Data and Big Data
Data is the quantities, characters or symbols on which the computer processes operations. It can be recorded on magnetic, optical or mechanical media and saved and transferred as electrical signals.
Big data is a collection of data that is extremely large in volume and is constantly expanding exponentially. No conventional data management systems can effectively store or process this data because of its magnitude and complexity. The following are the categories of big data:
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Structured data
Any data that can be obtained, stored, organized and processed in a fixed way is known as structured data. For example, an employee table in a database of a company that includes the name of employee, employee ID, gender, designation, salary, department, etc.
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Unstructured data
Any data whose format or structure is unknown is termed as unstructured data. An example of unstructured data is often found in diverse sources of information that combine simple text files with photos, videos and other types of data.
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Semi-structured data
In semi-structured data, both structured and unstructured data can be found. For example, web pages designed through HTML use semi-structured data.
Big Data E-commerce
Big data e-commerce is where the e-commerce uses big data and advanced analytics to enhance client interaction, personalize the shopping experience and boost sales. The two key ways that big data e-commerce engages clients are through personalized recommendations and giving more access to product details.
Big data e-commerce is adaptable, expandable and has abundant features. It enables e-commerce organizations to handle millions of visitors daily without worrying about data loss. Many big merchants understand the importance of this information and give customers a variety of options while shopping on their website.
Characteristics of Big Data
Volume, variety, velocity and variability are the four characteristics of big data.
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Volume
The size of the data plays a very important role in finding out the value of the data. The volume of the data will determine whether or not a certain set of data qualifies as big data.
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Variety
Variety refers to the diverse sources and the nature of the data. Spreadsheets and databases were the only sources of data some years back, but data in the form of photos, email, videos, PDFs, audio, etc. are also being used in the analysis.
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Velocity
Velocity refers to how fast the data is generated and processed to meet the demands. Big data velocity deals with the speed at which the data flows from sources like business operations, server logs, networks and social media sites, mobile devices, etc.
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Variability
Variability is the unpredictable nature of the data, which occasionally makes it difficult to handle and manage it efficiently.
How Will Big Data Transform E-commerce
Big data has greatly impacted the e-commerce industry and will continue to do so. It is helping e-commerce firms to excel over their rivals. For an e-commerce business to remain competitive, it needs a data-driven approach and data enables you to develop your business insights further and use it for business expansion. Some big data e-commerce expectations are listed below.
- To start with, companies can use big data analytics to improve their marketing, strengthen their self-service customer care articles and interpret surveys to begin their business journey.
- Big data e-commerce will make it possible to identify trends in the historical sales data. They can also optimize prices and predict the demand, resulting in lower inventory and demand-driven promotions.
- Combining the search and purchase histories of customers will create a personalized shopping experience. This will result in higher conversion rates and greater opportunities for cross-selling.
- The markets will become more knowledgeable and experienced and based on consumer demographics and profiles, merchants will send out customized emails.
- Repetitive tasks will be automated saving human resources and enhancing the client experience.
- Information obtained through big data analytics will help to improve customer services. Chatbots can be used for customer service to improve accuracy and response time. When the e-commerce company responds to a customer’s request promptly and satisfactorily, it will help in the growth of that company. Loyal clients tend to spend more than new.
- The automated translation of languages and currencies conversions, improved and quicker shipping and local payment methods will let businesses enter international markets with minimum investments. Shipping platforms and plugins can determine the precise cost of international transit at checkout.
- The growing use of big data is anticipated to increase the ability of e-retailers to recommend products and remind customers about upcoming purchases, boosting both revenues and customer satisfaction.
- More and more companies will use big data as it helps in accessing a large amount of data that helps in maximizing sales, revenue generation and obtaining important information.
- The technique of using this vast data uncovers hidden patterns, market dynamics, client perception, etc. Business owners are empowered to extract value from this information and make the best decisions for their companies.
- The business will utilize big data technology on the cloud for greater flexibility.
- According to the future of big data in e-commerce, computers can manage data more effectively due to improved AI algorithms.
- Fraudulent activities are on the rise in e-commerce when customers make their purchases and use their payment information. Big data analytics helps early detection of these frauds and protects against online scams.
- The social media platform is widely used as it is easy to conduct surveys and interviews and gather qualitative and quantitative data. The information collected by big data is the ideal way to obtain a comprehensive range of viewpoints from numerous individuals.
