The expression “data is the new oil” has never been truer than it is today. In the digital age, all consumer-facing businesses benefit significantly from data about consumers, and it has never been easier to collect, classify, and analyze such data, whether online or from brick-and-mortar outlets.This data allows businesses to know their consumers better than ever before – their ages, gender, locations, phone numbers, and spending patterns are all easily available. This allows businesses to differentiate products, plan production in line with consumption, and ensure their goods and/or services are priced to retain brand value while also being enticing.…
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