Role Played By Big Data In Transforming B2C Customer Experiences

 Gone are the days when spreadsheets were used to manage the organization’s data. This is an era of Big data-huge amounts of data, a field that handles the data cost-effectively and efficiently. According to Saas Scout, the big data market is expected to grow by 20%. 

• In 1 second, each person is expected to produce 1.7 megabytes of data by 2020. 

• The data by 2020 is expected to reach 40 trillion gigabytes shown in a study by IDC.

• The big data analytics market by 2023, is expected to reach $103 billion. 

What is Big data?

It is a field that refers to high volume, high variety and high-velocity information assets. It deals with the data that keeps on growing exponentially with time and cannot be treated using traditional methods. This large volume of data can be both structured and unstructured data which flood the firms on a day-to-day basis. Big data lets you deal with massive amounts of data by systematically analyzing and extracting data.

Where is Big Data used?

It is already used in most of the sectors and making a huge difference with the help of predictive analytics. The sectors include IT, B2C customer services, healthcare, manufacturing, academic institutes, banking, transportation and retails.

Using Big Data to improve customer experience: Uber Case Study

It is an American company that offers vehicles for hire the major cab service in the world. The company uses customer data to know the most popular and most used services by the users. After collecting the data, Uber uses data analytics to observe the services which are used by the customers and which should be given based on the usage patterns. 

Ways Big Data is revolutionizing Marketing and Sales

Accurate Big Data predictive analytics:

• One of the reasons why data analysis is important for B2C Marketing is its accuracy in predicting the outcomes based on historical data. It helps the businesses and organizations to make better decisions and optimize their operational efficiencies and reduce risks.

Learn customer behaviour:

• To know how to improve customer experience with Big Data, the Big Data insights should be used to gain an understanding of the customers and provide them with a highly ‘personalized’ experience based on their preferences.

Fostering B2B sales with customer Big Data analytics

• Big Data analytics tools are used to understand the status of the services provided by the businesses in the market and how the customers are liking it by analyzing the thus increasing the sales leads.

Filter out irrelevant data:

• Not knowing the technique to filter out irrelevant data costs the business millions of dollars as they need to spend to take out the useful data from the heaps. Big Data tools help the companies save money and time both.

Screen the market:

• Big Data insights let you always stay a step ahead of your competitors. What type of strategies have been used by your competitor in the market can be analysed using the Big Data insights and then your strategies can be pulled off accordingly.

Rule over the social media data:

• Today most of the customer’s and leads are found over social media. The businesses can use Big Data tools to access social media data and improve the services and products as per the customer’s choice. as all the business are run online

Conclusion

The inevitable conclusion is that Big Data is here to stay. Companies are embracing Big Data in their strategies to gain a competitive advantage, improve customer experience, increase customer retention, and revenue. Using Big Data, companies can predict many events backed by robust data, and that will help to outshine competitors.

Why B2C Businesses should buy CRM Software? - Kapture CRM

With sky-high competition, B2C Businesses are facing depreciating margins and failing purchase volume.

An overwhelming number of choices mean that customers don’t need to look beyond traditional ways of selling and buying. The situation demands more focused efforts on building a more direct and nourishing relationship with customers.

Personalized marketing rules the Roost

In an age where generic and mass advertising rules the roost, an easy and direct way to attract customer attention is through appealing personality. All successful marketing effort goes to appease a single buyer or a customer base.

Personalization of email content yields the highest average open rate for all email campaigns, with 17.6 percent of all personalized emails being opened. (MailerMailer)

By CRM customer accounts, you can collect and store information about each particular customer. This enables you to bring integrate customer contact collection into your daily processes, allowing you to develop and invigorate direct customer relationships.

You can also collect and manage customer purchase history based on a single database, including precise sources such as in-store, E-commerce or referral. By following customer preferences and purchases, you can create tailor made messages suiting your core audience.

Maximizing Direct Customer Engagement

According to studies, direct customer engagement can increase both volume of purchases and frequency. But even the brick and mortar store lacks desired levels of direct customer engagement when it fails to have any fails to have any meaningful interaction with a passing customer.

In this scenario, direct engagement is feasible only through utilizing digital and internet media such as Email and SMS messaging.

This helps you to maximize the outreach without directly increasing your levels of customer engagement. This process also enables you to build and manage a pool of business followers.

Acquiring and Nourishing Recurring purchases

In most industries, only a limited number of successful enterprises enjoy returning customers. For the majority of other business, recurring customers are managed on a hit-or-miss basis. Marketing automation processes lets you consolidate one-time customer to a unified dashboard. This helps you to attract your circle of one-time prospects with right messages and pitches.

By communicating right individualized messages and offers, you can nourish personalized relationships with your customers.

Optimize your Distribution network

Today, customers are increasingly conscious and aware about their product diversity and stock dates. And only a well-optimized distribution network can avail the latest dated products.

CRM software lets your endpoint retailers to order and acquire goods in a straight-forward manner. Similarly, a distributor or stockiest to collect and assimilate stocks to be sent to the right points. In the end, you can create a well-optimized distribution networks, sending and receiving goods with agility.

Conclusion:-

Today, every customer has to choose between multitude of E-commerce stores and proliferation of brick and mortar stores. In this situation, it’s harder than ever to be a successful player at B2C marketplace.