Consumer research And Big Data On Online Shopping Essay example

Big data analytics can be used by company to make informed business decision by examining large amount of varied data to get customer preferences, market trends and other useful information. Company can use it to explore new revenue opportunities, improved operational efficiency, better customer service and competitive advantages over rivals.

The analysis of big data is the process of organizing, collection, analyze and examining the large volume of data to find patterns, market trends and useful information. This analysis helps organizations to better understanding about the information within data, and helps analyst to make better

Big data describes large scale data sets which are analyzed, using algorithms, to determine and eventually predict patterns in human behavior, interactions and the environment (oed.com). Big data is used by government entities to protect against terrorism as well as commercial entities for marketing. Big data needs ethical standards to prevent violations of four central principles, which are privacy, confidentiality, transparency, and identity (Richards 395). Big data is awareness and empowers those who control it. This revolution in information enables companies to shape consumer identity by influencing every interaction the user has with their service. Due to its predictive and persuasive nature, restrictions are necessary for consumers to

Technology companies are using big data to analyze millions of voice samples to deliver more reliable and accurate voice interfaces. Banks are using big data techniques to im- prove fraud detection. Health care providers are leveraging more detailed data to im- prove patient treatment. Big data is being used by manufacturers to improve warranty management and equipment monitoring, as well as to optimize the logistics of getting their products to market. Retailers are harnessing a wide range of customer interactions, both online and offline, in order to provide more tailored recommendations and optimal pricing.96

Big data is an interesting concept, in which people use data to analyze trends, patterns, and associations and make use of these revelations to predict outcomes. You are using data every day that is being recorded to identify people’s desires and requests, and more specifically your desires and requests. Big data is used in retail, government, healthcare, car companies, and education, basically everywhere. Big data can allow for great advancements and prevention in all aspects of life, more specifically in healthcare. Big data is important to healthcare, because it can allow professionals to identify who has a greater risk of a disease and thus allows early detection and prevention. It allows tracking which medicine is more effective than the other. It allows for healthcare providers to have better records and accuracy in each and every patient. Big data is important to healthcare and here is why.

Big Data is defined as extremely large data sets that can be used to analyze and compute to reveal patterns and trends, and associations. The US first started to collect data through the First Census and crop yields to track our harvest and how to improve on it. Today we do the same thing but on a much larger scale. In 2011 we hit 1.8 zettabytes of data generated in that year, that is 1,000,000,000,000 gigabytes of data we have to analyze and compute, and it was estimated to quadruple in 2013. The reason we continue to generate more and more data every year is through the technology we have today and the information that they record and transmit to us. Now we have finally come up with a name for this, Internet of Things. The internet of things is every device that can connect to the internet and transmit data, these thing can range from your: car, phone, fridge, thermostat, smart watch, computer, etc. Big Data today will be measured in 3 fields volume, velocity, variety. Volume how big the data actually is, how many zettabytes how much space and energy does it cost to have this volume. Velocity how fast we can analyze this data and put it to good use as well as how fast can transfer such volume of data from one location to another. Lastly variety, since the volume of data is so enormous we have and equally wide variety ranging from cat videos on the internet to private leaks to research and scientific papers written

Business thrive when they have the most accurate, up-to-date, and relevant information at their disposal. This information can be used for a plethora of pertinent markers in small and large businesses, relating to accounting, investments, consumer activity, and much more. Big data is a term used to describe the extremely large amounts of data that floods a business every day. For decades, big data has been a growing field, facing controversy on many levels, but as of late, it has been a major innovator in the challenge of making businesses more sustainable. Big data is often scrutinized for its over-generalization and inability to display meaningful results at times. When applied correctly, data analysis can bring earth-altering information to the table.

The term “Big Data” has been around for quite some time and has been catching everyone’s attention with remarkable speed. A plethora of questions do pop up in our mind sometimes. What is big data, is this something absolutely new, how can it be leveraged to create value for an organization and so on. For many years, companies have used various transactional records stored in relational databases to make competitive business decisions. But how long can we sustain or depend on these traditional methods of doing analysis and coming to a conclusion. There is an ocean of non-traditional, less structured data such as weblogs, social media, email, sensors, and photographs that can be mined not only for useful information but also to make strategic decisions.

Organizations use Big Data to have a bargaining power of customers by using buyer’s history to anticipate the needs of those buyers or products or to find a suitable replacement for the product on the website being used, to secure a purchase before the buyer changes their mind. Big data can also be used to increase margins through price discrimination. Big Data can provide you with insights into the raw material prices paid by your supplier. Organizations control new entrants by tying customers to their product and services making it expensive for them to switch suppliers. Big Data is also used to identify and eliminate inefficiencies. It does this by making data more transparent. Large organizations relentless use of data to drive efficiency makes it difficult for new entrants to match

Big data generally used it to understand customer behavior and policies or customize an offering.

Big data can help you gather pertinent information about your customers. It’s the foundation to acquiring the right customers. Learn more about your customers:

• Building new products and services supplemented with Big Data analytics and privacy by design, developing products adapted to European privacy standards . The power and opportunity of big data applications used well, big data analysis can improve economic productivity, drive improved consumer and government services, prevent terrorists, and save lives. Examples include:

Big data is an extensive collection of structured and unstructured data. It is a modern day technology which is applied to store, manage and analyze data that are not possible to manage, store and analyze by using the commonly used software or tools. Since all of our daily tasks are overtaken by the modern technologies and all the businesses and organizations are using internet system to operate, the production of data has increased significantly in past

Definition of Big Data: “Big Data technologies are the new generation of technologies and architectures that are designed to economically extract value from very large volumes of a wide variety of data, by enabling high velocity capture, discovery and/or analysis.”

Big data analytics is the use of advanced analytic techniques against very large and diverse data sets. Data sets whose size or type is beyond the ability of traditional relational databases to capture, manage, and process the data with low-latency are termed as big data. Big data comes