Realtors tap big data to grow businesses
MUMBAI: Lately, Indian consumer firms and retailers have sought to grasp the correlation between, say, the colour of packaging and income thresholds. The seemingly disconnected sets of variables are part of Big Data analytics, the uber-cool stats tool for complex businesses.
The property industry is the latest to deploy the predictive device — and make sense of the endless stream of data entering the system every minute.
“In real estate too, the interest in Big Data deployment is increasing,” said Saurabh Kumar Sahu, MD, Accenture Analytics, India. “It’s clear that the cost of acquisition per customer has gone up sharply in the current environment, and Big Data can help lower it by using predictive analytics.”
Two Indian property companies have already engaged Accenture to deploy Big Data tools, and four more developers are talking to the consultant. The Lodha Group, which also develops properties in downtown London for the well-heeled, is using the tool at two of its key Mumbai projects — the New Cuffe Parade and Palava City.
The management is now taking stock of the tool’s utility in the past six months, and backers of the initiative say that rising sales have convinced the company to extend Big Data analytics to all domestic projects.
“Over the past four months, we have recorded a 50% jump in lead conversions as we could prioritise our efforts and resources,” said Prashant Bindal, Chief Sales Officer, Lodha Group. “We expect a 30% growth in conversion will give us at least 20% more revenue.”