Big data refers to large amounts of data that can be used to get essential information and insights to make important decisions. Businesses use business intelligence to uncover hidden patterns and correlations between customers and purchases. Big data used in online businesses not only helps business owners better understand their customers but also forecast behavioral patterns and enhance revenue.
When big data outsourcing or nearshoring is done right, it proves outsourcing good for a business. Both businesses and their customers can enjoy a range of benefits. Some of these include:
Big data analytics can assist businesses to develop new strategies to reduce time to purchase and cater to developing trends. Similarly, online businesses can use big data to accurately predict inventory needs according to seasonal or economical changes that can enhance the shopping experience and attract customers online.
Studies show that more than 85% of consumers say that personalization plays an essential part in their buying decisions. Using big data, online businesses can segment customers based on their location, gender, preferences and even their social media presence. This data can cultivate a more personalized shopping experience for buyers.
Big data can indicate issues in customer satisfaction levels, product delivery and even brand and product perception on social media. It can even identify the exact time when customer satisfaction or perception changed. Accordingly, businesses can make changes to accommodate these fluctuations.
Let’s now look at the market size of big data over the span of 12 years.
To effectively use big data, businesses have to get in the help of professionals in the field, such as big data scientist experts. Let’s explore this role and find out what these experts do.
In simple terms, data scientists are experts in data analytics who use their knowledge and skills in both social and technology to identify trends and manage data. They lay a solid data foundation to perform robust data analytics, after which they use online experiments and other methods to achieve steady growth. Finally, they develop pipelines through machine learning and personalized data systems to better understand online businesses, their customers, and to make more profitable decisions.
Some of the responsibilities of data scientists include:
To complete these responsibilities, there are some important skills data scientists require.
Some of these skills include:
Data science is a varied field. And the work of data scientists ranges largely from anything, including working with experimental frameworks for product development, implementing a multi-armed bandit solution for headline optimization and making important business decisions using various data analytics sets. As a result, the responsibilities and skills of data scientists can differ largely and are not only inclusive of the above lists. However, it is agreed, that all data scientists must at least be experienced the following skills:
Most data science professionals also have advanced degrees, such as a Master of Science in Data Science. They usually begin with a foundation in computer science and then build on this with a higher degree in data science, analytics or another related field.
There are many ways a data scientist can help retain or onboard clients, assist an online business to scale in the right direction, and enhance profits. Some of these applications include:
By gaining customer insights such as details about their habits, demographic characteristics, preferences and more, a data scientist produces important information to enhance product quality.
A data scientist can enhance cybersecurity by introducing algorithms that can be used to protect sensitive information through encryption and keep your customers safe. Doing this can ensure an online business doesn’t misapply or accidentally share sensitive information about customers, including payment details and contact information.
An experienced data scientist can assist an online business in outsourcing customer email support, specifically controlling and managing email support. In turn, outsourced email support services can increase responding times, higher quality responses and a higher chance of customers responding back. These factors can, ultimately, improve customer satisfaction dramatically.
Data scientists can collect and analyze data on a larger scale, which can enable businesses to identify emerging trends in the market. Following the right trends can increase purchases in the future.
Big data plays an important role in the success of online businesses. It can help them to learn more about their customers, improve products and predict trends and future behavior. However, to effectively use big data, businesses must look for an experienced data specialist to hire or outsource. Data scientists use contextual understanding and industry knowledge to discover solutions to a variety of business challenges and, ultimately, help grow and scale a businesses.