesses, making internal operations, including customer services, far more efficient and bringing operational costs down. This way, customers have access to quality customer service, and will see the savings in operations passed on to them.
Refined product range
Not only does Big Data enable businesses to offer customers products or services they may need, but it gives them knowledge of what customers are searching for but not finding. By analysing this demand, businesses get an idea of any opportunities they are missing, and of what more they could do for their customers. Going forward, this ensures product selection meets customer demand, and that customers know the business respects their wishes and loyalty.
The unease over third parties knowing your information is understandable. Yet, it’s time to rethink your stance on Big Data.
Big Data means customers are given a voice to ask for what they want, businesses are given the means to listen and react, and the whole business cycle is made that much more efficient.