Retail fails to use path-to-purchase data
By Retail Technology | Tuesday May 7 2013
New report finds retailers not taking full advantage of online site and shopper data to increase engagement and drive sales
The multichannel consumer shopping journey can take many routes, but new research suggests retailers are failing to capitalise on opportunities to gather intelligence from when consumers browse online due to poor data collection processes and a lack of integration between loyalty, marketing and e-commerce platforms.
The recent survey of 85 retailers operating online shopping baskets was conducted in February 2013 by Retail Systems Research (RSR) and found that, despite the fact most consumers now carry out pre-purchase research online, 47% of retailers are not collecting product-level site browsing data associated with a specific email subscriber.
Marketing and e-commerce lack integration
The report, entitled Harnessing the Power: How Retailers Collect and Use Purchase-Related Data, also found 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.
It also examined retailers’ email opt-in, abandoned basket and transactional practices during the in-purchase stage, which revealed further missed opportunities for retailers to more effectively grow subscriber lists and improve email targeting.
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, marketing research manager of e-commerce marketing software firm Bronto, which 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. Survey data and recommendations for retail marketers can be found in the full report available for download (after registration) here.
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