The rate at which we’re producing data is growing exponentially. IBM estimates that every day 2.5 quintillion bytes of data are created – so much that 90% of the data in the world today has been produced in the last two years. With new devices flooding the market – from smart TVs to watches – we’re experiencing data overload. Customer data is generated so quickly, that over the next few years marketers will need to adapt to deal with the realities of real-time data and be providing services which respond to customers’ needs in the present moment.
For marketers big data brings with it big opportunities. As the marketplace grows to be more competitive, increasing the relevancy of marketing through greater data insight gives brands an advantage. Recent research by Accenture found that, in retail, 92% of consumers said real-time product availability would influence where they shop. Real-time data is now driving a responsive and fast service in the sector, giving customers access to up-to-date stock levels, deals and product reviews in novel ways. While most retailers are accustomed to using customer data via loyalty schemes and direct marketing initiatives, they must now look to real-time data as the next step in customer servicing.
An example of this in action is the soon-to-be-launched Apple iBeacon for iOS7. Customers using iOS devices will be able to walk into a store and be sent discount coupons or given directions to an aisle where a particular item is located. They can even be sent personalised messages and recommendations based on their current location or past experience with the company. iBeacon ensures that each brand interaction with the consumer is timely and tailored to their every whim. Great brand engagement is now fuelled by real-time data.
Customers no longer need to wait for an assistant to find out where a product is located or whether it’s in stock – this information is at their fingertips.
According to IDM, 80 per cent of data is unstructured. While location data, past purchasing and engagement can be updated in real-time, information about how customers are interacting with brands online is far harder to process at speed. This will be the next challenge marketers’ face as they look to ensure they respond and meet the continually changing needs of modern consumers.
By Francis Wallinger, Chairman of Alchemetrics.
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