The term Big Data analytics has been around for quite some time. However, it has taken an entirely new meaning these days when individuals share 500 terabytes every day only on various platforms such as Facebook. Based on such facts, it’s quite evident that users are constantly providing their data to businesses. But why do ventures need so much data? Big data can help companies with a lot of things, but most significantly, it helps them identify new business opportunities. This can generate more revenue and improve customer experiences.
In addition, it makes decision-making quicker and solving challenges more efficiently. This ability to work quicker and accomplish swiftly offers companies a competitive advantage. Not just that, businesses enjoy reduced costs using big data analytics. However, even though many companies have started to use big data, many businesses still don’t use this as an opportunity.
If you’re one of them, look at how famous brands and companies are using and benefiting from it.
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Amazon is one of the best ecommerce shops at the moment, and they have their data to thank for that. They are always using big data to make their customer experience better. For instance, everyone knows that airlines use this strategy when selling tickets; if you check out the same ticket repeatedly, it might mean you really want them and are ready to pay for them. Similar tactics are applied to Amazon’s website.
Besides that, this company follows the idea of behavioral analytics. They have hired some experienced data scientists with advanced degrees, such as an MBA Data Analytics online, to help the company analyze the purchasing patterns of the target audience.
Moreover, it doesn’t matter if a potential customer buys the product, puts it in the shopping cart, or just looks at it; Amazon will use that data. Doing so helps them learn what every customer needs and likes. As a result, they can recommend similar or similar products to them when they return to the site.
Uber has been taking the lead in the taxi business for many years. Nobody was shocked when they revealed they would be growing their services – from driving individuals to delivering food. They stepped into this food delivery market, and thanks to the data they gathered from being a taxi giant, they are here to continue. Uber Eats wished to be realized as a delivery that always brings food while it is hot. Hence, they tried to alter the world in a way that allowed them to be as correct as possible when estimating the food delivery time. As a result, they collected data on how long it takes to prepare meals so they could identify the exact delivery time.
Even though this hasn’t been done before, Uber Eats is doing it better than anyone with the help of big data. They’re ensuring they fully benefit from this opportunity as they employ meteorologists to help them estimate what weather will be like and how it impacts the delivery, providing amazing customer services.
Spotify has acknowledged big data genuinely. They use various inventive data methods to improve how users hear and appreciate music. They use information about elements like songs’ playtime, what type of gadget is used for streaming, where they are being run, and when they are being streamed. Hence, all the data provides this music company with amazing insights to impact listeners’ experience. It has introduced Spotify for performers, giving artists entry to data to improve their entity and promotion.
Moreover, Spotify uses big data for its ‘fans first’ desire. It enables artists to provide their most dedicated listeners with specific offers on singles, show passes, and much more. It takes the help of big data to develop personalized content and digitize users’ tastes.
Netflix is known to be one of the biggest online platforms for streaming TV shows and movies, and it owes its achievement to big data. Since they know their target audience, their retention rate is 92% which related to their competitors is a significant number. They are growing drastically due to their original moves that indicate how much they listen to their customers. But how does Netflix use its data to create such a great customer experience? They gather data such as the time their users watch the movies, whether they watched it in one go or took some time to finish. As a result of such information, they use it to create tailored accounts for every individual.
In addition, they compile various data points to create an accurate profile for its users. For example, Netflix takes screenshots of the scenes watched most or may have played frequently to understand the customer’s preferences. Besides that, they also use big data and various analytical tools to select whether they prefer to greenlight original content.
The food market trends are constantly changing. Hence, if you want to stay at the top, you need to be able to adapt to new changes, exactly what McDonald’s is doing. They are using big data to improve their customers’ experience. For instance, when anybody uses their app or orders anything, they store their data for additional recommendations, promotions, and offers. In addition, it gathers in-store traffic, ordering patterns, video data, and customer interactions.
With the help of drive-through, McDonald’s knows when potential customers are more likely to go, helping them prepare and improve efficiency beforehand. Constantly tracking and analyzing customers’ actions allows them to use this data to make additional changes to their menu.
You must have observed how Facebook prompts you about friendship anniversaries and birthdays. But have you ever thought about how Facebook does it? This is done with the help of big data, giving Facebook a chance to improve the experience of its users. With big data, it makes a quick video of your old images as a recollection.
Besides that, image recognition is a big data tech implemented by this company. It’s a technology that suggests advice on how to follow the specifics in a certain image or video only by guiding it through many other pictures.
You must know that personalization is the key to growth these days, and that is what Starbucks is doing. They are using big data to provide better customer services. They collect big data by giving their customers Starbucks rewards and mobile apps, helping them learn more about the spending habits of every customer. In addition, it used data to suggest products to its loyal customers and create more efficient marketing campaigns and new menus.
As you have read above, many popular companies like Amazon and Spotify use big data to provide customers with the best experience. Take some inspiration and see how you can use big data to make your business successful.