1010data Launches Reporting Tools for the Consumer Purchase Journey
1010data, a provider of analytical intelligence and consumer transaction data, has released a suite of products designed to provide a richer understanding of the consumer purchase journey. The solution portfolio compiles reports on Share of Wallet, New-Lost-Retained Customers, and Comparison Shopping.
These reports provide businesses a detailed picture of how consumers arrive at their purchasing decision from awareness and evaluation to purchase and return. For consumers who didn't make purchases, the data sets help companies understand why they lost customers and how to re-engage them.
Share of Wallet 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, which updates 1010data's Comparison Shopping Report, helps retailers 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.
"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," said Andy Mantis, chief business officer at 1010reveal, in a statement. "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."