In today’s digital age, consumer data plays a crucial role in shaping marketing strategies, decision-making processes, and business operations across various industries. Understanding consumer behavior and preferences through data analysis has become essential for companies seeking to stay competitive and relevant in the ever-evolving marketplace. In this blog post, we will explore the latest Consumer Data Industry Statistics to provide valuable insights into the trends and patterns affecting businesses and consumers alike.
The Latest Consumer Data Industry Statistics Explained
According to a recent survey by Claritas, consumers have an average of 12.4 relationships with retail businesses.
The statistic states that, based on a recent survey conducted by Claritas, consumers, on average, have 12.4 relationships with retail businesses. This implies that the average consumer interacts with or purchases from approximately 12 different retail establishments. Having multiple relationships with retail businesses suggests that consumers engage with a variety of brands and stores in their purchasing habits. This statistic is important for retailers to understand as it highlights the competitive landscape and the need to differentiate themselves to attract and retain customers within a market where consumers have a multitude of options available to them.
Almost 90% of global data was generated in the last two years alone.
The statistic that almost 90% of global data was generated in the last two years alone suggests an exponential growth in data creation in recent times. This phenomenon can be attributed to the widespread adoption of digital technologies, smart devices, social media platforms, and the Internet of Things (IoT). The increasing digitization of various aspects of our lives, from business transactions to personal communications, has significantly contributed to the massive surge in data generation. This rapid accumulation of data presents both opportunities and challenges in terms of leveraging this valuable resource for insights and innovation, while also raising concerns about data privacy, security, and potential information overload. The statistic underscores the importance of effective data management and analytics strategies to harness the power of this vast amount of data for decision-making and driving future advancements.
It’s estimated that 1.7MB of data will be created every second for every person on earth by 2020.
The statistic indicates that the amount of data being generated globally is growing at an unprecedented rate, with an estimated 1.7MB of data being created every second for every person on Earth by the year 2020. This projection underscores the exponential growth of data production, driven by factors such as the proliferation of digital devices, the expansion of internet connectivity, and the increasing digitization of various aspects of daily life. The sheer volume of data being generated highlights the challenges and opportunities associated with managing, analyzing, and deriving value from this vast repository of information, emphasizing the importance of data-driven decision-making in today’s interconnected world.
According to McKinsey, by 2020, data volumes are estimated to grow by 40% annually.
The statistic states that data volumes are projected to increase by 40% annually by the year 2020, as reported by McKinsey. This implies that the amount of data being generated, stored, and analyzed each year is expected to grow rapidly. This growth in data can be attributed to various factors such as the increased use of digital technologies, the proliferation of Internet-connected devices, and the continuous expansion of online platforms and services. The implications of this trend suggest a growing need for organizations to effectively manage and extract insights from this vast amount of data to stay competitive and drive innovation in the digital age.
Globally, consumers are expected to spend $3.46 trillion online in 2019.
The statistic indicates that consumers worldwide are projected to collectively spend a total of $3.46 trillion on online purchases in the year 2019. This significant figure highlights the growing trend of e-commerce and the increasing preference for online shopping among consumers globally. The data suggests a substantial shift in consumer behavior towards digital channels for making purchases, emphasizing the importance for businesses to have a strong online presence and effective e-commerce strategies in order to tap into this large market potential. Additionally, it underscores the immense opportunity for businesses to reach a large and diverse customer base by leveraging the power of online platforms.
On average, companies are using only 0.5% of their available data.
The statistic “On average, companies are using only 0.5% of their available data” suggests that businesses are largely underutilizing the wealth of data at their disposal. This could imply missed opportunities for insights, optimization, and innovation. In the era of big data, where organizations collect vast amounts of information from various sources, harnessing and analyzing this data effectively can lead to significant competitive advantages. The low percentage of data utilization highlights a gap between data collection and actionable insights, signaling a need for companies to invest in data analytics, data management systems, and skilled professionals to fully leverage the potential benefits of their data assets.
