Big data analytics sector in India is expected to witness eight-fold growth to reach $16 billion by 2025 from the current $2 billion, industry experts said here. The sector is expected to register a CAGR of 26 per cent over next five years, they said.
eCommerceTrendz Thought Corner
According to these experts, India is currently among top 10 big data analytics markets in the world and Nasscom has set a target of making the country one among the top three markets in the next three years.
“The government, industry and academia can collaborate to build an ecosystem to generate sustainable solutions by harnessing the power of big data and digital innovation,” said WNS Global Services Group CEO Keshav Murugesh said.
“The combined power of harnessing big data and digital solutions can drive tremendous results in improving the citizen experience, implementation efficiency and boosting the nation’s economy,” added Murugesh.
Applications in eCommerce
As the experts assert, big data has a wide array of applications in different fields of work. Ecommerce is no different where analytics play an ever increasing role with respect to discovery, data and innovation.
Etailers are wasting no time in investing into big data. Globally, sales of big data products and services are expected to increase at a CAGR of 23.1% through 2019, with annual spending reaching $48.6 billion in 2019.
Some of the lucrative applications are:
- Tracking the buyer journey
Scrape your own data on your customers starting from the moment they first opt-in, to all subsequent activities and conversations.
Think with Google also offers its own tools, like Shopping Insights, which gauges trends by city, region and search volume data for over 6,000 products, gives you more industry insight to apply to your own ecommerce business.
- Deep Segmentation
Segment your customer list until you’re looking at each group under a microscope, and cater to their specific geography, gender, interests, income, and spending habits – even the social channels they use the most.
Ecommerce store owners can quickly integrate Google Analytics directly into their Shopify website to define goals and funnels, and further segment their audience. Once store owners know that their highest sales are coming from Instagram or Facebook, they can plan their marketing segmentation and campaigns around those channels.
- Forecast Demand
Typically, business owners will forecast demand through their gut-feeling or a rule of thumb (“stock more snowman t-shirts around Christmas time”). The issue with gut-feel or rules of thumb is that they’re not quantitative. If you have enough historical data, you can make accurate forecasts.
Amazon’s forecasting tools use historical data and have the provision for assessing fluctuations in demand during festive season sales. Analytics enable Amazon to predict the traffic on the website along with the possible conversion rate.
- Generate More Sales
Around $3.38 trillion is forfeited in sales due to cart abandonment, big data analytics can be used to deliver a customer experience that cannot be ignored.
The growth in the analytics sector has also boosted job opportunities in the sector. The number of analytics jobs has nearly doubled in the past one year, according to a study by Analytics India Magazine – a platform on analytics, data science and big data – and Edvancer Eduventures – an online analytics training institute.
The Analytics & Data Science India Jobs Study 2017 has estimated close to 50,000 positions related to analytics are currently available to be filled in India. This increase in the number of jobs available in analytics is nearly twice that of the previous year and “suggests increased momentum in hiring in analytics and data science in India”, says the study.
The study also said that skills in R and Python remain the most sought after that companies are looking for, with almost 36 per cent of advertised analytics jobs in India demanding R as a core skill and another 30 per cent Python, followed by Hadoop, SAS and Spark, among others.
With the advent of Big Data and Analytics solutions, customers can be reassured that data is comprehensively and reliably analysed, thereby enabling them to make well-informed decisions at the right time.