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Want to Get Ahead in Retail? Consumer Buying Pattern Metrics are the Key to Success

 
 

With thousands of online sellers, today’s modern brand stands capable of mining more consumer data than ever before. The digital equipment they use may make all the difference in the world. 


Big Data Analytics Here to Stay

There is no turning back for an industry that is deeply guided by the online movements and trends of its consumers. A vast treasure trove of readable and beneficial data that would not be accessible without digital software is now at brand manufacturer’s fingertips. As a result, many brand leaders are learning to mine this virtual resource to better understand and target ideal shoppers in prime regions, resulting in a highly relevant marketing mix.

“DATA AND ANALYTICS are now an essential element of the modern marketer’s toolbelt. They must be leveraged to meet business objectives.”  – American Marketing Association


Breaking Down the Terminology

When we say “consumer buying pattern metrics,” we are referring to an online algorithm for measuring and understanding trends among shoppers. By segmenting audiences by age, region, purchase type, purchase frequency, number of site visits, interest in discounts/special offers, ratings, or reviews, cutting-edge applications can pinpoint areas of success or opportunity. These data points help brands target customers even more accurately in the future by building virtual personality profiles for their base.


The Tools to Get Ahead

PriceSpider developed products such as Ratings & Reviews to help brand manufacturers sell more online by collecting review data from online retailers and turning the data into actionable insights. Through one single portal, PriceSpider’s partners are finally able to look under the hood and examine vital consumer habits and other valuable metrics on one, user-friendly dashboard that:

  • Offers access to direct feedback from consumers across seller’s websites
  • Provides summaries of ratings for each product
  • Uses consumer’s comments toward future product adjustments & pricing
  • Guides swift corrective action when needed

Being able to see how millions of consumers are responding to products online allows brands to completely tailor their marketing to work for them in the most effective methods to date.

“THROUGH DATA mining, the top companies, retail and online stores can now base their marketing tactics…. They can now gather ideas to entice consumers and customers into buying their product. They can also customize their products or change their brand if it does not fit the incoming trend.”Fred Chua, Customer Think


2018: The Digital Evolution Continues
 

According to Bernard Marr of Forbes.com, “More and more businesses are waking up to the importance of data as a strategic resource.” With giants like Amazon providing the ideal model for online retail efficiency, brand manufacturers are looking Pto learn from and utilize the same types of technology to push specific products. In 2018, more brands will attempt to capitalize on the benefits of metric analysis – leaving those who don’t adopt the data significantly behind the curve.

For years, brand manufacturers have attempted to understand the many factors that can potentially influence a buyer’s decision – from current moods to demographics. Now, with the ability to gather consumer buying pattern metrics through modern technology, our understanding of what ultimately leads to conversions is greater than ever.

Category: Blog
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