In 2019, global consumer spending on digital services hit $2.1 trillion.
The statistic ‘In 2019, global consumer spending on digital services hit $2.1 trillion’ indicates the substantial financial investment made by consumers worldwide in various digital services. This includes expenditures on a wide range of online offerings such as streaming services, e-commerce platforms, software subscriptions, and digital content. The significant economic impact of this spending reflects the growing importance of digital technologies in everyday life, as more individuals depend on and engage with digital services for entertainment, communication, information, shopping, and productivity. This statistic highlights the vast opportunities and challenges presented by the digital economy, as businesses strive to meet consumer demands for innovative and convenient digital solutions.
63% of marketers felt data-driven marketing strategies were the most effective.
The statistic “63% of marketers felt data-driven marketing strategies were the most effective” indicates that a significant majority of marketers believe that utilizing data to inform marketing decisions leads to the most successful outcomes. This suggests that a data-driven approach is highly valued among marketing professionals, likely due to its ability to enhance targeting, personalization, and overall efficiency in reaching and engaging with target audiences. The fact that nearly two-thirds of marketers hold this belief highlights the growing importance of leveraging data and analytics in marketing efforts to drive better results and ROI.
By 2023, there will be more than 27.2 billion IoT connections.
The statistic, “By 2023, there will be more than 27.2 billion IoT connections,” indicates a significant growth in the Internet of Things (IoT) devices and connections globally. This forecast suggests a rapid expansion in the adoption of IoT technologies across various industries and applications, ranging from smart homes and cities to industrial automation and healthcare. The proliferation of IoT connections points towards a future where interconnected devices will play a central role in enhancing efficiency, productivity, and convenience in our daily lives. This projection underscores the increasing importance of IoT in shaping the way we interact with technology and the world around us.
According to a report, 65.5% of global internet users have purchased a product online.
According to the report, 65.5% of global internet users have purchased a product online, indicating a significant majority of the worldwide online population engage in online shopping activities. This statistic suggests a prevalent trend towards e-commerce and highlights the growing popularity and acceptance of online shopping as a convenient and accessible means of making purchases. The data underscores the increasing reliance on digital platforms for consumer transactions and reflects the evolving landscape of retail and commerce in the modern era, where online shopping has become an integral part of everyday life for a substantial portion of the global internet-connected population.
More than 87% of organizations have classified data as their most valuable asset.
This statistic suggests that the vast majority of organizations prioritize data as their most valuable asset. By indicating that more than 87% of organizations have classified data as their most valuable asset, it implies that these businesses recognize the importance of data in driving decision-making, operations, and overall success. Data classification is a fundamental aspect of information management, ensuring that data is organized, secured, and utilized effectively for strategic purposes. The high percentage of organizations valuing data in this manner reflects the increasing awareness of the critical role that data plays in the modern business landscape and highlights the need for robust data management practices to safeguard and leverage this valuable asset.
It’s projected that by 2025, the global datasphere will grow to 163 zettabytes (that’s a trillion gigabytes.).
The statistic suggests that the total volume of data generated and stored globally, known as the datasphere, is expected to reach a staggering 163 zettabytes by the year 2025. To put this immense figure into perspective, one zettabyte is equivalent to a trillion gigabytes. This exponential growth in data can be attributed to several factors, including the increasing adoption of digital technologies, advancements in data collection methods, and the proliferation of connected devices. The sheer magnitude of the projected datasphere underscores the importance of managing and analyzing this data effectively to derive valuable insights and drive innovation across various industries in the coming years.
On average, every American will have at least 9 smart devices by 2021.
