Need of customer detail: In order to attract a customer, the entrepreneurs have to know the customer in detail so that they can know about those customers who are loyal to their product and the company.
Understanding taste and preference of customers: Information collected about the customers related to age, regularity of customer to the shop, preference of purchase etc. enable the firm to understand the taste and preference of the customer so that customer services can be improved in a better way.
Competition: Firms are now competing on analytics to differentiate themselves. The growing number of methods of data collection, growing number of data collecting firms, ways of analysis are generating immense quantities of information.
