Provides a Foundation for Retailers’ Quest to Drive Repeat Customers and Increase Share of Wallet
1010data, a leading provider of analytical intelligence and consumer transaction data, is pleased to announce a suite of new products designed to provide a richer understanding of the consumer purchase journey. The solution portfolio comprises three reports: Share of Wallet, New-Lost-Retained Customers, and Comparison Shopping. These reports work in concert to provide brands and retailers with a detailed picture of how consumers arrive at their purchasing decision from awareness and evaluation to purchase and return. For those consumers who didn’t complete the purchase journey, the data sets help brands and retailers understand possible reasons as to why they lost customers and how to re-engage them. The suite, which operates across the consumer decision loop, includes:
“These new solutions are designed to extract maximum value from consumers’ secondary data, enabling new ways for brands and retailers to understand their customers and win more of a given customer’s spend”
- Share of Wallet: a less expensive way to boost revenue than expanding market share, this report calculates the average proportion of customer spend going to a specific company, in a specific category, during a specific time period.
- New-Lost-Retained Customers: helps understand and influence customer loyalty and spending, with key metrics such as average number of repeat purchases and cycle time, as well as new, retained, and lost customer percentages.
- Comparison Shopping 2.0: key enhancements and updates to 1010data’s classic Comparison Shopping Report, empowering retailers to understand shopper purchase considerations such as other products viewed and the circumstances and contexts in which a product either won or lost the purchase – as well as illustrating solutions for customer acquisition strategies and driving brand awareness when faced with competition and comparison.
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“These new solutions are designed to extract maximum value from consumers’ secondary data, enabling new ways for brands and retailers to understand their customers and win more of a given customer’s spend” notes Andy Mantis, Chief Business Officer of 1010reveal, “It’s always more expensive to acquire a new customer. Therefore in most cases, increasing wallet share is an organic, efficient and less expensive way for retailers to boost revenue, rather than expanding market share. This set of tools gives ecommerce retailers a way to get the most out of their marketing strategies.”
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Alongside these new reports, 1010reveal’s eCommerce Suite is inclusive of Shopper Journey and Market Benchmark tools. These will help retailers to:
- Glean intelligence on both the customer and item level: the cycle of repeat purchasers and individuals’ behavior, and the specific items they are purchasing, either from the company or its competitors
- Monitor the drivers underlying customer preference and choice
- Optimize keyword search terms and product names to align with consumer expectations
- Identify when they lose a sale to a competitor, and why, in order to make strategic improvements over the competition
- Asses the overall landscape of the industry, with: site, category and brand benchmarks; top brands and merchants; item-level details; and product views and conversions