Customer Analytics

Abstract

Firms all across the world have been investing substantially in data analytics, and analysts predict a 60% increase in investment in customer analytics by the year 2023. The function of marketing has always grappled with gaining complete attention of customers and keeping away the competition. For this, the firms have been consistently redesigning their strategies and introducing new techniques to enhance customer centricity. Digital era and emergence of artificial intelligence (AI) and machine learning (ML) are enabling marketeers to reach their ultimate goal of generating individualized or personalized recommendations. With unconventional data sources at hand and equally unconventional tools to analyse these streams of data, customer experience enhancement knows no bounds. Therefore, considering the novelty and significance of customer analytics, this article sheds light on sources of customer data, tools for customer analytics, and implications and benefits of customer analytics.