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An Unexpected Journey – The Informed Purchase Journey

unexpected journeyFor years, a customer’s purchase process was something of “An Unexpected Journey.” Lack of insight into the journey was a struggle for retailers. The journey was fraught with questions about product research habits, purchases and crucial factors that spark purchase decisions.

Today, the customer purchase journey no longer has to be a “guessing game.” Data integration and analytics are able to assist retailers in understanding this journey. To begin, let’s examine how consumer behaviors and the role of product information have changed since the advent of substantial bandwidths and social buying. To do so, lets examine the way shoppers buy today.

The customer buying experience has changed in the following ways:

Shopper-controlled
The days of the single visit to a trusted retailer are behind us. Today’s shoppers are in control. They are hugely aware of their power as consumers, and they’re exercising it freely.

Multichannel 
Buyers aren’t using one specific channel anymore. They’re shopping in stores, online, through mobile apps, on social platforms, and from catalogs simultaneously. Lacking a central focal point, quality data integration and analytics have become imperative to understanding this behavior. Retailers must be able to track the purchase decisions of one consumer as he or she switches back and forth amongst these channels. If done correctly, a retailer would be able to recognize behavior specific to individuals and act on it, serving ads or timely discounts to them.

Social-powered
Purchasing decisions are “crowd-informed.” Recommendations and reviews from peers guide consumers and validate their choices every step of the way. As a result, it has become increasingly necessary for retailers to understand how they are being reviewed. But more specifically, it is important for the retailer to identify and target influential reviewers. If this is done effectively, the retailer may be able to personalize their experience and make that influential consumer feel special. This may seem like a complicated task with small returns, but imagine if they write a positive review that is ultimately read by thousands of people. This could lead to a fantastic return on investment for the retailer.

Search-guided 
Shoppers used to be dependent on a few sources of information. Now with Internet search tools, consumers are able to hunt for answers themselves. As such, retailers must understand what type of information their consumers are searching for. With this information, retailers may be able to update the content on their websites, blogs, or social channels to provide information customers need. To visualize this purchase journey we’ve created the INFAgraphic below.

The-Informed-Purchase-Journey-Informatica

The Informed Purchase Journey – An example of an unexpected journey.

So how can I learn more?

Join us at Informatica World 2014 to learn rich information about retail technology and the “purchase journey.”

The Retail Path track will feature insights from companies including: Nike, Avent, Discount Tire, Nordstrom, Geiger, Intricity and Deloitte.

Experts will share ways of leveraging your data to boost sales and heighten customer experience. The conference also has a dedicated MDM Day on Monday May 12 with workshops and sessions showing how vendors, distributors, retailers and individuals interact in the “always-on,” connected world.

Reserve your spot by signing up here.

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This entry was posted in Informatica World 2014, Master Data Management, PiM, Product Information Management, Real-Time, Retail and tagged , , . Bookmark the permalink.

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