Gaining insight into consumer behaviour
We are leaving behind a trail of digital information from phone records, mobile purchases, text messages, browsing history, social media, our location along with many other trails! As data progressively increases, understanding consumer behaviour becomes imperative to remain competitive. Companies are now in the position to learn more about their customers through the digital footprints they leave behind in this 24/7 connected world. Since customers use their mobile devices extensively, it makes sense for companies to reach out to their customers through these preferred devices. It is estimated that 60% of smart phone users shop via their mobile devices, 50% percent use their phones to check prices while another 21% use it for product search. Retail companies are turning to big data to help them learn more about their customers, engage with them more effectively and offer more relevance to personalisation. Patterns and consumer behaviour captured through big data can be put to a multitude of uses. For example, serving ads and e-coupons to mobile users depending on their location and context. Location technology makes it possible to detect if a user is near a particular store and then send details of deals that the store is offering or a personalised ad with an introductory discount. This information could entice customers to step into the store and make a purchase, or at the very least make them aware of the store for the future.