The 19th and 20th centuries were considered the eras of oil, when most countries fought on getting as many petroleum resources as possible that would make them rich and powerful. Oil was considered the catalyst for progress, since its functionality was the key for each economy, from small businesses to large governments.
Nowadays, the pearl of humankind progress is no longer oil, but DATA. By gathering, researching, checking and putting it into smart usage, data has the potential to change the world.
Why there is a resemblance between data and oil?
Data is for the informational economy what oil was for the industrial economy back in the day. Imagine how different our lives would be without having access to unlimited amounts of data in about every domain, industry, business and products when we need it. Having an online business and the possibility to check information about a certain product or service in real time, it’s something data has granted us. All evidence shows that data has an essential role in our lives and in our businesses. Take product data for example: it enables accurate, complete and reliable information about the product, it provides a real product image and it gives insights on why the consumer should buy that product and not other.
What major differences are between data and oil?
It’s incontestable that there are a lot of similarities between data and oil from the resource standpoint, but there are also a multitude of differences, like:
- Oil is a limited resource, while data is an infinite and cumulative resource (more than we could ever use);
- Once used the oil can’t be reused (which makes the rivalry even more fiercely), but the same data can be used multiple times by different sources;
- Oil is a natural resource, while data is a resource generated by humans, the footprint from each of us in this world;
- Oil is transported with lots of effort and extra resources, while huge amounts of data can be moved anywhere in the world in a blink of an eye;
- As time passes by, oil is becoming more and more expensive and hard to extract, while data is becoming cheaper and more accessible.
How is product data influencing eCommerce?
In this ever-changing and evolving online commerce industry, great amounts of data are getting accumulated and used all the time. Nowadays data is used to:
- Enrich product descriptions with relevant, accurate attributes gathered only from certified sources;
- Enable access to product information relevant to potential buyers;
- Provide alluring and high-quality visuals based on customer preference insights;
- Make keyword analysis in order to create the most captivating texts, titles, product category and product descriptions that will convert consumers into customers;
- Understand customer behavior that will help increase customer retention, exceed customer expectations, attract new customers and improve business’s products, services and activities;
- Measure business trends, performance and growth;
- Personalize products and services to perfectly match customer’s needs, desires and information expectations;
- Personalize ads to successfully match businesses with customers and potential customers and enhance the experience for both parties. This way your business ads will reach consumers from the target audience and that are most likely to buy your products;
- Enable retargeting and cross selling former customers and boost sales through unique offers;
- Create loyalty programs and personalized promotions;
- Improve customer experience and customer service.
Data has transformed the way we live, interact, work and purchase, providing crucial insights on human thinking, decision making and behavior. In this modern world, data has shown that is far more valuable than oil ever was, and it has an impressive potential that awaits to be unleashed.
eCommerce is a fast growing industry that has massively benefitted from the usage of data. Online businesses have now access to so many analysis and predictions that it is becoming overwhelming to gather, customize and use the data for their best interest.
Content Factory 1 is your team of content experts, eager to support e-commerce and all online businesses to search, gather, capture, standardize and use product data in order to create unique product descriptions, with visuals that will appeal to the buyer persona and with SEO integrated texts that will make the brands more visible and the products easier to shop online.