There is a lot of data out there, but if it’s not used correctly, it is not really a competitive advantage. Decision making for retailers and CPGs has changed tremendously as the amount of data available and the processing power of computers has increased. We’ll look at the factors contributing to this change, as well as insights into what this means on a practical level and what the future may hold.
One of the biggest challenges for Consumer Packaged Goods (CPG) companies, is how to tap into impulse buying in an e-commerce environment. In traditional retail, this has been a key driver of CPG sales, and brands invest significant amounts into merchandising product placement, especially next to the cashier to grab on the way out.
Staying ahead of the competition in the hyper competitive e-commerce market means winning the customer experience battle, and making sure you do what it takes to get shoppers coming back to your site. To get to the top – and to stay there, you have to optimize the digital touchpoints your customers experience, and understand the full customer journey.
What are consumer journeys, and why is it important to understand them? To answer this question, let’s look at a typical consumer looking for a good digital camera on your website. You’ve run a great digital campaign, and the consumer has just found the camera they want on your site. Just before they complete the purchase however, they check Amazon, and compare the product details.