Prediction of Marketing by the Consumer Analytics

Abstract

Consumer analytics is a vital part of the operation and marketing strategies of any business today. We can gain an understanding of customer behaviour, customer demand, and very valuable insights from the customer and transaction data that will help the business organisation achieve its goals and grow the business. In other words, these customer data can make a difference in marketing and product development strategies to improve customer satisfaction and business growth by making informed business decisions. The data can be collected through software, customer relationship management (CRM), point of sale data, HR, and ERP systems, user-generated systems, granular sales, online forms, and artificial Intelligence-powered systems. Consumer analytics is now no longer the job of technological companies. Any business can use consumer data for analytics and uncover the intelligence behind data. This chapter provides you with an abridgment of the fundamental subjects of consumer analytics. It particularly examines descriptive, predictive, and prescriptive analytics as well as applications of them for present practices, in some business ventures like Amazon and Google. The aim of this chapter is to introduce the theory of consumer analytics, and virtually, it does not intend to offer any practical guidance in performing consumer analytics practically in businesses.