Do you know how much data we create every day? Any guesses? There are 2.5 quintillion bytes of data created every single day at our current pace, and that pace is only going to accelerate with the growth of the Internet of Things (IoT). This is the speed at which Big Data is growing!
HOW IS BIG
Consumers are regularly being tracked through technology that is used on a daily basis. Cookies on web browsers, GPS trackers, credit or loyalty cards, social media activity, IOT sensors, and in-store Wi-Fi activity are some of the most common ways of collecting customer data. But collecting large data sets is of any benefit only if the data is collected ethically and can be analyzed to produce valuable insights that can be transformed into better business practices.
Big Data Drives Mobile Commerce
The power of smartphones cannot be overstated when it comes to the future of online businesses. In 2016, mobile internet usage surpassed that of desktop for the first time in history. This trend is expected to continue and at some point, in the not too distant future, desktop access may be a relic of the past.
Google is well aware of this trend and has been actively changing the ranking algorithms to reflect increased mobile use. When the search engine is used from a mobile device the results are slightly different than when accessed on a desktop. Preference is given to those sites which are responsive and mobile friendly. Companies that have not updated their websites to reflect the new reality of increased mobile users will see an increasing decline in traffic.
For online businesses to remain competitive in the mobile online marketplace, they will need to rethink the way they design their sites and how they offer services. This is a challenge which is still in the early stages of being figured out and will continue to evolve as Google refines their ranking methodology.
How Can E-commerce Utilize Big Data
- Building a better customer experience is one of the most important uses for Big Data. The customer has come to expect superior treatment from e-commerce business and this data can be utilized to keep them satisfied.
- Predictive analytics is used by e-commerce to predict what the consumer will buy. Amazon uses this better than anyone with science and not just relying on their marketing ability.
- Personalisation involves using Big Data to personalize emails and increase conversion rates.
- Pricing can be changed constantly to keep up with competition using real-time analytics.
Big Data is about utilizing a world of information from various sources in the simplest manner to enrich the customer experience. For businesses, the ability to manage, analyze, discover and utilize this knowledge from the data in a timely manner and in a scalable fashion is what will revolutionize organizations and the global marketplace. Big data analysis has touched many aspects of our lives by making processes efficient and hasten the decision-making process.