This statistic suggests that by the year 2021, the typical American is expected to own, on average, a minimum of 9 smart devices. Smart devices refer to electronic devices that have advanced connectivity and interactive capabilities, such as smartphones, tablets, smartwatches, smart home devices, and more. The increasing prevalence of these devices in everyday life highlights the growing reliance on technology for various activities and tasks. Factors contributing to this trend may include advancements in technology, increased affordability, and a greater emphasis on connectivity and convenience in modern society. Overall, the statistic indicates a significant shift towards a more connected and technology-driven lifestyle for individuals in the United States.
86% of buyers are willing to pay more for a better customer experience.
The statistic ‘86% of buyers are willing to pay more for a better customer experience’ indicates a strong preference among consumers for quality service and personalized interactions with businesses. This high percentage suggests that the majority of buyers prioritize a positive customer experience over price when making purchasing decisions. By demonstrating a commitment to delivering excellent customer service and addressing individual needs and preferences, companies have the opportunity to attract and retain customers who are willing to pay a premium for an enhanced overall experience. This statistic underscores the importance of investing in customer service and creating a positive interaction with consumers to drive sales and build customer loyalty.
Every second, Google processes over 40,000 search queries, that’s 3.5 billion searches per day.
This statistic highlights the immense scale of Google’s search engine operations by quantifying the volume of search queries processed by the company. With over 40,000 search queries processed every second, Google’s search engine is constantly and rapidly analyzing a massive amount of user-generated search requests. Extrapolating this rate over a full day, Google handles a staggering 3.5 billion searches daily. This statistic underscores the ubiquitous use of Google as a go-to search engine for individuals seeking information, products, or services, showcasing the platform’s substantial impact on how people access and interact with online content on a global scale.
Average U.S. consumer spends 10 hours and 39 minutes on electronic devices per day.
The statistic that the average U.S. consumer spends 10 hours and 39 minutes on electronic devices per day highlights the pervasive use of technology in daily life in the United States. This amount of time spent on electronic devices suggests a heavy reliance on screens for various activities such as work, communication, entertainment, and information consumption. It also indicates a shift in behaviors towards increased digital engagement, potentially leading to concerns about the impact on physical and mental health, such as sedentary lifestyles, blue light exposure, and digital addiction. Understanding these patterns of electronic device usage can be crucial for individuals, policymakers, and health professionals to address and mitigate potential negative effects while harnessing the benefits of technology in modern society.
56% of global consumers said they don’t mind sharing personal data in exchange for personalized offers or discounts.
The statistic that 56% of global consumers are willing to share personal data in return for personalized offers or discounts suggests a prevalent trend towards data exchange for benefits in the marketplace. This high percentage indicates that a majority of consumers are open to providing their personal information to businesses in order to receive tailored promotions or discounts. This willingness reflects the importance of personalization and incentives in shaping consumer behavior and preferences. It also highlights the significance of data privacy concerns and the need for businesses to establish transparent and trustworthy practices when collecting and utilizing consumers’ personal information for targeted marketing purposes.
By 2022, the global market size of consumer data is predicted to be $2 billion.
The statistic indicates that the global market size of consumer data is forecasted to reach $2 billion by the year 2022. This suggests a significant and growing demand for consumer data across various industries, as businesses and organizations increasingly rely on data-driven insights to make strategic decisions and enhance their operations. The projected increase in market size highlights the importance of consumer data in today’s digital age, where companies seek to better understand their target audiences, improve marketing strategies, and personalize customer experiences. This trend underscores the value placed on data analytics and the role it plays in driving business growth and competitiveness in the modern marketplace.
References
0. – https://www.www.claritas.com
1. – https://www.www.statista.com
2. – https://www.www.sas.com
3. – https://www.www.idc.com
4. – https://www.www.salesforce.com
5. – https://www.www.brandwatch.com
6. – https://www.www.nielsen.com
7. – https://www.www.domo.com
8. – https://www.www.certona.com
9. – https://www.www.internetlivestats.com
10. – https://www.www.mckinsey.com
11. – https://www.www.networkworld.com
12. – https://www.www.forbes.com
13. – https://www.www.bigcommerce.com
