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In part 1 of my blog series on the state of use of Shopper Insights in retail, I shared details about survey methodology, respondent demographics and the objectives of the research.
In this part, I’ll reveal findings regarding the types of shopper data retailers are capturing, and highlight specific differences in what matters and what doesn’t.
The survey findings clearly show that retailers recognize the value of data and are expending a great deal of resources in capturing all types of shopper data, with nearly half of the survey participants claiming that they "gather and/or put the data insights to use" in their jobs.
In terms of types of data, retailers are collecting a variety of data—some common and other less expected. Demographics, social media, onlineand loyalty card datatopped the list. In fact, but for grocery/ supermarket segments, all respondents listed demographics, social media, and online purchase and browsing behavior data to be the top three types of data being collected.
On the other hand, in-store movement/behavior data and mobile purchase data were amongst the least collected forms of shopper data, reflecting retail executives’ cautious approach towards in-store monitoring due to public privacy concern, and the nascent stages of mobile e-commerce. It was also interesting to note that more companies regarded social media as "the pulse of the consumer" vs. traditional customer interaction/complaint data.
Survey data clearly emphasized the segment and company size specific differences in data collection and usage practices. For example, grocery/supermarkets were much more active in collecting and using in-store shopper movement/behavior data than any other retail segment while lagging considerably in collection of social media and online purchase and browsing behavior. This was understandable considering that every supermarket aisle stocks products from many manufacturers/CPG companies who have a vested interest in identifying in-store factors influencing consumer choice. On the other hand, online data is deemed less insightful for this segment given the still emerging state of online grocery ordering.
There were also differences in data gathering practices by company size. Bigger companies were more proactive in collecting and using e-shopper data vs. smaller players, indicating a greater inclination on the part of larger companies to capture and grow online sales.
Irrespective of the types of data being collected, it was apparent that the majority of those surveyed weren’t using it to the extent they should be, with only 16 percent claiming to be experts in deriving insights from the data to support retail decisions.
Where are you in your shopper analytics efforts? Are you taking advantage of all the shopper data you painstakingly collect? In my next blog I’ll discuss the most common areas retailers are using shopper insights for, and highlight areas of missed opportunities.
Until then, please share your opinions and views about shopper insights and enabling analytics. And if you like what I’ve covered thus far, help us expand the knowledge base to new readers by sharing links!
Retail Shopper Insights Blog Series: An Insider’s Perspective
- The State of Use of Shopper Insights: Retail Analytics Blog Series Introduction
- Shopper Data Matters – But All is Not Equal!
- Top Uses of Shopper Insights – And Missed Opportunities!
- Roadblocks to Usage of Shopper Insights
- Shopper Insights to ROI – Factors that connect!
- Recommendations: Making Your Shopper Insights Initiatives Count!
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