A ‘shopper behavioral analysis’ helps analyze a shopper’s experience right from product impression; in-store/website experience to the final purchase, helping companies better strategize/ customize their offerings against changing consumer behavior.
There are lots of factors which influence our buying behavior. Today’s shopper is overwhelmed with numerous competitive retail or online options, making ‘shopper behavioral analysis’, a key tool for companies analyzing consumer’s decision-making, customizing their products and offerings with improved marketing strategies leading to higher brand recall and repeat shoppers.
Understanding a consumer’s behavior is very important in today’s competitive scenario. ‘Shopper behavioral analysis’ helps provide a competitive edge by making them understand the effects of social and psychological factors, religion, emotions, lifestyle, culture, demography and ethnography on a consumer’s consumption and purchasing behavior. As people with similar backgrounds or occupations, might have different lifestyles, buying patterns, influences or loyalty towards a particular product, it studies and analyzes a shopper’s behavior right from the first impression of the product to evaluation and making the final transaction.
Who buys your product? Who and what influenced the buying decision and how was it taken? Why does the consumer buy or prefer your product/brand, what its utility, how is it perceived? When and where do they buy your brand? – are some of the questions which form the crux of ‘shopper behavioral analysis’ for any big or small organization. Usage of these shopping behavior techniques helps companies better understand their shopper profile – the type of shoppers, their influences and influencers, the brand perceptions and their need to buy a particular product leading to creation of enhanced value, better customer satisfaction and positive perception about their brand/product.
In a regular scenario, a retailer would be constantly looking how to increase the footfalls in his store, continuously working on the in-store display promotions and marketing, making his staff better aligned with improving shopper’s experience and better sales pitch especially during peak time- transforming increased traffic to increased sales. The ‘shopper behavioral analysis’ helps better understand customer expectations, their perceptions, beliefs, loyalty, brand switching, risk taking fears with their purchase decisions and shopping goals. This can help customize future marketing/sales strategies. Ethnographic research and consumer neuroscience are the newer methods being adapted in ‘shopper behavioral analysis’.