SAVE YOUR WALLET NOW!

Question of the day: Have you ever experience seeing the item in your electronic devices appearing as one of the advertisement that you have mentioned to you friend earlier on?

Shopping Alert! Did you realise that you have been purchasing more items online now?!

Don’t worry, you have guessed correctly, you are being stalked and your information and preference are being collected and shared via all kind of electronic devices.

To certain extent, Internet of Things (IoT) has kind of invaded our privacy to obtain big data from users’ daily activities, in terms of our personal information and preference.

But what is IoT? And what is big data?

Source: Top 10 Internet of Things stories of 2015

IoT is the billions of physical devices around the world that are now connected to the internet, all collecting and sharing data. (ZDNet, 2020)

Source: FinancesOnline

Big data is data that contains greater variety arriving in increasing volumes and with ever-higher velocity. (Oracle, n.d.) These data are thereby collected from various disparate sources and application.

You might feel that you are exposed to the world, but wait, these information collect have actually helped to better improve the businesses while providing the consumers with items that you might be interested to purchase.

Big data analytics are commonly used by marketers to create new insights, opportunities and business models to:

1. boost customer acquisition and retention
   • Information will helps the business to stay relevant and increase its sales.
2. solve advertisers problem and offer marketing insights
   • Netflix and Youtube have commonly used big data analytics based on your search and watch history, and make relevant suggestion to attract you to spend more time on their platform.
   • The recommendation system influences about 80% of the content streamed on these platforms.
3. assist with the risk management
4. as a driver of innovations and product development
   • Potential needs and demand can be identified from the consumers’ and industry trend to create a new business opportunity for the market.
5. assist with the supply chain management
   • Based on the consumers’ behaviour and purchasing habits, e-commerce such as Amazon and Cold Storage, are able to better understand the demand and trend of the items.
   • It also helps to better plan out the logistic required and best route to deliver the items to the consumers while being cost and time effective.

If you are interested to know more about the advantages of big data, do check up on Mentionlytics.

What are your views about the use of big data by marketers? Do share with me your opinions in the comments box down below!