Mr Mok oh, Chief Scientist at PayPal, explains the important role of a data scientist at the Big Data World, providing answers to the following questions:
Why should you hire a data scientist?
How can you utilise the analytics?
Commerce is a huge market, and around 4% of it is done online. However, what is important to remember is that consumers often search products online. In the context of commerce, transactions are bigger than search.
PayPal is working towards, no matter the channel, to make online transactions instant and automatic.Â Victor Frankl: “Between stimulus and response there is a space. In that space is out power to choose our response. In our response lies our growth and freedom.” In a business setting, innovation can occur in this space between stimulus and response, or in the space between the stages of the consumer’s mind: want, discover, shop, buy, pay, own. Data Scientists can help analyse these consumer stages, and make it possible to full these spaces!
Big data, specifically transactional data, begin with the data source. PayPal works within 190 markets, in 2 currencies, with 113 million active users and 2 million attributes. 70 Hz is the number transactions made by PayPal in the first quarter of 2012. External data of course must also be analysed. Big data and big science are inextricably linked. Science can use consumer profiles to predict shopping patterns, or predict consumer buying patterns across a certain market, and so much more! Social media can also help scientist to cluster your consumers, this allowing you to more accurately target. Sentiment is also another interesting way to accurately profile. By marrying transactional data, with external data a whole, accurate consumer picture can be created.
Data Scientists help you reverse engineer the consumer’s mind!