There is a common misconception that Big Data is confined to large corporations. Most business owners believe that Big Data has no value for them. This is wrong. If you look at modern-day business marketing, you will find it has changed drastically over the last 10 years. In the past, when organizations wanted to customize their advertising campaigns, they had to check their sales data and click-through carefully to understand the general attitude of their customers.

How is Big Data changing the business world? 

However, with the advent of Big Data, everything has now changed. Businesses now market their products and services to customers in unique ways. This helps them to boost their sales and profits. As per a research report by BARC, many businesses were surveyed, and they state that the deployment of Big Data helped them get a profit rise of about 8% along with a 10% reduction in total costs. 

How can Big Data bring value to your business? 

There are multiple ways via which you can make use of Big Data to make adjustments to your business model, suggest modern DBA experts. You need to accurately certain your need to get the best results out of it.  When it comes to the field of advertising, Big Data does play an important role. The following are some key ways on how companies are using Big Data in their organizations today- 

Predict the services and products that your customers desire to buy in the future

When it comes to your business, how often have you taken a look at the recommendations on Amazon and wondered that you could use them for your business too? If you take a closer look, you will find that Amazon deploys Big Data to precisely figure out the sort of products you would want to purchase for the future. 

This retail giant, who accumulated an astonishing net worth of one trillion dollars in the later phase of 2018, gives its consumers insight into the factors that go into determining the recommended products. Amazon gives a range of data points to know what its customers might need in the above context. These factors cover-

• When their customers make their purchases?
• How their customers rate these purchases?
• What customers with the same buying habits purchase?

It is obvious that the last factor is the most vital of them all as it relates to Big Data. Amazon can precisely determine the sort of products you desire to buy based on its customers’ buying habits that are the same as yours. 

Now, the question is, how can Big Data transform your business and bring value to it? From the above example, specialists from the esteemed name of database administration and management, RemoteDBA, state that in the same way, you can even use the same sort of data to ascertain predictions for your business customers. When you see a surge in sales, you will begin to notice trends. For instance, Amazon saw people who purchased TVs also buy a TV mount. Amazon started to upsell the above with the hope that customers will buy them with the TV. 

Enjoy an edge against risks for business operations

Before the advent of technology, there were fewer issues of fraud on the Internet. However, today, most people are connected with each other somehow, which can also bring down a whole business in just some strokes. 

The operational risks are high for financial companies and institutes. You often find scammers constantly attempting to evolve schemes to take advantage of companies and people. However, as Big Data has evolved, these companies are now aware that they can use this information to curb scammers in their tracks.

Take the example of banks, and you will find they are deploying Big Data to closely supervise their transactions on the front-to-back line of business to assist in the mitigation of fraud altogether. They examine information about who is sending and receiving money and how often those customers engage in such behavior, the place of residence, and the amount of money they send. This technology is helpful for every business and not just banks alone. 

Deploy the prime data to ascertain customer behavior- 

Big Data is very important for figuring out how customers can make vital decisions when they land on your business website. Organizations use this data to learn from the behavioral patterns of their customers. This directs them to conversion and sale. 

Big Data analyses every action that the customer takes when he/she lands on your page. You can see the customer behaving and how he/she moves the computer mouse. This is how the business is able to predict the next actions of the customer. 

As the business owner, you can use the data to offer your customers what they want. For instance, if you manage a good marketing site and a customer visits it to read a post, Big Data can predict when the customer will leave the page. This is where you can use the opportunity to make a curated pop-up appear on the screen, offering the additional visitor information by entering a prompt where the customer can join your email list or fill in space for their email. 

Therefore, it is evident that Big Data can help businesses in the above three ways from the above. Since technology is growing at a large pace, it is obvious that Big Data will grow and is here to stay for a long time. 

It is recommended that businesses should pay more attention to Big Data and start collecting it effectively. With Big Data and the Hadoop database, they can boost the profits of their company with success. Experienced and skilled DBAs in the market say that Big Data has value for small business owners. This is why they should pay attention to it so that they can reap its benefits and gain a competitive edge in the market with success!

Author’s Bio:

Pete Campbell is a social media manager who has worked as a database administrator in the IT industry. His research has helped thousands of users and brands with marketing campaigns too. He loves to travel, write and play baseball

Bitcoin, the world’s largest cryptocurrency, was created by an unknown entity only known as Satoshi Nakamoto in 2008. More than a decade later and Bitcoin is the most valued currency in the world. As of April 2021, one bitcoin is worth around $50k.

