Consumer research And Big Data On Online Shopping

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Introduction

Big data is a relatively recent concept in the marketing world that describes the process of analyzing massive data sets to uncover trends. The data sets are so large that it would be almost impossible to find such trends without high-powered analytical technology. Big data has been facilitated by the ability to gather massive amounts of information about consumer profiles and shopping trends. The primarily facilitators of big data collection are credit card companies and online companies like Google and Facebook that track people's purchasing and computer usage patterns. Big data has been used in a lot of different industries to revolutionize everything from health care to manufacturing to government (Manyika, et al, 2011). Retailers use big data to better understand the "path to purchase" and then adapt their strategies to take advantage of this keener understanding (Macy, 2013). Some retailers have found that the use of big data can increase operating margin by upwards of 60% (Manyika, et al, 2011). This occurs because retailers are able to better-forecast demand for specific types of products and then are better able to sell those products by guiding the consumers through their path to purchase. This paper will analyze the use of big data by retailers, as they adjust to this new technique and find ways to apply it to their businesses.

How Big Data Works

Most marketers are tempted by the promise of big data, but using it effectively is a challenge. Many marketers are still trying to come to grasps with the best applications for big data technology. In order to maximize the gains from big data, marketers need to understand how it works. In general, big data begins with gathering the data. Data se...

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...fs. Retrieved November 13, 2013 from http://www.marketingprofs.com/articles/2013/11924/how-to-harness-big-data-for-better-holiday-shopping-experiences
Hockenson, L. (2013). How big data makes shopping online suck less. Gigaom. Retrieved November 13, 2013 from http://gigaom.com/2013/11/06/how-big-data-makes-shopping-online-suck-less/
Macy, B. (2013). How we shop: Internet of things, big data, social and mobile changes everything. Huffington Post. Retrieved November 13, 2013 from http://www.huffingtonpost.com/beverly-macy/retail-30-internet-of-thi_b_4210230.html
Manyika, J., Chui, M., Brown, B., Bughin, J., Dobbs, R., Roxburgh, C. & Byers, A. (2011). Big data: The next frontier for innovation, competition, and productivity. McKinsey & Co. Retrieved December 11, 2013 from http://www.mckinsey.com/insights/business_technology/big_data_the_next_frontier_for_innovation

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