Beatriz Sanz Baños Enjoy Connected Beer Going out to grab a beer we could say is a tradition now in Spain. Spaniards consume more than 3,500 million liters per year. What you may not know...
Beatriz Sanz Baños The heart of the airports pumps with IoT The total number of travellers in air transport increases each year in a remarkable way, giving rise to an expanding panorama of trips, comings and goings, and visits to...
Beatriz Sanz Baños The 6 key conclusions of the user experience of Internet of Things in Spain According to the study Things Matter 2019 the connected car is one of the engines of the IoT 87% of those who use IoT declare that they wouldn’t give up...
Beatriz Sanz Baños IoT for a better world The Sustainable Development Goals (SDGs) are a United Nations-led initiative to address the most important problems our society faces. It encompasses “a set of interconnected social, economic and environmental...
The increasing importance of Big Data in eCommercePatrick Buckley 16 October, 2020 It would be fair to say that 2020 has not been a great year for retailers around the world. As many high street stores have been forced to temporarily close their doors due to government-imposed restrictions, many retailers have had to turn to e-commerce to maintain revenues. In this piece, I will outline the three main ways in which Big Data is vital for the success of e-commerce. According to a recent study carried out by the United Nations Conference of Trade and Development, e-commerce activity has increased across most industries in the wake of the COVID-19 outbreak. Figure 1: % of active online shoppers conducting at least one online purchase every 2 months(UNCTAD and NetComm Suisse eCommerce Association) Product Personalisation Product personalisation in e-commerce is the process of displaying appropriate content based on the profile of the individual consumer. This anonymous profile is generated by an algorithm through the compilation of data based on, for example, previous searches and purchase history. Imagine you enter a store and the employee already knows what you like the most, what suits your budget and what you have been excited about buying Marketing consultants Epsilon published a report In January 2018 stating that 80% of consumers are willing to pay more for a personalised shopping experience. This is the case as it saves the consumer valuable time and effort in seeking out desired products. Product personalisation makes sure that the offer of sale is relevant to the wants of the consumer, efficiently inducing sales and boosting the revenue of retailers. Optimised Pricing Pricing is, perhaps, the most important factor which induces a sale. Whilst traditionally, a retailer would price goods based on common ‘cost + mark-up’ model, Big Data allows for a much more tailored and targeted approach. Through the use of Big Data extensions, retailers can constantly track the pricing patterns of competitors and adjust their pricing strategy accordingly, always making sure that their pricing aligns appropriately with their specific vision and business model. This is especially beneficial to those retailers who target the price-sensitive consumer as they can maintain a competitive position in the market without having to manually track the pricing strategies of competitors. Targeted Marketing Traditionally, targeting the correct consumer is the hardest part of the marketing process. Once the appropriate segment of the market has been identified, a retailer must employ strategies appropriate to the specific type of consumer. For example, a social-media based marketing strategy on Instagram unlikely to be effective when targeting the Baby Boomer, as this cohort is statistically less likely to use the platform. Whilst this concept is obvious, Big Data extensions allow the retailer to understand on a more intricate level and dynamic basis the types of consumers that are interested in a particular product, allowing for a more considered, appropriate and targeted marketing strategy to be implemented. Conclusion Big Data technology in e-commerce is increasingly important and influential to retailers as consumers engage more in e-commerce activity. Retailers must offer the consumer a personalised online experience to optimise sales. Big Data extensions allow for a far more considered pricing and marketing strategy, leading to revenue optimisation and enhanced visibility to the targeted consumer. To keep up to date with LUCA visit our website, subscribe to LUCA Data Speaks or follow us on Twitter, LinkedIn or YouTube . COVID-19 Shines a light on the huge possibilities of AI in EducationHow IoT and Big Data is elevating Energy Management
Patrick Buckley How IoT technology is helping candy producers make sweet profits! From chocolate bars to lollipops, gumdrops to Haribos, the confectionary industry is now worth an estimated 210$ billion worldwide. With the industry experiencing strong growth, it is no surprise...
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LUCA We apply quantum technology to real use cases of Blockchain and IoT Putting together Quantum Technology, Blockchain and the Internet of Things in one title seems like a formula for generating clicks. However, this is what we have done at Telefónica:...
Patrick Buckley How AI & IoT will save the Aviation Industry As we approach Christmas 2020, the success of various COVID-19 vaccines across the world is beginning to fill us all with a new-found sense of optimism, that, ...
Patrick Buckley Smart Stadiums: How 5G is revolutionising live Sports As we all look forward to returning to live events in a post-pandemic world, in today’s post we share with you the latest exciting innovation in smart stadiums,...