Like any other cryptocurrency, Bitcoin presents a thrilling and potentially lucrative investment, but not always.

If you want to invest in Bitcoin, this year presents the perfect opportunity to do so. However, this doesn’t mean that investing in Bitcoin will be a cakewalk. You need the right information and tips to make your Bitcoin investment a lucrative venture.

In today’s post, we’ll be highlighting a few things you should know before pouring your money into Bitcoin.

1. Understand Bitcoin

The first thing to do if you’re planning to invest in Bitcoin is to understand the cryptocurrency. Bitcoin is a form of digital currency first advanced by Satoshi Nakamoto in mid-2008. When discussing Bitcoin, you should be aware of two things:

A Bitcoin: A bitcoin is essentially a computer file that you store in a digital wallet.

Digital Wallet: This is a type of software that allows users to store Bitcoins. The piece of software also allows for the sending and receiving of Bitcoins. This wallet works on various platforms including, mobile, desktop, web, and hardware

Blockchain technology that records every Bitcoin transaction allows Bitcoin to function without a central authority. However, because there’s no central regulating authority, Bitcoin tends to be very volatile, making it a somewhat risky investment.

The hype surrounding Bitcoin shouldn’t have you making rushed decisions to invest in the cryptocurrency without doing your research. Bitcoin is a profitable investment, but it’s not without its risks and convolutions. Make sure you have at least the basics down pat before you consider investing in Bitcoin.

You can learn a lot about bitcoin news, prices, and vendors on websites online. You should also get acquainted with matters like bitcoin mining, bitcoins ATMs, and the likes before you start trading.

2. Scammers Are Everywhere

The internet is rife with so-called cryptocurrency gurus looking to swindle you out of your hard-earned cash. If you’re looking to invest in Bitcoin, you need to be on the lookout for online scammers. Unfortunately, they’re everywhere on the internet, from Facebook to Reddit.

If you come across Bitcoin investment strategies that promise you wads of cash in only a short time, it’s probably a scam. You also need to be on the lookout for folks who make exaggerated claims on the value of Bitcoin. 

Lots of people have lost fortunes to Bitcoin “investors” and similar Ponzi schemes. Tread softly when investing in Bitcoin and beware of scammers.

3. Cryptomarkets Are Easily Accessible

Contrary to popular thought, crypto markets are accessible by the average person. That’s right; you don’t have to be a tech guru or rich to trade Bitcoin and other cryptocurrencies. In 2021, cryptocurrency is more mainstream than ever.

Before you start trading Bitcoin, you need to know where to buy and sell Bitcoin. This brings us to our next point.

4. Where to Buy and Sell Bitcoin

You’re dead set on trading Bitcoin, but where do you even start buying and selling it? For starters, you can check out these Bitcoin atms across the country. If you can’t find one nearby, you can check out some on the internet.

The internet is awash with crypto-trading platforms where you can buy and sell Bitcoin. However, don’t just click on the first trading platform that pops up after Googling “Bitcoin trading platform.” You have to check out reviews and testimonials to find a platform that will suit your fancy.

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Automated trading platforms can trade on behalf of users by considering certain underlying factors. These platforms make it easier for beginner traders to get the hang of things and make a decent profit. However, you still need to understand how Bitcoin works before you can start using automated trading platforms.

5. You Don’t Need a Fortune to Get Started

An entire bitcoin could cost well over $60,000, but you don’t need that kind of money to purchase Bitcoin. You can purchase a fraction of a Bitcoin for as little as a dollar. That’s a huge relief for most because they don’t have to use up all their life savings.

A great approach is to set up recurring deposits of a specified amount after every week to slowly build your portfolio. This is a much better approach than diving full-on into the cryptocurrency game and spending your entire savings on the venture. 

This approach helps you enter the Bitcoin market gradually at different price points. In other spheres, this is what is known as the dollar-cost-average technique.

6. You Can Start Trading From the Get-Go

You can start trading the minute you set foot into a crypto-trading platform by depositing government currencies into the trading platforms. Once you’ve bought enough Bitcoin, you can then reconvert it into government currency and get the money instantly.  

The speed you get your money in and out of the platform depends on the vendor you settle for. That’s why you need to do your homework and pick only the best Bitcoin vendors for seamless trading. 

