What is Big Data and what are its benefits for companies and consumers?
Applied to Marketing and consumer behavior analysis, Big Data comprises different types of technology that enable structured and unstructured data collection from all the interactions between consumers and brands. The major change, which occurred a few years ago, is the integration, and processing, of unstructured data such as website navigation, customer reviews, social media posts and even videos. These data points are then mixed with transactional data from online and in-store purchases, in order to enable more precise analyses and, therefore, a more detailed understanding of the consumers.
From the consumers’ point of view, they will receive relevant offers and content faster and more contextually at the ideal time, that is right when they are taking their purchase decision.
What solutions do we offer to our clients in terms of Big Data?
Worldline offers Big Data technology platforms that collect all the data from the various interaction channels, both digital and physical, and then process it in real-time in order to push communications and interact with each consumer at the right place and the right time. We have assembled this set of solutions under the name WL Contextual Analytics.
Can you tell us more about this solution and its various applications?
This solution was developed in partnership with clients, specialized in DIY and luxury retail, in order to define its key functionalities. It can activate customers, as well as visitors, both on the brand’s website and on its mobile app. It generates contextualized content based on the actual behavior of the customer, such as his website navigation, his geolocation and his purchase intent, also known as “warm data”, combined with his past behavior, such as his previous purchases and transactions, his potential claims, also known as “cold data”. This combination is then mixed with external data such as weather, sociodemographic data and more to enhance even more the relevancy of the offer.
What benefits does our solution bring in terms of Interactive Marketing?
In terms of Interactive Marketing, our solution provides multiple benefits such as:
- The possibility for brands to merge their digital channels with their physical stores in order to optimize the ROPO* and improve the results of Mobile-to-Store and Web-to-Store actions, by tracking the entire customer journey, from purchase intent to final purchase in store.
- The complete integration of the mobile in the customer experience to enable geofenced** customer interactions using geolocation features, to give him a full view on his available offers and the capacity to manage his personal data and preferences.
- The mixing of cold and warm data in real-time.
- The optimization of brands’ Marketing budgets thanks to a finer targeting and with an increase in conversion rates.
How do you think this industry, and this type of services, will evolve in the future?
Currently, brands are equipped with Marketing campaigns management tools that enable them to conduct targeted campaigns, based on cold data, and to push emails, SMS and even notifications to their customers. I think that the natural evolution will come from consumers, with the necessity, for merchants, to combine cold data, warm data and branded content in real-time in order to make the customer experience more coherent and more immediate across all sales channels. It will be a new kind of customer Marketing, more interactive and contextual.
Thank you for your time today, Philippe. I will leave you with one final question: if you could invent a new innovative solution to help with one of your daily tasks, in your professional and/or private life, what would it be and why?
* ROPO : Research online, purchase offline
** Geofencing is a technology that defines a virtual boundary around a real-world geographical area. In doing so, a radius of interest is established that can trigger an action in a geo-enabled.