Role of Big Data and Analytics in Marketing

According to the present days scenario, big data refers to the increase in data that is deluged in terms of variety, velocity, volume and complexity that is being generated in the digital system today. In sinpls words, big data analytics is the process of examining huge and varied data sets that is big data, to uncover hidden patterns, any unknown correlation, market trends, customer preferences and other imoiimpor information that can help organisations make more – informed business decisions.

As we know that in today’s scenario, digital consumers are connected all the time through their smartphones, consoles and mostly from every application, service and channel that is accessible through their devices. As the move among various devices and channels, they are creating multiple customer touch – points across various mediums that are online, offline, proprietary, third party, corporate networks, social networks, location based and Mobile. To marketers this huge amount of information presents a great opportunity for selection of their consumers. Retailers have now adopted  advanced analytics  to start providing some personalized recommendations to their consumers online. 

Telecommunications providers use big data techniques to reduce their customer churn. Similarly, if we talk about retail banks, they have started using big data analytics for fraud prevention. Now further coming on to the process, we must know that these big data sets are generated around customers, based on their various online purchases, web clicks, social media activities, connected devices, their geo-locations and several more.

There have been many advancements made in the technology such as in memory computing and the rise of open source massive parallel platforms are further driving opportunities to harness big data sets and hence enable real- time data analysis that works more efficiently than the primitive methods that have been used so far.

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