BIG DATA IS A BIG DEAL AND SO IS DIGITAL PRIVACY

o As you read this, more than 10,000 tweets are being sent out, around 2500 photos are being uploaded on Instagram and 50,000 searches on Google are happening, according to Internetlivestats.

o There’s an astonishing 28k GB of internet traffic every second and one of the endless possibilities is the evolution of Big Data.

The Information Age

o Giant retail chains capture phone number, age, sex of customers which help them come up with targeted marketing campaigns.

o Companies are also collecting online data from their customers such as their online activities.

o A recent study says that 78% of consumers will be more willing to buy from a retailer again if their offers are more targeted.

Retail

o The company collects and analyses big data generated by their Facebook (3.3M), Pinterest (4M) and Twitter (6M) followers.

o By heavily incentivizing customers to use Nordstrom’s credit card and sign up for their Rewards Program they’re able to collect data on customer purchases and preferences and leverage the data for targeting.

What Nordstrom does?

Health

o 88% of customers would appreciate their doctors be armed with their electronic health information

o 76% of customers are comfortable in sharing their medical information via mobile apps.

o Innovative gadgets can record and store key measures of human body

o CipherHealth aims to help patients by enabling individuals to send sleep, diet and exercise metrics.

o One Drop is a free new app for diabetics to track and share their glucose, food, insulin and physical activity in exchange for tips about eating and living better.

What companies do?

o 71% of the surveyed banking and financial markets report that the use of information and analytics is creating a competitive advantage.

o This results in innovative products and services, enhanced existing products and better customer-bank relationships.

Banking

What is happening to the industry?o Bank of America is using big data to

understand various aspects of the customer relationship.

o ATMs, call centers and banks are now even trying to analyse customer journeys.

o However, 76% of the customers would change their bank if a competitor bank assures data security.

Insuranceo Usage-based insurance is an excellent example

of the individual choosing to share information.

o This way both parties know the exact risk involved and hence the insurance price is more accurate.

o In case of car insurance about their driving information using vehicle sensor technology, past driving record and also necessary medical information.

Where does digital privacy stand?o 86% of internet users have taken steps

online to remove or mask their digital footprints.

o 37% believe it actually is possible to be completely anonymous online.

o However, there’s a long way to go before consumers feel free to share their info.

o Privacy, instead of being seen as a right, could be seen as an exchange of information between two parties; this would benefit both the consumer and the company.

o With rise in big data & internet freedom, there’s huge potential in empowering the consumer to share information and enjoy better services.

The Final Say

That’s not all, feel free to share this information

For any queries on Big Data

Suyati provides marketing technology and integration services for companies that wish to combine the best of breed solutions and create a unified approach to customer acquisition. This unified digital marketing approach requires system integration between various CMS and CRM platforms, and a slew of eCommerce, Marketing Automation, Social Media Listening, email and social marketing, and customer service systems. Our specialized knowledge in Salesforce, open source and .Net based systems enables us to build effective custom integrated solutions for our clients.