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What is Big Data?
Big data refers to data sets so large and complex that traditional data management systems and analytic or visualization tools cannot process them in practical timeframes.
  
What is the fifth V of Big Data?
Volume, Variety, Velocity, and Veracity are the 4Vs that define big data. However, we at Photon believe that all that data is useless if businesses do not actively tap into big data's fifth
V: VALUE to your business.
 
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How do I enable Data-Driven Experiences?
APIs (Application Programming Interfaces) or micro-services enable innovative experiences by enabling varied data-rich system silos, like OMS, ERP and Customer Service platforms, to communicate with each other. These legacy systems connected to faster-moving transformative digital layers drive customer experiences in real time. For example: Integration of in-store, online, and mobile sales transactions through APIs can remove customer data silos, empowering retailers with the data they need to determine how best to personalize the customer’s overall experience. Major retail brands are shifting their focus on big data to generate more revenue.
 
What are Digital Moments?
To be engaged and served in their moments of need across touchpoints, consumers are quickly moving to digital platforms, particularly mobile. These digital touchpoints in the consumer journey are the digital moments where they are open to influence and interaction. With rising mobile shift, consumer expectations soar, pushing businesses to meet and exceed customer needs, through contextual, relevant, and personalized experiences. 
 
How does Big Data power perfect Digital Moments?
Big data helps you provide your customers perfect digital moments through:
  • Personalize shopping experiences to offer both value and pleasure to your customers. Serve up intelligent personalized promotions and recommendations to customers the minute they walk in the store or get online. Offers and content based on customer behavior, social interactions, demographic, clickstream data, in-store behavior, location, weather deliver hyper-personalized omnichannel experiences, increasing engagement and sales.
  • Dynamic Online Merchandising lies at the intersection of customer and retailer goals to engage each visitor with the most-relevant content to boost conversions and order values while decreasing cart abandonment. Effective content strategies leverage existing customer behavior data (purchase history or browsing behaviors) to create dynamic merchandising moments that are instantly personalized across touchpoints to increase basket size and stimulate purchase. 
  • (Smart) Search: Customers can’t purchase what they can’t find, and those who can’t quickly find what they want will leave your digital experience. Search can be your one and only interaction with a customer. Make it count. Deploy smart search and discovery functionalities like autocomplete, visual search, self-learning searches, understanding full-text searches—all at scale, speed and without retooling the entire front-end experience —to deliver relevant and dynamic results tailored to the customer’s query.

In the next two years, companies that invest in personalization will outsell those that don't by 20%. Senior leaders must defy outmoded business strategies and leverage big data to achieve extraordinary results.

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