Have you ever thought about it? Is that even possible? Now I’m ain’t talking about Black Magic, I’m serious! Ok, what I meant about talking is not literally having a chat with your business over a cup of coffee, but looking into your business data to understand what it tries to tell you? Are you really thinking that I’m still bluffing? It is a well-known fact of how Netflix used data in order to produce shows and target advertising.
With over 100 million subscribers, the company collects data, which is the key to achieving the industry status Netflix boosts. If you are a subscriber, you are familiar with their suggestions on the next movie you should watch. Basically, this is done using your past search and watch data. This data is used to give them insights on what interests the subscriber most.
Forget Netflix, imagine the e-commerce industry. Remember when you were leisurely (or frantically) browsing Amazon or eBay to find that perfect gift for others (or yourself)? How often do you type in the search box, click on the navigation bar, expand product descriptions, or add a product to your cart? If you were an e-commerce company, every one of these actions can become the key to optimizing the entire shopping experience. And thus, the daunting tasks of collecting, processing, and analyzing shoppers’ behavior and transaction data open up enormous opportunities for big data in e-commerce.
A powerful data analytics platform like Zepto allows e-commerce companies to (1) clean and enrich product data for a better search experience on both desktops and mobile devices; and (2) use predictive analytics and machine learning to predict user preferences through log data, then personalize products in a most-likely-to-buy order that maximizes conversion. There has also been a new movement towards real-time e-commerce personalization enabled by big data’s massive processing power.
Data analytics is an important investment for a growing business not just for the big brands. Through implementing a data-driven culture, businesses can achieve a competitive advantage, reduce the cost of operation and drive customer retention. There are various sources of customer data that businesses can leverage. As technological advancements continue, data is becoming readily available to all organizations.
Technically, it is fair enough to say that organizations already have data at their disposal. It is up to the individual organizations to ensure they implement appropriate data analysis systems that can handle the huge data. Does your business have a data analysis mechanism in place? If your answer is a no, we recommend you to try Zepto! Trust me, you will be amazed at what your business has to tell you about the business.