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Big data in small business

The online commerce industry has been growing at an unprecedented rate which is attributable to big data. Alongside exploring the benefits of deep learning and predictive analytics, small businesses, working with smaller budgets, should consider using big data to reap the most bangs for their buck in terms of highest profitability. Over the past few years, e-commerce companies have invested titanic amount in big data and have earned record profits. For example, according to Statista, Amazon in 2017 netted a profit of nearly $178 billion as compared to $136 billion in 2016. Walmart, too, experienced nearly a 44% increase in revenue attributable to more resource allocation to e-commerce. Small businesses primed for growth are also capitalizing on the surge in online payments and big data e-commerce to get their slice of the profits as well. A research by eMarketer, estimated e-commerce sales to rise upto $2.8 trillion by this year. Surely, e-commerce will continue to smoothen its way to dominance with consumers on board. Small businesses can extract certain benefits like building brand awareness, improving customer confidence and greater net impulsive buys. The propagation of big data ecommerce options is one of the biggest which has paved the way for more valuable payment systems.

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Wednesday, 05 August 2020
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