How Big Data Is Changing The Face Of The Global Marketplace?

How Big Data Is Changing The Face Of The Global Marketplace?  Let’s get to the brass tacks, what is big data?  Data is nothing but information or facts and it can be collected using observation of a particular event or process.  Big data is nothing but the pooling of these individual data into a single pond. The type of data collected doesn’t matter. It could be structured data or unstructured data.  These data are then analyzed to extract information according to their context. In simple words, a huge collection of data that is collected gradually yet steadily from data sources is known as big data.

Why Big Data?

 To answer this in one word- demand. The market demands organizations and businesses to collect data. The Internet has evolved from a luxury to a brewing ground where ambitious ideas are shaping the world.  Naturally, it has become a suitable place for trade and business. A report suggests that there are roughly 7.9 million online retailers in the world.  This number is still going to rise in the upcoming years. For these online retailers to sell products or services to customers, they need to identify their target audience, the success rate of the product or service they are providing, the demand for the product, etc.

How to use Big Data?

 Big data is used to draw conclusions from huge sets of data, but what happens once you have the data? Finding patterns is the simple answer to the question.  Analysis of big data is done for this particular purpose. When you analyze huge dumps of data, you are basically trying to extract as much information possible from the dump that applies to your context.  Patterns on the data dumps can be identified by using technologies like data science and data analysis. Deep learning and natural language processing are also used to get more context out of the data pool.

How big data changed the face of the global marketplace?  Even though people have been using data to base their decisions in the past, the innovation in the electronics and software field made data-driven decisions grow exponentially.  The task of collecting data from customers has never been easy, but as billions of people started using internet services, the collection of data has become more streamlined as products like smartphones came into the picture.  As the internet became an integral part of peoples’ life, the information that people share with the respective internet service providers or the retail service providers on the internet or interactions with other people on the internet through emails or social media, etc.

Branding and customer centric strategy  Branding has evolved from this point. Brands that are already popular among the customers were forced to evolve with big data.  They couldn’t let the creative juices drain, as even a small vacuum meant the intervention of competitors into the market.  Turfs were created in the name of branding and people became more aware of the products they are using. Advertising and marketing strategies needed to evolve and keep up with the market.

Conclusion  Big data makes more sense to us because of the intertwining of technology and our lives. We couldn’t imagine a world without any of the technologies that we use today.  We find the lack of information obsolete- that’s how much we depend on technology. Governments of both developed and developing countries are turning towards the accumulation of big data.