Are Developments In Big Data Significantly Changing The Way Commerce Is Conducted?

Personal data is collected by many websites and it used to analyse interests a visitor has. This is determined by what type of webpage a person most often visits. When the personal data of millions of people are collected and put together, we call this Big Data.

The Innovations

The internet has provided the technological base for the most detailed data collection system ever created and this can be used to improve a business’s marketing and also how it operates. Companies that invest in and successfully derive value from their data will have a distinct advantage over their competitors — a performance gap that will continue to grow as more relevant data is generated.

Big data offers numerous opportunities to retailers to improve marketing. It helps to better understand your target market, gauge consumer behaviour, understand their shopping preference and hence do a better positioning of the product. Big data also allows analysers to find trends and interests that their target group has and then create a tailored sales experience for the customer.

The Limitations

Big data may be the next best thing that has occurred since the creation of the internet. Despite this, major events have occurred that have created a public outrage over the past few years. In October 2015, a federal judge refused to dismiss a potential class-action lawsuit brought by Gmail users who objected to its practice of analysing the content of all their messages. Those suing Google said it violated federal wiretap laws.

Activity online is monitored through keyword filtering and checking browser history. In North Korea, all websites are under government control. About 4% of the population has Internet. In Cuba the internet is available only at government controlled access points. This shows us how the intervention of government control can inhibit the reach of big data collection. It illustrates how in some countries the internet is not allowed to be used and how such an amazing tool as big data is worthless.