Consumer research And Big Data On Online Shopping Essay...

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 peoples 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,†¦show more content†¦At Google, searches are the transactions, while at credit card companies it is actual sales. Big data essentially works like a loyalty program, but on a much larger scale. The data gathered will include several variables, and millions of consumers. Then, trends are determined and identified through the processing of the data through applications that specialize in big data. Companies have the ability to gather their own data, but in many other cases they buy it – this depends on the business. The more the company knows, the more it can understand about the path to purchase. Retailers seek to understand the data, for example in order to know what products will be sold when. A basic decision without big data, for example, would inform a retailer that spring clothes should go on sale by February because people want to buy new spring clothes the minute the first hint of spring comes into the air. However, big data will be able to break that down in a much more refined way so that the company will know who will buy what and when. Correlations will help put the retailer right in the mind of the consumer. Online retailers are able to gather better information that will allow them to help themselves. For the holiday season, online retailers will have data from past holiday seasons that they can use in the design of their website in order to increase sales. These can be matched against other variables as well. So the processor would determine, asShow MoreRelatedConsumer Attitude Towards Mobile Shopping1265 Words   |  6 PagesAbstract Topic This research focuses on the topic area of ‘Consumers attitude towards mobile shopping’ in relation to Marks and Spencer, the high street retailer that is known for selling British quality goods. Marks and Spencer provides clothing for women, men and children; as well as footwear, household items and food to its consumers. This report will focus specifically on offers and discounts on Marks and Spencer’s mobile application. Purpose It will investigate whether the offers and discountsRead MoreIs Online Shopping Our Future? 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