Yesteryears, companies found it very difficult to learn about the buying habits, desires, likes and wishes of customers. A large country with diverse population and economic levels pose even larger problem in identifying the prospective customer. Result, large marketing budget with unsure outcome.
The web has changed the game by becoming the single largest channel of human expression. Internet has become an important utility for humans for networking, ecommerce, explicit expression and information gathering. In the process, humans are leaving a big internet footprint, which says a lot about their charecteristics, desires, buying habits, likes and wishes. Something which product companies will be greatly interested in.
The more people interact with and spent time on Internet, more footprints can be generated and then analysed for insights. Web 2.0 and social networking like facebook, twitter and youtube are ensuring that people are spending greater amount of time regularly on the web and thus divulging more about themselves as a consumer.
Moreover, technology has made it easier to create various kinds of digital data easily and make it available on the web. Camera enabled phones & PCs, tablets and rapidly increasing bandwidth are facilitating creation and distribution of textual, photo and video data.
All this information on the web in structured and unstructured form- email, blog, tweets, facebook messages, videos, et al - are creating a massive data deluge. We're talking in terms of petabytes. And these are gold mines of information waiting there to be analysed.
One can build a complex algorithm and try to make sense out of this data historically or one can go a step further and provide real time analytics so that prospective customer can be gotton hold of at the moment when he is researching on buying something and is about to take a call.
Big Data anaytics also helps in gathering choices, opinions, problems and other traits of a specific demographic.
Investment in Big Data realtime analytics will rise in leaps and bounds. The benefits are many in terms of understanding humans as a consumer, employee and a citizen and then using this insights to make a productive decision.
The web has changed the game by becoming the single largest channel of human expression. Internet has become an important utility for humans for networking, ecommerce, explicit expression and information gathering. In the process, humans are leaving a big internet footprint, which says a lot about their charecteristics, desires, buying habits, likes and wishes. Something which product companies will be greatly interested in.
The more people interact with and spent time on Internet, more footprints can be generated and then analysed for insights. Web 2.0 and social networking like facebook, twitter and youtube are ensuring that people are spending greater amount of time regularly on the web and thus divulging more about themselves as a consumer.
Moreover, technology has made it easier to create various kinds of digital data easily and make it available on the web. Camera enabled phones & PCs, tablets and rapidly increasing bandwidth are facilitating creation and distribution of textual, photo and video data.
All this information on the web in structured and unstructured form- email, blog, tweets, facebook messages, videos, et al - are creating a massive data deluge. We're talking in terms of petabytes. And these are gold mines of information waiting there to be analysed.
One can build a complex algorithm and try to make sense out of this data historically or one can go a step further and provide real time analytics so that prospective customer can be gotton hold of at the moment when he is researching on buying something and is about to take a call.
Big Data anaytics also helps in gathering choices, opinions, problems and other traits of a specific demographic.
Investment in Big Data realtime analytics will rise in leaps and bounds. The benefits are many in terms of understanding humans as a consumer, employee and a citizen and then using this insights to make a productive decision.
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