Most of us used to think that big data is only for big businesses. However, as time goes on, change is the only constant.
If your brand is interested in pursuing big data, it doesn’t matter what size is your business.
With a little research, patience and hard work, your small business will be able to make use of big data to predict products that consumers may want to purchase, increase revenue and expand the business in ways that has never been imagined before.
Your small business must be ready for knowledge transfer from other successful businesses. Amazon is one of big businesses which using big data to figure out what exactly their customers could buy next time.
As you might be aware, Amazon is trillion-dollar empire. One of the best secrets why Amazon is growing sustainably so well is that, it gives insights to their customers.
Thanks to big data which provides them with the factors needed to be used in recommending their products to customers.
In that context, Amazon figures out very easily how to satisfy their customers needs. Among the factors being used by Amazon in no particular order; the first one is the way consumers rate their purchases.
Secondly, when consumers make their purchases. Thirdly, what consumers with similar buying patterns as well as purchasing habits are envisioning for future purchases.
As you can imagine, the third factor above is keen as it’s applicable to big data at its best.
Amazon and other brands are able to predict accurately what kind of products their customers want to purchase based on customers with buying habits in relation to anybody who visits their web sites.
Similarly, such big data patterns can be used by small businesses to predict for their own customers. As a small business owner, you must be watching your transactions in case you see any increase in your sales; such trends must be observed.
The development of Internet of Things in the last few years has significantly increased the web users due high speed data transmission and other emerging technologies which have created an advantage for brands to make use of big data innovatively.
In the current digital economy era, customers are using the internet for varied purpose and activities; searching information about products/ services, brands, product features and prices, availability of such products, selection of products, placing order and online payments to ensure smooth transactions of completed processes.
For example, Amazon noticed that customers who buy Televison sets have a tendency to purchase the Television mount; hence strategising how to make them available for upsell as it’s obvious customers buying behaviour patterns has shown it with the help of big data.
In a way, Amazon and many other superbrands are armed with actionable big data information that if used effectively and efficiently in marketing to their customers to meet their specific needs; they will end up increasing their revenues, streamlining their business operations, predict their customers needs more correctly, and even be able to manage their inventories and their related costs perfectly.
That was more about big businesses which can be replicated by small businesses as well. Why not? It’s time for small business owners to design and manufacture their own products and services by utilising the advantages which come up with not only big data but also with artificial intelligence and data mining.
How can your small business afford to take advantage of all that? To successfully compete in the digital economy, small businesses need the tools big businesses are using. Go Figure.