The Future of Data in Marketing
The rise of data and the demand for in depth analyses has grown immensely over the last few years. The massive amount of data now being recorded daily is greater than ever, and this is only set to increase exponentially over the next decade.
It’s estimated that by 2025, the number of interactions per connected person a day will reach almost 4,800 – averaging one interaction every 18 seconds. This is thanks to the meteoric rise in the development and use of connected devices (Internet of Things), including the likes of AI assistants, smart phones and watches, and more recently even coffee machines – and the popularity of these devices shows no sign of slowing down.
As users move effortlessly across devices, reaching different touch-points as they go, the volume of data available to analysts is massive. The challenge for data marketing analysts comes when unifying these sessions, and being able to send messages to the right customers at the right time. This will prove invaluable as the market becomes more saturated, and ensuring customer loyalty will be a high priority for many brands.
However, this doesn’t stop at online connected devices. Amazon are leading the way with their new Amazon Go store, which monitors which items customers pick up and put down, and allows them to walk out of the store without queuing at a checkout with their ‘Just Walk Out’ technology. Customers scan their phones on the way in, and items they walk out with are charged to their Amazon account, creating an efficient grocery shopping experience for customers. This is only currently open in beta for Amazon employees, but it’s certainly a big step towards tracking intent and purchases in offline stores.
It’s likely, perhaps in the near future, that these in-store features will become a normal part of our everyday lives, and marrying the online and offline accounts of the millions of Amazon customers will be one of the challenges their data team faces. Their advances of in store tracking are supported with their ambitious AI developments, where they’re aiming to become the world’s biggest company, and the leaders in the AI industry. It’s the ease and convenience to their customers that will get them to where they want to be – and for them, AI expansion goes hand-in-hand with data.
Disney’s Magic Band is also progressing quickly towards a unified user experience. Holiday makers receive a Magic Band with their holiday purchase, and using it for several activities and purchases during their stay. The Magic Band makes hotel room keys a thing of the past, and you’ll no longer need to carry a mass of different tickets and passes for the theme parks as the Magic Band holds it all. It’s also private and secure, meaning you can charge food and merchandise to it without having to carry cash around the parks.
The vast amount of data collected with the Magic Bands provides Disney with a detailed view of what every wearer within the park is doing where and when, whist making the ease of use as simple as possible for the wearer. The volume of data collected will allow Disney to send their messaging and communications to the desired groups at the time they are most likely to convert.
Within the next few years, we’re predicting a much more personalised and integrated user experience as digital interaction increases, with content tailored to certain behaviour habits and demographics. More and more brands will adopt an audience analytics approach, with the aim of hitting users with the communications to make them more likely to convert. Currently, there’s no limit to future progression with IoT and AI, and they’ll undoubtedly generate creative ways of how brands use their data.