Most consumers today, begin shopping long before they enter a store or add items to their online shopping basket.
There’s a wealth of consumer intent data produced during each stage of the buying process that could help retailers drive more sales, yet many fail to capitalise on these opportunities due to poor data collection processes and lack of integration between marketing and e-commerce platforms. These are the highlights of a recent survey of 85 retailers with online shopping baskets conducted in February 2013 by Retail Systems Research (RSR).
Data and email disconnect across retailer segments
The survey examined retailer data collection and email practices during the pre-purchase, in-purchase and post-purchase stages. During the pre-purchase stage, most consumers do their homework before buying by first visiting retailer, manufacturer and product review sites to compare products and prices, yet 47% of retailers surveyed said they do not collect product-level site browsing data that can be associated with a specific email subscriber.
In-Purchase activities move shopping behaviour from browsing to the transaction, presenting opportunities for retailers to upsell, cross-sell and build repeat business. The survey found that 22% of retailers are not currently exchanging data between their email service provider and e-commerce platform, thus limiting the potential for driving more revenue with in-purchase and post-purchase email campaigns.
The report also examines retailer email opt-in, abandoned basket and transactional practices during the in-purchase stage, revealing missed opportunities for retailers to more effectively grow subscriber lists and improve email targeting.
Once the purchase is completed, retailers have the opportunity to entice that consumer to make their next purchase, write reviews and become a loyal customer. The survey revealed some retailers are still failing to take advantage of this opportunity. Only 24% said they customise campaigns to active purchasers beyond their transactional communications of order and/or shipping confirmations.
Closing the gap to make data actionable
“Retailers have a lot to gain from consumer purchase data, but the RSR survey shows many still struggle to make data actionable and they’re missing out on revenue opportunities,” said Jim Davidson, Bronto’s manager of marketing research, who cooperated with RSR on the report. “Those retailers who close the gap by integrating marketing and e-commerce platforms are reaping the rewards through stronger customer loyalty and a greater share of revenue.”
In addition to survey results, the report also includes recommendations for retailers to drive more revenue by leveraging consumer purchase data throughout every stage of the buying cycle.
The report, “Harnessing the Power: How Retailers Collect and Use Purchase-Related Data,” was co-developed by Bronto Software and is available for download at bronto.co.uk/harness
Source: Retail Systems Research
