For years, a customerâ€™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, letâ€™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:
The days of the single visitÂ to a trusted retailer are behind us.Â Todayâ€™s shoppers are in control.Â They are hugely aware of theirÂ power as consumers, andÂ theyâ€™re exercising it freely.
Buyers arenâ€™t using one specificÂ channel anymore. Theyâ€™reÂ shopping in stores, online, throughÂ mobile apps, on social platforms,Â and from catalogs simultaneously.Â 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.
Purchasing decisionsÂ are â€ścrowd-informed.â€ť Recommendations andÂ reviews from peers guide consumersÂ and validate their choicesÂ 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.
Shoppers used to beÂ dependent on a few sourcesÂ of information. Now with Internet search tools, consumers are able to huntÂ 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 weâ€™ve created the INFAgraphic below.
So how can I learn more?
Join us at Informatica World 2014 to learn rich information about retail technology and the â€śpurchase journey.â€ť
Experts will share ways of leveraging your data to boost sales and heighten customer experience. The conference also has a dedicatedÂ MDM Day on Monday May 12Â withÂ workshops and sessionsÂ showing how vendors, distributors, retailers and individuals interact in the â€śalways-on,â€ť connected world.
Reserve your spot byÂ signing up here.