The role of big data in predicting consumer behavior

Title

The role of big data in predicting consumer behavior

Creator

Siva Balan R.V.; Kalpana P.

Description

Consumer behavior prediction is a significant task, and it is a prerequisite for marketing activities. Regardless of the product type/market type, predicting consumer behavior plays a vital role in determining the target market. The activities involved in identifying a target market include the tasks of analyzing the offerings, conducting market research, identifying market segments to create consumer profiles, and assessing the competition. In order to complete all four tasks mentioned above, it needs to have comprehensive and precise data/dataset in hand. It also means that the data/fact is the primary source of predicting consumer behavior. In today's digital world, sources of source (data) are multifold. During the process of data collection, if the repository is accepting data from such sources, then all five "V" (Volume, Velocity, Variety, Veracity, and Value) of data should be considered. The role of big data in predicting consumer behavior is inevitable. Machine learning models shall be deployed to analyze data from big data. In this chapter, benchmark datasets, and machine learning, are used to demonstrate the usage of artificial intelligence in analyzing, forecasting, and predicting consumer behavior. Before concluding the chapter, the performance of algorithms is evaluated and compared to find the most suitable models for predicting consumer behavior. Benchmark datasets are used in this chapter to represent the role of big data in predicting consumer behavior. 2023 Nova Science Publishers, Inc. All rights reserved.

Source

Big Data: A Road-Map for Successful Digital Marketing, pp. 111-132.

Date

2023-01-01

Publisher

Nova Science Publishers, Inc.

Subject

Artificial intelligence; Big data; Consumer behavior; Machine learning

Coverage

Siva Balan R.V., Department of Computer Science, CHRIST (Deemed to be University), Bangalore, Karnataka, India; Kalpana P., Department of Computer Science, CHRIST (Deemed to be University), Bangalore, Karnataka, India

Rights

Restricted Access

Relation

ISBN: 979-889113003-6; 979-888697915-2

Format

Online

Language

English

Type

Book chapter

Identifier

https://www.scopus.com/inward/record.uri?eid=2-s2.0-85172657018&partnerID=40&md5=c92ff819471e49b0698f73fc38ab3025