Nov 16 2022
Current Big Data Trends You Should Know

Nowadays big data plays a vital resource for public and private companies. Because of the evolution of cloud software, companies have the ability to track and study volumes of business data in real-time analytics to make their functions grow accordingly. As every industry adopts the power of AI, the role of big data role is enormously high. Here are some big data trends that impact the current industry landscape and will tell you the bigger picture of big data.

Digital transformation

The digital transformation era has begun, and with it has come immeasurable revolutions for businesses to explore. The corporate strategies go hand in hand with the combinations of artificial intelligence (AI), the Internet of Things (IoT), machine learning, and big data. According to statistics, the global Big Data market is expected to reach $103 billion in revenue by 2027. Digital transformation in the form of IoT, IaaS, AI, and machine learning is pushing big data to territories unnoticed in human history. There are three types of data such as structured, semi-structured, and unstructured. Since content is the king of the digital world, we need to analyse large volumes of various data to learn to make sense out of them. Hence, companies preparing for the next decade should keep themselves updated on the last trends in digital transformation and focus on applying big data strategies and techniques to get their company functions developed.

Real-time analytics

Real-time big data analytics is one of the key software functions that are capable of analysing large volumes of incoming data stored or created with the IT infrastructure. It pertains to the process of evaluating data as soon as it becomes available in the system with the use of math and logic to deliver quicker insights on that data, leading to an updated and more well-versed decision-making process. With millions of new data stores created every day, companies depend on real-time big data analytics to efficiently search the data for desired patterns and insights that drive quicker decision-making.

  • Big data is already playing well in presenting sports-related data analytics to audiences during any sports competition.
  • Big data plays a key role in identifying fake news and statistics.
  • With the support of big data analytics, companies have the ability to solve data-centric issues quickly.
  • During any natural disaster, we can use big data with the help of AI, RPA, and machine learning for useful predictions.

Driverless technology

Fully autonomous driving is a dream of all the transporters in the world as it may reduce stress while driving, accidents, and traffic jam. Self-driving vehicles are progressively becoming certain despite the many hurdles still to be overcome and they could change our world in so many unexpected ways such as transforming our experience of long journeys and commuting and removing people from high-risk working environments. With the support of big data, there have been significant and notable developments in this research. An autonomous vehicle usually leverages three types of sensors such as camera, lidar, and radar. Sensors use big data for autonomous vehicles to track the locations and match the origins and target destinations. New start-ups may focus on either manufacturing products or providing services that are related to driverless technology to accelerate the power of big data in the corporate world.

Data governance

After the advent of the General Data Protection Regulation (GDPR) guidelines, data governance initiatives are mushrooming globally. Data governance (DG) is the procedure of handling the accessibility, integrity, usability, and security of the data in organizational functions, based on data standards and policies that can control data usage. It pertains to managing huge volumes of an organization’s data, exploiting it in the organization’s decision-making using various analytical tools.  Proper data governance guarantees that data is reliable and stable and not misused. With blockchain technology, a new world has started with several new possibilities and revolutionary opportunities. Around the world, blockchain service providers present new techniques and services. Data governance can also transform organizational functions to attain a more authentic outcome related to any function if it is coupled with blockchain technology.   

Innovation

The insights from big data analytics may lead companies to find some innovative techniques given that customers are living in a world of big expectations, where everything moves at a rapid speed. Big data allows them to update present services they provide and products they manufacture since the large volume of data collected helps companies identify what can fit their customer base. The insights can also be used to improve business functions, introduce new marketing strategies, optimize customer service, and advance employee productivity. 

In today’s competitive world, it is essential for companies to implement functions that help track customer reviews, and the success of products, and monitor competitors. Big data analytics enables real-time tracking of the market and makes you go ahead of your competitors.  

Understanding customers

With big data’s support, companies can discover new approaches to study actionable insight that will help them better understand their customers and outperform their competitors. Big data is not only applicable to big businesses, but it can also provide insights to customers and make significant improvements. Additionally, they may also experience a boost to your bottom-line performance because of developments in their business functions. Every data collected from social media helps to better understand customers. This will have a transformative impact on the ability to understand customers’ buying behaviours through a data-centric approach and it is possible in identifying new customers from all walks of life.

Here are some of the data classifications that can help to find out ideal customers.

  • Competition
  • The buying habits of customers
  • Demographics (age, occupation, gender, income level, marital status)
  • Economic shifts
  • Industries (medical, accounting, lighting, nonprofit) if you do B2B.
  • Location (local, national or international)
  • Market trends
  • Motivations
  • Psychographics (hobbies, values, personality, lifestyle, attitude, behavior)

Conclusion     

Based on market projections, the role of big data trends will grow more even in the coming decades as it has been developing and transforming the way the world uses business information. This will affect the way companies look at business functions. The key objective of every company should be to make their companies grow while transforming their data-driven environment. To wrap it all up, it is a must for every company to stay focused on big data and welcome digital transformations by adopting novel solutions based on big data. Big data is not just one of the trends that lead us into the data-centric future. In fact it is the future of all the data in the digital world since the world has gradually become a digital world or Metaverse in the future.  Hence, the methods that companies and IT professionals should understand how they store, transfer, and understand data.

Syed Abdul Kader 0 Comments
Nov 16 2022
Top 10 Trends That Can Take Your E-commerce Business to the Next Level

E-commerce companies need to stay restructured with the latest tools, technologies, software, and world-class e-commerce business trends to set new goals. The e-commerce industry is always changing with new trends. Particularly, e-commerce store owners are developing new strategies to meet customers where they are.

