1. A data product is digital information that can be purchased.
According to the McKinsey Global InstituteData, data is a $300 billion-a-year industry. In e-commerce, data brokers can use customer analytics to aggregate information about particular customer segments for marketing purposes. The information is then sold as a product to businesses that want to grow sales and target their advertising dollars. Brokers can also collect information about specific consumers from a variety of public and non-public sources including courthouse records, census data and loyalty card programs.
Because many data brokers use technology that can identify specific customers, anticipate their behavior and make recommendations for future actions, the term "data product" is often associated with data science. For example, a broker may use advanced analytics to offer products that include pseudonymous customer profiles. These profiles use IP addresses to continuously refine customer profiles as end users click on advertisements, download books or movies, interact with web page forms, collect website cookies -- and perhaps most importantly, create even more data.
2. In research, a data product is a large data set in a format that requires little or no processing or programming.
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