Presence Of Big Data Technology In Barcard
Barcard is a digital marketplace, which is also, refers as the two-sided network. This is a new and increasingly important market organizational form in today's economy. There is not a universal definition, which is accepted for the digital marketplace. There is also no definition, which can differentiate between the digital network and the traditional firm, which is becoming increasingly harder as many of the non-technology companies are embracing the new technology for developing the internal digital marketplaces. Think about Starbucks, which is a coffee company who is having their mobile app. These traditional companies are not only creating the new form of distribution for their services and products but are also harvesting the data, which is collected through the in-house digital networks. From this, they are creating the proprietary data sets which are known as big data for barcard.
Depending on the industry and the company who are operating within this, Big Data is used for below purposes:
Large and aggregated data sets, which are combined with location, based technology, and the digital transaction ledgers are allowing companies to understand better the real preferences of the consumer for creating the more-effective and better strategies. In the past, many companies are relying on traditional market research methodologies like customer surveys and focus groups for gaining a better understanding of consumer preferences. However, there is also the argument that consumer is even do not know what exactly they want until when they are experiencing the product and services. Hence, the trends are identified by analysis of Big Data, and it may be a more accurate method for understanding a customer. The data can illustrate the real reference of the customer.
The marketing example, which was given above, is referring to the company that is utilizing the Big Data for marketing the company services and products. The digital media ad placement is stealing the share from the traditional advertising subsets. Big Data in itself is becoming a valuable resource for the company who is collecting from its customers and selling to the advertisers for aggregate. Privacy policies are not permitting companies to collect data on customers and marketing to advertisers on the individual basis. The aggregate data sets can illustrate the broader trends and can be bracketed into categories such as geographic, demographic, retention, engagement, etc. For example, if a company is manufacturing the consumer goods and is distributing the products through its digital marketplace, then the company can collect purchase order data.