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According to IBS, by 2003 the world had accumulated 5 exabytes of data (1 eb = 1 billion gigabytes). By 2008, this volume grew to 0.18 zettabytes (1 zb = 1024 exabytes), by 2011 - to 1.76 zettabytes, and by 2013 - to 4.4 zettabytes. In May 2015, big data exceeded 6.5 zettabytes. By 2020, according to forecasts, humanity will form 40-44 zettabytes of information, and by 2025 the number will grow 10 times.
Big data is used in various fields and allows people to benefit from it. Here are some real examples of how using Big Data helps you learn about client’s desires and attract new customers:
The online retail giant has access to a massive amount of data on its customers; names, addresses, payments and search histories are all filed away in its data bank. Based on big data, Amazon offer customers those products that they most likely to need.
Amazon also uses the information to improve customer relations, an area that many big data users overlook.
The entertainment streaming service has a wealth of data and analytics providing insight into the viewing habits of millions of international consumers. Netflix uses this data to commission original programming content that appeals globally as well as purchasing the rights to films and series boxsets that they know will perform well with certain audiences. Big data allows company to deliver exactly the content that their clients wants to see and when they want to.
Coca Cola has been in a leader in the consumer packaged goods industry for over a century, and their brands are iconic. Coca Cola has been able to get wins with Big Data analytics: selecting the ideal ingredient mix to produce juice products, efficiencies analyzing in their warehousing, restaurant and retail supply chain operations.
For example, in 2017, the company launched a new Cherry Sprite flavor based on statistics from self-service machines that allow consumers to mix the tastes of drinks. AI allowed to choose the most popular combinations of tastes and create a new drink based on them. In the last few years, the company has turned to big data to start producing healthy drinks like orange juice.
Have you ever wondered how Starbucks can open three branches on the same street and not have their business suffer?
The coffeehouse behemoth uses big data to determine the potential success of each new location, taking information on location, traffic, area demographic and customer behaviour into account. Now Starbucks can make a fairly accurate estimation of what the success rate will be and choose locations based on the propensity toward revenue growth.
The American Express Company is using big data to analyse and predict consumer behaviour.
This allows a more accurate forecast of potential churn and customer loyalty. In fact, American Express has claimed that, in their Australian market, they are able to predict 24% of accounts that will close within four months.
Miniclip, who develop, publish and distribute digital games globally, use big data to monitor and improve user experience. Customer retention is a priority for Miniclip in order to make games more profitable and, therefore, to support business growth.
Big data reporting, analysis, experimentation and machine learning data products allow the company to measure the successful elements of their products and implement them in future ventures, while also eliminating or improving the problematic components.
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