Retail Analytics

In: Business and Management

Submitted By drkhustar
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In understanding consumer preferences and purchase behavior, describe the evolution of path to purchase? What type of analytics is prevalent in understanding online v/s offline path to purchase?

1. Importance: The path to purchase is a cyclical decision making process that connects consumer demand to what shopper will actually buy. Shoppers face countless options along their journey, and each one forces them to make a decision before they can move forward. But with rapid development in technology, digital touch points in the path have outgrown the physical ones. This has caused the “path to purchase” to change dramatically and become condensed into as little as a few minutes with more and more customers shopping from the comfort of their homes with mobile phones. There is a need to invest, strategically and financially, in tools and platforms that measure beyond traditional web analytics to understand engagement activity (e.g. search, review and cross-shopping, mobile/tablet engagement) before, during, and after the customer conversion. Hence all marketing must acknowledge this shift in behavior and ensure that it is designed to create demand and include the means to satisfy that desire instantly.

2. Focus, landscape assessment & key trends: Consumers actively curate their own journeys and expect brands to use all data at their disposal to personalize every interaction. Delivering the right message at the right time is more important. The ‘evaluation of products and services’ is arguably the step along the path that has undergone the most dramatic change. Technology now allows us to crowd source purchasing decisions to a widely distributed network of people. Customers can compare features and prices, view videos of the product and hear how other people use it.

3. Focus area, Business dimensions and Solutions: Extreme fragmentation of the path to…...

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