The research includes detailed insights into what influences shoppers – from when they are considering buying to when they purchase – and highlights how much of this journey takes place out of sight of retailers. It describes how retailers can gather and analyse Purchase Intent Data to get a much more complete picture of their shoppers.
The White Paper, Understanding how millennial shoppers decide what to buy, was written by Dr Duncan Shaw of Nottingham University Business School and Prof Neil Towers of the University of Gloucestershire, and is based on the behaviours of almost 2,000 shoppers.
The research highlights in an infographic that retailers can only see 10% of a shoppers decision making process, with shoppers going on diverse, complex and individual journeys.
Dr Shaw said: “Purchase Intent Data describes the behaviours of individual shoppers across all their devices and the channels that they use. It includes all their interactions with different retailers on the journey.
“Shoppers’ buying journeys are subjective, individual and more difficult than they need to be. Purchase Intent Data, and the ideas which draw it together, can light up each shopper’s journey to make it easier for the shopper and easier for retailers to understand the journeys and then personalise them - even outside of the normal touch points”.
Professor Towers said: “As retailers we must consistently give consumers what they want. To know what they want we need to know them as individuals. By what they do online, shoppers give us all the buying signals we need – all we have to do is give them what they want, when they want it - every time. Purchase Intent Data is the most exciting revolution in consumer understanding of the 21st century.”
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