Big Data is something of a nebulous concept, and like many ideas without a clear definition, it’s been seized on by various writers and pundits as the next big thing. It’s easy to write endlessly about something when you aren’t forced to constrain yourself to practicalities.
The eCommerce industry is nothing if not pragmatic, ever eager to grasp new technology but only if it proves itself where it matters — on the bottom line. In spite of the hype, big data is having a significant impact on how eCommerce retailers are doing business.
Big data is exactly what it sounds like. Businesses have access to far more information than ever before. That data is drawn from numerous channels: social media, customer relationship management software, web analytics, tracking, logistics, and so on. But data itself is next to useless; it’s only of value if we can harness it in ways that increase sales, customer loyalty, and conversion rates.