International standards organisation, the Worldwide Web Consortium (W3C), has been working on a new all-encompassing common format for big data called the Customer Experience Digital Data Acquisition standard.
According to new figures from data platform, Qubit, the standard could generate cost savings of $3 billion each year for the global web industry. The saving is equivalent to 0.1% of the global internet economy and stems from the standard’s increased efficiency of data handling.
The largest savings are expected from the US where there will be a $1.4 billion drop, which is said to be because of its high labour costs and the fact the country boasts the most sizable internet economy in the world.
UK will save more than China
In the UK, savings would reach $263 million (£169 million). However, in China where cost of labour’s impact is prevalent, savings of only $99 million are likely to be recorded even though it has one and a half times more e-commerce businesses than the UK.
Businesses will notice the difference the standard makes to their bottom line too, once it has been ratified. The average web company in the US will save $32,000 each year, whereas in the UK it will be $23,000 and $6,000 in China.
Performance marketers are constantly shouting about how access to data will help them target the consumer better. With the introduction of the standard, networks and advertisers may find it easier to share more insights.
One of the standard’s advocates, Qubit CEO Graham Cooke, says the consortium features publishers and tech solutions alike that all want the same goal, to make significant savings in the area of big data.
“The W3C’s new standard has been developed by a consortium of technology vendors and website owners in order to streamline the inefficient way in which customer experience data is currently managed,” Cooke said.
“By creating a single, unified standard for this data, the industry as a whole can generate significant efficiency savings when it comes to developing and deploying new technologies. Implementation of the standard is a one-time effort and, once its in place, the savings can be significant.”