1010data Adds Purchase Journey Analysis Tools

In New York, analytical intelligence and consumer transaction specialist 1010data has launched two new products to help businesses better understand the consumer purchase journey, while expanding its existing Comparison Shopping report.

1010data, which was acquired by cable TV and publishing group Advance in 2015, offers a big data discovery and sharing platform, to help companies achieve improved business performance, efficiency and growth. Its suite of products now includes two new reports: Share of Wallet, and New-Lost-Retained Customers, along with its Comparison Shopping report, and together the firm says these provide brands and retailers with a detailed picture of how consumers arrive at their purchasing decisions. For those consumers who didn't complete the purchase journey, the data sets help understand possible reasons why, 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 has been designed to help understand customer loyalty and spending, with metrics such as average number of repeat purchases and cycle time. Finally, the updated Comparison Shopping report enables retailers to understand shopper purchase drivers such as other products viewed and the circumstances and contexts in which a product either won or lost the purchase.

Andy Mantis (pictured), Chief Business Officer, comments: '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. It's always more expensive to acquire a new customer, and 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'.

Web site: www.1010data.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.