By Nnamdi Odumody
Data has been fondly described as the new oil. The organizations which will reap the new oil fields are those which are data-driven, utilizing the vast amounts of data from customers to offer them personalized experiences to suit their unique tastes. From banking to e-commerce and indeed across other sectors like healthcare and entertainment, different organizations across the globe are utilizing big data to create the customer experiences of the future. Below are few examples.
Stitch Fix, an online subscription shopping service, uses images from social media and other sources to track emerging fashion trends and evolving customer experiences. Its process begins with clients answering a detailed questionnaire about their tastes in clothing, and with client permission, the company’s team of data scientists augment that information by scanning images on customers Pinterest boards and other social media sites, analyzing them, and using the resulting insights to develop a deeper understanding of style. Company stylists and algorithms use these profiles to select appropriate items of clothing to be shipped to individual customers at regular intervals.
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Pear Deck allows teachers to share interactive slide decks with their students in real time, while enabling students to indicate to teachers when they are having trouble so that the teachers can adjust, creating personalized learning outcomes. Kickboard makes it easy for schools to understand and benefit from the data they collect. The platform helps teachers look at their classes as a whole and track their students across classes to see the big picture.
Capital One Bank mines customers’ data on its platform to select the best financial products that will suit them. Amazon has patented an AI to anticipate what shoppers want and ship it to their location of choice before they even realize they need it. Shoppers will receive the goods they want or need without having to take time to schedule and order themselves. Through predictive modeling, the technology allows for the most cost efficient delivery of goods, capturing incremental sales and revenues.
Habit, a personalized nutrition startup provides consumers with personalized food recommendations tailored to their unique DNAs. Consumers collect bio samples and send them to a processing facility. Habit uses the data to provide biology reports and a personalized eating plan through a mobile app. It also provides one on one nutrition coaching.
For Nigerian and African businesses to play and win in this new area, utilizing the vast amounts of data they have of their customers to deliver personalized experiences for them, is the only way for success or else they will lose out.