1. Tech Enterprise are collecting a lot of personal information from consumers – from trivial about their name, contact info or location to specific information about their preference for a particular commodity or service. Further, they are also correlating the same with user behavior on their website / applications.
2. Analytics – can be one marketable commodity for these Tech Enterprise that have access to vast pool of information and data on consumer behavior but not necessarily a steady stream of revenue or a viable business model.
3. Tech Enterprise can statistically collate meaningful analytics from raw data submitted voluntarily by the user and his behavior on their website / application.
4. Further, by conducting surveys on consumer preferences – collecting additional information from the users on their preferences – with rewards / discounts – for participation can be used to plug gaps in information available and information required for detailed analytics.
Take the example of food ordering apps :
Can they provide analytics to restaurant owner (present and prospective), that will enable them to better understand consumer tastes and preferences in their local markets and adjust their business propositions accordingly.
- What would the consumer prefer?
- To Dine-in, Home-delivery or pack & carry.
- Cuisines – Preferred | Native
- What is the consumer budget / spending’s per meal?
- Who is searching for what and where? i.e., to say, is a particular chain more sough after in City A or City B?
1. Whether the markets are saturated or is there a slack capacity?
2. What are the conversion rates?
3. What are the consumer retention rates?
These analytics can be very specific to a locality or town and not just collated to a broad geographical area. That is also very important for the simple reason that some business such a restaurants cater to a community in a town or locality.
These analytics can be put to great use by Business for Strategic Planning – say selecting the location of a business or sub-domains such as cuisines. target promotions to consumers, etc