By Srinivas Balasubramanian, CEO at Photon
Data volume and velocity, two of the Four V’s of Big Data, grow exponentially in a digital enterprise. However, these have no relevance unless high-performance analytics convert the data into what we call Big Data’s fifth V — Value to Business. Innovative companies use actionable insights from Big Data to drive real-time marketing effectiveness, such as delivering high-value, personalized customer experiences to drive ROI and brand love; dynamic online merchandising like smart cross-selling and upselling to drive revenue; and insights to enhance an app experience, target customer with next-best offers, adjust pricing in real time or provide up-to-the-minute information about customers.
The reality for most traditional organizations, however, is that their success is throttled by their inability to rapidly and efficiently navigate the Big Data universe. Here’s something to learn from leading edge companies who are leveraging Big Data analytics partnering with us.
- A Fortune 100 financial services company developed an architecture in line to the existing data sources to implement personalized customer experience while providing a holistic view of the customer. It also delivered targeted Content, Action, and Offers for each customer based on Heuristic and Machine Learning methods. Similarly, many banks are re-engineering the Customer Journey to deliver a sticky banking experience.
- A Fortune 500 global beauty leader optimized personalized promotions to drive in-store third party retailer sales by building 360-degree view of its customers using a loyalty program and blending data from various sources such as transaction and online browsing histories, customer service interactions, and product usage. This allows for continuous innovation through personalization of the customer journey.
- An American luxury retailer renowned for its merchandise leadership and high-touch customer service successfully created a uniquely personal in-store shopping experience for its high-profile customers by injecting digital technology into its physical store. The retailer outfitted its high-touch sales executives with a mobile app that provides access to all of a customer’s data, enabling them to understand the customer's exact need for their visit, and offer a high-quality, deeply personalized in-store shopping experience.
Value that Big Data Brings to Business
- Deliver contextual omnichannel experiences
- Deliver real-time, highly personalized promotions, offers, and campaigns
- Next-gen shopper analysis from omnichannel engagement and social media sentiment
- Create next-gen recommendation engines for dynamic product offerings
- Replace old search capabilities with searchandising algorithms
- Price optimization and dynamic pricing
- Improve sales forecasting accuracy
- Optimized merchandising via real-time analysis of demand and stock
- Enhance demand forecasting and supply planning
- Fraud prevention and detection
Download our guide to learn how to improve customer journeys through deep personalization.
For big data strategy and analysis or help with digital initiatives, talk to us.