Understanding the shifting paradigm of today’s market
Another remarkable example of the application of predictive analysis is the shutdown of the Myntra (Myntra.com is an Indian e-commerce company of fashion and casual lifestyle products) and launch of an app-only platform marking the relegation of the website-generation to the background.
The decision which appeared to be a bit too risky also proclaims the approach of a new India- the smartphone generation which is more app driven. With easy access to internet through the pocket-sized computers, a greater part of the internet traffic is generated through smartphones leading to the gradual abandoning of websites.
The approach/advent of marketing automation by leveraging the big data analytics has now ensured greater market focus. The use of predictive analysis tries to unravel the behavioral data of the buyers/customer to discover the market patterns.
The predictive models do not happen to forecast the future but help to evaluate and analyze the opportunities and the risks thereby guiding in decision making. Such analysis which exploits the historical data patterns has a greater acceptability and thereby drive decisions also on a near real-time basis.
Till the recent past brands have been making serious investments based on shaky grounds derived from interactive queries. But with the right patterns or traits being uncovered through the predictive analysis of data any marketing campaigns or market strategies now are more focused and successful. In fact the data based on analyzing past purchasing behavioral patterns of customers nowadays plays a decisive role in framing the strategy for customized digital and brand experience.