List and explain at least 6 ways online businesses can use data that is generated from...

List and explain at least 6 ways online businesses can use data that is generated from their online activities to improve revenue opportunities.

Specifically newspaper companies and PayPal or a similar company to PayPal

Expert Solution

In today’s competitive world it is essential for companies to utilize large volumes of data to make efficient decisions. Online businesses can use data that is generated from their online activities in several numbers of ways to improve revenue opportunities. Some of these are as follows:

By improving value preposition: After the data generated is analysed it is possible for companies like PayPal to offer right thing to right customer at right time. This increases their value preposition and increases the users as well that in turn increases revenues.
By delivering relevant offers: By applying advanced analytics to gathered data, companies like PayPal offers relevant offers from merchants to consumers. While allowing merchants to present offer on their platform, they also get benefited in two ways merchants pay them and increase revenues, user base also increase and improve revenue opportunities.
By preventing fraud: By combining human oversight and advanced data processing it is possible to create accurately establish patterns that can help in preventing frauds. This helps in ensuring that their business is highly referred by their existing users. This helps them in spreading word of mouth and getting new users on board.
By identifying new opportunities: By identifying areas where consumers are spending more and investing in those areas will help in increasing revenues.
By Innovating: It is possible to understand changing market trends by analysing the gathered data. This helps companies to keep innovating them and offer what is trendy.
By offering narrow and well-defined product line: By analysing the data collected from user, it can be identified what users are looking for, by offering them the best deal which others are not offering companies ensure that users always prefer their application.

keosha answered 5 months ago

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