Data monetizing is something organizations have been embracing wholly in the recent years. It’s a way to increase revenue streams for the company and increase profits for many organizations.
The advent of the use of big data for companies and executives knowing the value of big data and real-time analytics make buying and selling data possible. However, not all businesses monetize their data.
But before monetizing, it’s imperative that you weigh the potential benefits of buying and selling data with those of not doing it. Companies that do not monetize their data derive benefits such as:
- Increased market shares where they are able to make more profits from selling shares.
- Ability to switch costs and prices of their shares since their data is none monetized.
- Not bound by legal and regulatory constraints that bind companies that monetize their data.
- Data privacy. Not selling their data means nobody can access it unless allowed to.
When it comes to retail of data, big retail companies have to overcome a couple of challenges to ensure sufficient data retailing. Some of them are
It’s a daunting task to transfer huge chunks of data across networks to consumers. Retailers have to find ways to respond to customers online efficiently and timely.
Every retailer wants to monitor their data retailing activities and ensures satisfaction of customers. Efficient data speed and real-time monitoring of activities guarantee customer satisfaction.
A retailer who has to manage a big database with varying information such as demographic data, buying history and excellent location has to overcome the challenge of variability.