Big Data: Unchartered Territory
Big data is the term du jour for good reason. With the increasing rise of social media, online shopping and democratization of internet use, the amount of detailed knowledge in the palms of enterprises gives them a 360-degree view of their customers. Companies are sitting on goldmines of information about consumer behavior, habits and desires which will enable them to better understand and respond to their customers’ needs.
As companies create and store more accurate transactional digital data about their customer’s buying habits, they are becoming better positioned to propose products and offers that will guarantee satisfaction and a high sales rate. We see the utilization of big data with the fast-fashion brand Zara.
There is a constant flow of data from the brick and mortar locations and websites to the warehouses and design offices about purchasing habits and sales. The information fed to these locations shape the inventory of the brands stores and websites, therefore their customers are constantly fed products that appeal to them, thus influencing more purchases, return visits and the fact that you probably have 5 identical striped sweaters in your closet.
Fast fashion is just one example, but imagine if the same principle of using customer data to strategize, create and produce seemingly customized products and offers in every industry? The potential to create a loyal and satisfied customer base is unprecedented.
At Lectra, we envision big data as a tool that enables us to constantly analyze and synthesize predictive data to ensure that we are listening to our customers and delivering the service, products and offers that they want and expect. Personally, I am looking forward to seeing Big data evolve and the changes that will come along with this new way of gathering, sharing and optimizing information.
And you? What kind of affect do you think Big data will have on companies? I would love to hear your thoughts in the comments section!