When it comes to understanding what is going on with a business, marketing research is very important. Sometimes, there is something even more important, however, than marketing research. Information from the shoppers themselves can offer huge amounts of valuable information, and the term used for gathering information from the shoppers themselves is ‘shopper insights’. Shopper insights provide a wealth of information such as shopping trends, why certain products sell or not, why and how certain business decisions affect shopper behavior, and much more. For a business to really make an impact on their customers’ overall experience, collecting information using a shopper insights approach is an essential practice.
One of the first things an analyst does when collecting shopper insights is to look at what types of products or services are purchased by different types of shoppers. The demographic behind different types of sales is very useful information, and companies can modify their sales based on who is shopping. It is also important to collect information about how much of a product is purchased by a particular type of shopper. By understanding who is buying what, it is possible to build a model of the customer base and create experiences that both enhance the experience for loyal customers and entice new customers to shop.
How could Nepa help out with shopper insights
To enable for companies to apply customer-centric and assigned decision-making and to take advantage of insights that will result from customers’ opinions and behaviors, Nepa has created ActionHub®, a highly modular software platform that offers unmet capabilities of finding, analyzing and solving business issues. The basic capabilities that are also the building blocks in all of Nepa’s products will help your business to:
- Organize, combine and manage large amounts of data coming from a multitude of sources – from both opinions and actual behavior.
- Sample the data in a smart way with methods and framing allowing a profound and relevant impact on the insights process.
- Apply advanced analytics that systematically manages to link relevant data to concrete business outcomes.
- Automate the process to continuously feed your organization with the latest and customer-based insights.
- Visualize data and actions to enable assigned decision makers to more easily grasp and identify new consumer patterns and new business opportunities.
- Apply advanced Econometrics to enable monetization on actions. We identify the relation between cause and effect and quantify the impact of each action.
Nepa turns big data into actionable insights. Our purpose of actionable insights is not to just share interesting data or information with our customer, but to get them to take action and change. We adapt and personalize the insights and the impact of actions to address the issue of, “This is what this means to you and your business within the area of responsibility that you are working with. This is how it will contribute to your result”.
Identifying different types of shopper behavior is also very important, and is one of the primary objectives of the researchers involved in shopper insights. There are many types of shopper behaviors that are tracked, such as cross-shopping, browsing versus shopping, impulse buys versus planned shopping trips, areas where more buying takes place within a store, and so on. Using this type of information, a clear picture can be formed as to how shoppers are reacting to different aspects of a company. The people making decisions, therefore, can adapt to the behaviors of the shoppers, which usually leads to an increase in sales.
The shopper is always right, or so they say. While this may not always be the case, the shoppers do provide very useful information that aids companies when making decisions affecting the customer experience. Shoppers have a unique perspective because they do not know the whole story behind the products that they are buying. They give information that speaks directly to their shopping experience, and as a result, companies can identify weak and strong points within their organization. Without shopper insights companies, would be left guessing.
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