The global market for big data in the e-commerce should grow from $2.5 billion in 2018 to $6.2 billion by 2025 at a compound annual growth rate (CAGR) of 13.8% for the period of 2018-2025.
This report includes market estimates and forecasts of big data implementation in the E-commerce industry at global, regional and country levels. It also highlights the ongoing trends and growth prospects for the future.
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Key market participants, extensive segments such as component, solution, data type, deployment model, and end use, industry trends, market dynamics (growth and restraint factors), competitive intelligence, regional and country trends are discussed in this report. There is a detailed analysis of market growth factors and their expected level of impact as well as the key geographies and respective trends and competitive scenarios that will form the base data for qualitative analysis and market estimates.
The global report on big data in the E-commerce market has been analyzed across five main geographic regions: North America, Europe, Asia-Pacific, Central and South America, and the Middle East and Africa.
The report will provide details with respect to the benefits of big data application in the E-commerce industry. It will highlight qualitative and quantitative analysis on all market segments across global, region and country levels to provide a comprehensive picture of market penetration, trends and demand forecasts.
– 106 data tables and 26 additional tables
– An overview of global market for big data in e-commerce sector
– Discussion on big data applications in enabling target advertisements and enhancing personalized experience
– Knowledge about advantages of big data in customer acquisitions, safety and customer satisfaction
– Information on “Micro Moments” which is used to foresee customer activity pattern
– Detailed profiles of major players in the industry, including Amazon Web Services, Inc., Dell Inc., Hitachi, Ltd., IBM Corp., Microsoft Corp., Hewlett Packard Enterprise (HPE) and Oracle Corp.
The analytical capabilities of big data have had a positive impact across industries, including the Ecommerce industry. Online vendors engage in developing services to link big data analytical tools to their businesses in order total into the ensuing benefits. The use of big data simplifies and improves business performances by enabling companies to analyze historic trends and current consumer behavioral patterns and thereby offer better and more customized products.
The application of big data enables E-commerce businesses to get access to huge volumes of data that they can use to reshape their operations and maximize revenue generation. Companies these days, are already actively using big data to study customer purchase patterns and preferences and to reorganize their offerings to drive up sales.
Approximately 54% of millennials preferred online purchases compared to 49% of non-millennials in 2016. The growing popularity of the E-commerce industry is expected to require huge amounts of data, which will in turn propel the growth of the market.
Rapid development and technology advancements in the E-commerce field are likely to offer potential opportunities for big data application. One of the upcoming trends in this industry is contextual and programmatic advertising, which is expected to use huge amounts of data sets to identify target customers.
Social media sites are in the process of revamping designs to cater to this trend. In addition, the significant influence of social media such as Facebook, Twitter, WhatsAppis encouraging e-retailers to introduce groups and pages to showcase their products to expand their visibility to larger consumer bases.
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Consumers’ changing preferences require continuous product modifications and customizations. This scenario demands the application of big data to understand customer behavioral patterns, which will in turn enable e-retailers to customize their product offerings and recommendations and thereby provide enhanced interactive customer experiences.
For instance, coupon offers, promotional campaigns and discounts based on previous spending records are helping online retailers draw huge customer traffic and generate profitable returns. The increasing use of big data is expected to allow e-retailers to recommend products and remind customers of pending purchases, thereby increasing sales as well as customer satisfaction.
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According to IBM, about 62% of retailers claim that the application of big data has given them a prominent competitive advantage. With the help of big data, category managers analyze trending products and their demand preferences. This data, combined with previous data sets, enable Ecommerce business firms to gain knowledge about which products should be kept in inventory, which type of consumers they should be expecting in the future and what could be the most effective ways to maintain high retention rates.