More insights into customers’ online behaviour
Answers
Explanation:
In an incessant contest for people’s attention, e-commerce enterprises today are coming up with innovative marketing and sales strategies to create customer experiences like never before. The cornerstone of these strategies is customer data, demographic and behavioral which is being leveraged through the use of advanced analytical tools to gain an in-depth understanding of the customer’s shopping behavior.
e-commerce inherently makes it easier to collect customer data compared to traditional shopping. Right from the moment a customer lands on your store website, you can track each click and page view. This data can provide profound insights into the kind of engagement your store is generating and the purchase journey taken by your customers. These insights can empower you to influence your customer’s actions by understanding the underlying motivations, attitudes, and behavioral patterns. In fact, this understanding can be a sustainable long-term strategic differentiator leading to a higher market share for e-commerce enterprises. Here is a list of Top 5 Valuable Insights from the Study of Online Consumer Buying Behavior:
1. Understanding the Consumer’s Purchase Journey
A customer’s path to purchase is rarely linear. However, for simplifying the visualization and interpretation of the customer’s shopping journey, it can broadly be divided into two sequential stages.
Stage#1: Awareness: Today a multichannel brand presence is a basic necessity and marketing efforts need to be optimized for breaking the clutter and grabbing the customer’s attention. A clear understanding of the ‘Awareness’ stage can enable you to identify high ROI marketing channels and platforms. It allows you to build a presence on contextually relevant high converting sources of traffic and get the right message to your customers for creating the best first impression.
Stage#2: Consideration: The humongous amount of user-generated content available on digital channels and social media has made it easy for consumers to access reviews, ratings, and recommendations before buying products. Consumers are empowered to research about the products, brands, and companies. Data Analytics can help you monitor the general sentiment surrounding your brand on social media and other platforms and undertake corrective measures promptly.
Stage#3: Conversion: This is the stage where the customer decides on and executes the purchase on your store website. The right store design, discounts, payment methods and shipping options go a long way in ensuring the customer does not abandon cart or exit the store midway. Data and Ecommerce analytics empowers you to create and execute real-time offers and tweaks to enhance the client’s ordering experience.
Evaluation: The purchase journey doesn’t end at the sale. With most e-commerce stores offering easy returns, the customer decisively evaluates the product post purchase and has easy access to digital channels to post opinions, reviews, and feedback about the same. A thorough analysis of feedback can enable brands to understand customer satisfaction levels, identify store improvement areas and also a potential audience for cross-selling and upselling opportunities.