Alternative Data Analytics Using SQL: Analyzing the current global economic climate
In June, Databricks hosted a webinar with 7Park Data to demonstrate how using SQL on 7Park’s Email Receipt dataset can unlock predictive analytics at scale and help investors understand the current economic climate in near real-time.
Alan Freeman, VP Data Products at 7Park Data (with 10 years of experience in the Hedge Fund Industry in quantitative and fundamental roles) joined Junta Nakai, Global Financial Services Industry Leader at Databricks and Chris Hoshino-Fish, Senior Solutions Architect at Databricks.
Databricks has a unified data analytics platform that brings together data and AI and capabilities to analyze and build models through one unified platform. 7Park Data is a client of Databricks and our team leverages their tools to explore and analyze unique, new alternative datasets. Databricks tools solve a foundational data problem by making data scalable, reliable and performant and allowing users to leverage new types of datasets for superior decision making.
7Park Data was founded to help companies make better decisions, and for investors this means providing unique, forward-looking views into company performance and market activity.
7Park’s data portfolio is vast — ranging from Oncology Treatments (tracking the dispensation of oncology drugs from speciality clinics) to Vehicle Sales (transactions from business & consumer vehicle insurance purchases) to Cloud Infrastructure (actual spend and usage across AWS, GCP, Azure) to Email Receipts (daily transaction data from email receipts) to many more. The Email Receipt dataset is particularly useful during times of economic uncertainty to gain a near real-time view into consumer behavior, and the dataset tracks primarily online purchases which are gaining momentum as people shelter-in-place and minimize trips to physical stores.
The Email Receipt dataset contains daily transaction data from merchants sharing receipts via email. Within the data, you are able to see customer buying behavior and a view into company performance by tracking order volume, price, basket size and items purchased across merchants. There are over 1.2 million panelists, over 1,100 merchants tracked, over 230 tickers mapped, and history back to October 2012. Additionally, 7Park Data ingests the raw receipt data and normalizes it by building an index to account for shifts in the underlying panel and to reduce bias.
Alan Freeman explores the changes in spending due to COVID-19 observed in the data:
With a strong understanding on the type of insights and analysis possible with 7Park’s Email Receipt dataset, Chris Hoshino-Fish, Senior Solutions Architect at Databricks, performs a demo showcasing how one could:
View the full webinar below and learn how during unprecedented times historical data will not help you try to predict what is happening in the near term. However, with 7Park Data’s daily, granular insights into consumer behavior in near real-time, you’re able to understand where the market is actually heading and how this crisis is actually affecting individual companies.