By definition, big data is an evolving term that describes any voluminous amount of structured, semi-structured, and unstructured data that has the potential to be mined for information. In other words, big data help us to extrapolate valuable conclusions out of massive volumes of seemingly unrelated information.
In this post, we will show you all you need to know about big data and its influence on e-commerce. Here are 7 ways how this system of business intelligence is contributing to online retail.
1. Consumer Analysis
Whenever we browse the Internet, we leave a lot of digital traces all around the web. According to the research, 1.7 megabytes of data will be created every second for every person on earth by 2020. This helps online businesses to analyze target consumers and learn how they behave in the digital universe.
Big data enable companies to understand how people search and find products or services. You get to know their location, age, interests, and dozens of other features that constitute a buyer persona. The system also explains sudden spikes in demand and recent shopping trends, thus giving you inputs on which you can build your sales and marketing strategy.