In the race for providing relevant products, precise information, and personalized brand experience to customers, businesses, big and small, are seeking ways to gather, churn and categorize data to make meaningful business decisions.
Data science is one area businesses can tap to extract specific information and cater to customers’ needs and improve customer experience.
As per a Verndale survey of US senior decision-makers, 63% of respondents listed big data/analytics as the top emerging technology important for improving customer experience.
Here’s how businesses from different industries are using data science:
1.Walmart: retail and e-commerce:-
To gain a competitive advantage over others, Walmart, through its in-house research and development hub, WalmartLabs, developed a search engine named Polaris for their e-commerce platform, Walmart.com.
Using semantics search technology, Polaris delivers highly-relevant search results by predicting shoppers’ search intent. When initially implementing the search engine, Walmart saw a 10 to 15% increase in the number of shoppers using the search engine to search for a product and complete their purchase.
2. Target: retail:-
In its move to anticipate women’s pregnancy, Target used customer data to identify 25 pregnancy/parenting-related products that could indicate the likelihood of a pregnancy and would then send relevant coupons.
3. Netflix: online streaming/entertainment:-
Netflix is one of the companies that has set an example of how a data-driven culture can be instrumental in improving customer experience. The company monitors every customer interaction to better predict viewing preferences and make personalized recommendations more precise. As such, customers will not have to extensively search for movies and TV series they will enjoy.
The areas/events Netflix tracks include the time, date, location, watching behaviors (pausing, rewinding, or fast-forwarding), and days users watch content. Netflix also tracks browsing behavior, search behavior, scrolling behavior and the ratings given.
4. MoneyLion: personal finance:-
MoneyLion, a financial wellness platform, is using data to help customers make better financial decisions through their app and web platform. Using data and artificial intelligence (AI), MoneyLion notifies users when they are spending more than usual and provide solutions such as suggesting a small loan.
5. Kroger: food and beverage:-
One of the biggest issues customers face when shopping at stores (especially supermarkets) is the long checkout line. Kroger aimed to solve this issue by developing an innovative technology solution, QueVision. The company placed infrared sensors on cash registers and store doors at its stores and used predictive analytics and real-time data feeds to cut checkout wait time. Using the technology, Kroger could ensure that shoppers would not have more than 1 person ahead of them in the checkout.
Kroger also uses data based on customer behaviors such as the day they visit the store, the people they visit the store with, and the time they spend shopping to improve management decisions on a real-time basis.
6. Ginger.io: healthcare:-
Ginger.io, a mental health service, focuses on helping people with mental illness recover by giving them access to professional mental care.
By gathering/mining data and analyzing it, Ginger.io allows healthcare professionals to better understand patients’ behavior and mental health to provide personalized care plans, identify emergency situations and even monitor progress.
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