The role of big data in modern markets for personalizing and tailoring products and services

Yadav, Susheel, Gupta, Om Jee, Darda, Pooja and Chaudhary, Prashant (2024) The role of big data in modern markets for personalizing and tailoring products and services. In: Augmenting Customer Retention Through Big Data Analytics. Taylor and Francis, United States. ISBN 9781003538486 (In Press)

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Abstract

Personalization enables customers to tailor products and services to their specific needs and preferences, thereby increasing the perceived value of the products and services to the customer. Personalization encourages customer loyalty by enhancing customer experiences. In modern markets, the Internet is one of the most important ways to reach real and potential buyers of goods and services. During these online interactions between businesses and customers, customers generate a lot of data, which businesses can use to give customers more personalized products and services. Sophisticated tools and techniques are used to analyze big data, allowing businesses to better understand, and in some cases, anticipate the needs of their customers. In this chapter, the authors reviewed the role of bigdata for personalization of products and services. Big data analytics is useful not only for personalizing products and services in e-commerce but also in brick-and-mortar stores. 38Businesses study which products are trending online so that the same products can be promoted in physical stores as well. Customers in the modern era are demanding an ever-increasing level of customization in their products and services that big data plays a crucial role in modern markets by enabling companies to personalize and tailor their products and services to meet the specific needs and preferences of individual customers. By analyzing vast amounts of data, companies can gain valuable insights into consumer behavior, demographics, and preferences, which they can use to create more targeted and effective marketing campaigns, as well as to design and develop products and services that better meet the needs of their customers.

Item Type: Book Section
Keywords: Personalization | Big Data Analytics | Customer Loyalty | E-commerce | Consumer Behavior
Subjects: Social Sciences and humanities > Business, Management and Accounting > Marketing
Social Sciences and humanities > Economics, Econometrics and Finance > Banking and Finance
Social Sciences and humanities > Economics, Econometrics and Finance > Economics
Physical, Life and Health Sciences > Computer Science
Physical, Life and Health Sciences > Engineering and Technology
Social Sciences and humanities > Social Sciences > Social Sciences (General)
JGU School/Centre: Jindal Global Business School
Depositing User: Dharmveer Modi
Date Deposited: 16 Oct 2024 16:08
Last Modified: 17 Oct 2024 15:34
Official URL: https://www.taylorfrancis.com/chapters/edit/10.120...
URI: https://pure.jgu.edu.in/id/eprint/8643

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