While every factor in e-commerce is evolving, we have given in this article some of the biggest trends that will impact the industry in the coming years.  Explore the leading e-commerce trends and keep abreast of the trends that are important for you to remain competitive and discover new opportunities.

  1. Augmented reality

Augmented reality (AR) has become a prominent game changer for e-commerce stores since it may help customers make a buying decision. In e-commerce, augmented reality permits consumers to have a real-time interface with products while they are in their location. It connects the gap between customers and physical stores as well as online shopping.  With the features of AR, the digital shopping experience in specific industries – fashion and home décor, can make customers feel better without seeing it in person. AR grants users the ability to not only watch 3D models of products but also lets users see how it looks if they use them. If you are an e-commerce company based in the fashion or design industry, follow this trend to be ahead of your competitors.

  1. Artificial Intelligence

Technology built on artificial intelligence has developed to an extent that it has become a vital element of the biggest online stores. Artificial Intelligence and machine learning support e-commerce companies to collect data for automated and personalized shopping experiences. They can continuously collect data on how customer shops when they purchase, and what features they are looking for in a product or a service. Generally, customers want to know whether brands care about them. AI is programmed accordingly to attract customers.

 

  1. Big data

As we have seen above, AI can collect automated data from your website at large. So customer feedback leads to data sets complexity and larger data volumes. Such high velocity and different types of data are too complex to get valuable insights from it. The data from larger data volumes are the mixed-up volume of data so that companies cannot easily refer to use for recognizing the customer’s preferences, patterns, and business processes. So using big data is one of the latest trends among e-commerce companies.

  1. Chatbots

Chatbots play a major role in communicating with customers since they perform like in-store sales associates. It has been becoming more and more popular across all industries, but they stand out more in e-commerce. Today’s shoppers want to be able to identify and purchase products in just a few clicks. This is where chatbots have become one of the effective customer experience tools to bring leads and sales. Installing various chatbots on e-commerce websites can bring the best customer feedback. Nowadays, speaking with an e-commerce chatbot is like talking to a human being because it can tell jokes, they have personalities but on top of that, they are very efficient heightening its usefulness the online customer service.

  1. Mobile shopping

People always have their mobile phones anytime and anywhere and browse them about 150 times a day on average. This is where mobile shopping comes in handy. Mobile shopping presents customers with the ability to make purchases from anywhere and the comfort it provides to customers has increased rapidly.  In today’s world, the rising number of smartphone users turns normal shopping into mobile shopping as it helps customers to have more product understanding and more convenience to pay. Moreover, if you are an e-commerce company publishing videos and podcasts on your website, your e-commerce site should be responsive on mobile or through web apps. Otherwise, you’ll lose mobile shoppers from all over the world.

  1. Payment methods

Offering a wide variety of payment methods is a good way to increase conversion rates on mobile devices. Gone are those days when the only payment option you have was only cash. Moreover, since mobile shoppers want the convenience to pay digitally, various digital payment methods such as credit or debit cards, prepaid, bank transfers, and E-wallets are suitable for mobile shoppers and are to be added to your e-commerce website. If you introduce a payment method based on blockchain technology, it will become a suitable payment gateway for your e-commerce company. 

  1. Headless e-commerce platform

Headless commerce is an e-commerce architecture. The headless model has been offering businesses a high level of flexibility and functionality which is relevant in today’s market. In this architecture, the front end is decoupled from the back end commerce features and functions. Hence, it is easy to update or edit features without interfering with the back end. Several e-commerce companies are implementing headless because of its flexibility on the backend. With the added SEO, content marketing, and digital experience capabilities, headless e-commerce platforms have become a great boon for e-commerce companies.

  1. Publishing videos

Publishing videos on your e-commerce website is an optical approach to suddenly grab and engage a customer and inform them about your product or service visually.  According to the statistics, 73% of online consumers have become interested to buy products after watching product videos that describe how it works. Since some products are innovative, showing people how to use them can users understand the benefits of the products. If you want to level up your e-commerce business and top your competitors, you would not want to take for granted the power of incorporating videos into your mix.

  1. Subscriptions

Subscription platforms help businesses to grow more especially if they have the right tools. This model revolves around the concept of recurring payments for recurring services which makes impressive profits. There are various subscription methods available on e-commerce websites nowadays and their convenience attracts consumers widely. For e-commerce companies, subscription services generate a method to plan for sales and inventory that are previously locked in. E-commerce companies that want to follow the latest trends can introduce innovative methods that can bring more leads and sales.

  1. Contextual and programmatic advertising

Context and programmatic ads are on the rise this year. It is a way of expediting marketing campaigns, sales, and brand visibility to a whole new level.  Social media sites are already redesigning their designs based on today’s trends. Simply saying, it can attract the right audience to the right ad at the right time. Compared to basic advertisements, e-commerce stores can get a better chance of reaching out to a larger audience by placing programmatic advertising. And also contextual and programmatic advertising helps you develop digital marketing campaigns based on consumer behaviours.

Conclusion

Since the digital world is ever-changing, e-commerce will only get bigger and better in the coming decade. New technologies will advance the trends. Hence, as e-commerce store owners, you must embrace the trends that best suit your requirements. The business trends given above are vital to take your business to new heights. Apart from the above trends, you may also set new trends after performing market research.   

Syed Abdul Kader 0 Comments