7. They Are Tools to Reduce Risk

Investing in Bitcoin is risky owing to the volatile nature of the digital currency. However, features like stop and limit orders help reduce risks and minimize losses. These are price-triggered limits that don’t allow your Bitcoin to fall below a certain value without selling it.

That way, you can minimize your losses and maximize your profits without even logging into your account.

Invest in Bitcoin Today

The best time to invest in Bitcoin was yesterday, so what are you waiting for? People around the world are making a fortune from Bitcoin; it’s time to join the bandwagon. However, be on the lookout for scammers who want to take advantage of your ignorance and steal your hard-earned cash.

To enjoy more informative posts, keep checking our blog.

Read Also : Gold Vs Bitcoin – Which One Is Better in 2021?

Get it, already! You can pay for it later.

The pros and cons of Buy Now, Pay Later finance options

The hottest way to pay for just about anything this year is Buy Now, Pay Later (BNPL). This new finance option lets shoppers get what they want immediately and pay for it down the road. This modern-day layaway plan is experiencing explosive growth as more people shop online and keep their wallets close to the vest in an uncertain economy.

New studies by The Ascent show an increase of almost 50% of consumers using the new payment method since last year. The largest growth was among 18-to-24-year-olds and those 55 and older. Also, 53% of shoppers who have not used BNPL say they’re likely to use it within the next year. The surge of interest means that consumers are looking for convenient and easy ways to pay for purchases without the sting of high monthly credit card bills.

Retailers are taking note and moving quickly to add the new payment method. Before the pandemic, the high-end children’s clothing company Hanna Andersson used to only accept traditional credit card payments and PayPal. Recently, it sought help from software vendor Red Maple to add a new payment solution for them called Afterpay. It allows Hanna Andersson to offer customers an installment plan with four interest-free payments over eight-weeks. Overall, Red Maple says BNPL is good for business.

“No matter how much money you make, your kids are going to outgrow their shoes. Buy now, pay later can help parents buy essentials that could otherwise be difficult for them to do in this economy,” said Jennifer Robertson, CEO of Red Maple. “This new payment method also helps retailers increase their overall sales and improve the customer experience.”

There are other benefits and some drawbacks for buy now and pay later services.

PROS

• Bigger buys– Studies show retailers with pay-over-time messaging on their websites increased the average order value of sales 56%. That means shoppers are buying more expensive items knowing there is time to pay them off. Forty-five percent of BNPL customers said they bought items that didn’t fit their budgets.
• More sales – The service increases overall sales. Research shows businesses that promoted BNPL on their websites increased sales by 21% over those that did not advertise the payment method. Customers are buying more because they only pay a fraction of the price at the counter to take the product home and sometimes pay nothing at all. Often there is no interest either if payments are made on time.
• It gets to the “Yes” – BNPL can lower or remove a shopper’s hesitation to buy with the logic that if they don’t have money today, they will down the road. Twenty-five percent of shoppers told researchers they lost their job which is why they chose BNPL to make purchases, while 41% of shoppers said they used the method to conserve cash in case of an emergency.
• It feels good – People like instant gratification. Retailers who provide this service allow customers to experience the pleasure of having the product today without the worry about how to pay for it today. That kind of service will improve customer satisfaction and increase customer loyalty. One study shows businesses with flexible payments see a 20% annual repeat purchase rate.
• No extra costs – Many of the BNPL offers are free for merchants.

CONS

• Late fees – while most services advertise 0% interest, if shoppers fail to make a payment on time, it can result in late fees and finance fees. For example, Affirm charges up to 30% interest depending on product and person’s credit rating, while FuturePay charges up to $38 per late payment. Research shows one-third of BNPL users have made late payments or incurred late fees. People 18-to-24 are the most likely to make late payments and get fined.
• Can impact credit scores – While the service can’t help your credit score, experts say it can hurt it. For example, if shoppers are late paying a credit card, the credit card company may not report it to the credit bureau if most payments are on time. However, BNPL services report all late payments to the credit bureaus, which will reduce credit scores.
• No oversight – Credit cards have regulatory oversight. But BNPL programs don’t, according to Consumer Reports, which means some users have had trouble with disputes and returns.

If your business is still only taking credit cards and PayPal, it’s time to explore BNPL services so you don’t lose customers and sales. There has been a huge spike in the number of shoppers using the finance option during the last year, and experts predict the explosive growth will continue through the next few years.