Today’s market is a buyer’s market where the customer is GOD. Every company is trying to be customer-centric by providing a rich customer experience throughout the customer journey. Each step in the customer journey generates large chunks of data with volume, variety, and velocity. This big data is being analyzed and processed to further the customer experience in every aspect.
To improve customer experience big data is analyzed to know more about the customer behavior, motivations, and touchpoints across the buying and retention process. Here are the following areas where big data analytics is improving customer experience.
1. Personalized Recommendations
With the help of big data analytics, companies can build solutions that provide a more personalized customer experience. Predictive analytics methods use historical customer data for analysis, based on that recommendation engines can be built which deliver personalized & accurate recommendations to the customer during the buying journey. This helps to reduce the bounce rate and increases customer engagement.
2. Security and Privacy
The increased flow of data has resulted in various privacy and security issues. Customers are now more aware of their data being kept secure. Big data is a boon but handling it poorly can increase data threats. Big data analytics solutions through AI and Machine Learning helps companies to analyze and classify cyber threats based on historical data and patterns and it helps to build predictive solutions for future security threats. It can be said if the data of your customer is secured, your business is secured.
3. Customer Retention and Support
Whenever a customer faces problems after a purchase, the time and efficiency of supporting the customer determine the chances of retaining the customer and building word-of-mouth publicity. It’s the fact that you can’t guess what problems customers may face and what will be the best solution. But big data analytics can be a savior. It helps you to predict what your customers may face and helps you build solutions to retain them.
For example: Through diagnostic big data analytics, using past events the root causes for any problems can be figured out. Similarly, through churn analysis companies can pinpoint what has gone wrong and how it can be prevented in the future. This helps to prevent customers from facing the problem that can arise and keeps you ahead of the competition.
To be a brand and not just a name, every interaction point with a customer matter and it builds the perception in the customer’s mind. The use of big data analytics solutions helps to better understand customers, their behaviors and helps companies to be perceived as “Best” in the ocean of competition.