Marketing Analytics: Internet of Everything & Society
The Internet of Everything connects people, process, and data to tell the story of smart devices and artificially intelligent (AI) gadgets (such as the Echo, Alexa, and Google Home) which make consumers’ lives easier. But these devices and their advantages also have the downside of bringing issues related to data security and information privacy. Mobile platforms are now the most commonly used mechanism for Internet browsing. The number of devices connected to the Internet, including computers, mobile gadgets, and smart and AI electronics is greater than the number of global consumers. Information, and especially big data, represent the new commodity of the modern knowledge economy and businesses must be able to decipher oceans of data, and bring new insights into action faster than ever. The Journal of Marketing Analytics provides an overview of current ideas and insights regarding marketing analytics, consumer behavior, and interactive marketing, and how such topics contribute to firms, the marketplace, and the improvement of consumer lives.
For example, the Internet of Everything (IoE) makes communications more efficient in the digital environment and sensors and smart technologies serve to ease the life of consumers by solving everyday issues. Consumer data is being transmitted through the Internet about everything, from critical issues such as health data to seemingly insignificant issues, such as a daily schedules and refrigerator contents. Marketing analytics include the ways in which data can be analyzed and modeled to facilitate business and consumer decision making and manage marketing resources.
As research published in the Journal of Marketing Analytics shows, extracting information for marketing analytics with the use of the latest technologies provides an opportunity for personalized offers to consumers, increases effectiveness in marketing strategy formulation and application, and enables productive business-to-business relations. The impact of novel retail technologies on the development of personalized services, predictive algorithms, brand perceptions, marketing intelligence and customer relationships are some of the topics researched in the Journal of Marketing Analytics. As marketing analytics help with understanding the big-picture of markets, by monitoring them to understand trends and provide baselines, they also assist with forecasting and predicting future performance. At a macro level, high-quality and ethical deployment of marketing analytics can help identify negative market trends and can contribute to the detection and prediction of market manipulation campaigns. This benefit of marketing analytics can facilitate the collaboration of policymakers with the business world and thereby decrease the risk of deceptive or malicious interventions. Also at a societal level, the effective use of marketing analytics with the latest technologies provides a better opportunity for the creation of business partnerships in the global market, increasing the possibility for international cooperation by merging marketing with humanity.
Journal of Marketing Analytics views decision making as a holistic process wherein consumers, firms, and policymakers can collectively contribute to a productive and ethical society. As such, the journal explores analytics as a tool which can provide consumers with applications, firms with decision-making information, and society with futuristic and novel technologies.
Anjala Krishen and Maria Petrescu are the Editors of the Journal of Marketing Analytics.
Anjala Krishen is Associate Professor of Marketing & International Business at the University of Nevada, and Maria Petrescu is Associate Professor of Marketing at Nova Southeastern University.