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An Introduction to the Concept of Alternative Data

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An Introduction to the Concept of Alternative Data

March 02
13:32 2021

As the internet now holds the key to success in any field, people across the world are going digital for most of their activities. Almost all works now are being carried out online.

Here, the importance of alternative data comes in. Though selecting an alternative set of data is rather a difficult task, one is left with no alternative but to go for it. 

In the coming years, the importance of selecting alternative data will go up further. To explain it with statistics, by 2024 – in the next four years – there would be about 5,000 different alternative datasets available based on quality, usability, breadth, and uniqueness. 

This certainly will pose a major challenge to the internet user to select alternative data. However, SimilarWeb’s web traffic data, the world’s premier sources of alternative data can help on this! 

Following are its reasons:

  • Digital Shift

  • Breadth of Coverage

  • Depth of Data and

  • Unique Methodology


Let us explain them one by one!

Digital Shift: We all know over the last two decades the world has gone digital and practically everything under the sun now is being done online. 

The Internet Association says, “In 2000, the most valuable companies in the US were General Electric, Exxon, Pfizer, and Citigroup. Just 20 years later, in 2020, such names have been replaced by Microsoft, Apple, Google, and Amazon

We will see many more additions to this list soon. 

Breath of Coverage: Due to massive expansion in business, the problem of selecting alternative data intensifies. Here, SimilarWeb’s Traffic Data helps one view a wide breadth of coverage, including the public and private Companies. 

SimilarWeb’s traffic data offers visibility into every single industry that is using the internet to conduct business, public or private.    

Depth of Data: This is extremely important for the people as a whole and internet users in particular. Since SimilarWeb’s web & app traffic dataset includes many data points, in contrast to other datasets, it becomes indispensable for internet users. 

The dataset of the company includes such vitally-important points as several total website visits, both unique and reduplicated across devices on a daily, weekly and monthly granularity; engagement metrics like bounce rate and visit duration indicate traffic quality, stickiness, and retention. 

Unique Methodology: Using the latest technological tools, the richness and utility of this methodology can be reflected in its data gathering from different sources. 

Conclusion

The dataset now has emerged as the primary pillar for the success of any business. As decisions on sales; retaining old customers and bagging new customers depend a lot on it. The large and comprehensive alternative data goes a long way in ease of doing things in business.

Media Contact
Company Name: Similar Web
Contact Person: Media Relations
Email: Send Email
Country: United States
Website: https://www.similarweb.com/

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