Marketers Concerned About Lack Of Data On Consumer Buying Habits

Marketers Concerned About Lack Of Data On Consumer Buying Habits

by  @lauriesullivan, June 20, 2018

Marketers Concerned About Lack Of Data On Consumer Buying Habits | DeviceDaily.com

Marketers are concerned about a lack of visibility into consumer actions across online marketplaces such as Amazon, Target and Walmart. Some 73% think Amazon has an unfair advantage because the company doesn’t share the path-to-purchase data with marketers.

A Jumpshot survey of 307 marketers conducted by Dimensional Research in April 2018 found that 84% lack insights into buying behaviors on ecommerce marketplaces and 83% have numerous concerns that include an inconsistent view of customer behavior, lack of details on buying habits, and too much competition because of private labels.

All respondents had responsibility for marketing intelligence solutions at companies that sold both directly and through ecommerce marketplaces, and worked in retail, CPG and travel.

Deren Baker, CEO of Jumpshot, believes the data suggests marketers want better data to help them complete, and 50% say the lack of data makes them hesitant to invest.

The biggest benefit for marketers to sell through marketplaces, per the study, points to the ability to reach consumers where they prefer to buy. But that increased brand reach comes at a price — a lack of customer data. Marketers admit they would feel more comfortable with better data. Large companies are more likely to invest in data, especially agencies. In fact 75% that generate $1 billion in annual revenue work with agencies or consultants to gain additional analysis.

Some 67% of those who sell across more than 20 marketplaces say the lack of data impacts them. Only one-third of marketers think they have an “excellent” understanding of their customers’ path to purchase and 86% say it would be beneficial to understand competitors’ search, path-to-purchase, and purchase data on Amazon.

Marketers say they have many uses for additional data. Some 78% said they would use improved purchase behavior data to determine whether customers are buying somewhere else or are simply lost when they leave their site. About 95% would have more confidence in e-commerce marketplaces with better data.

These insights are particularly important for understanding lost sales and new revenue opportunities, with 67% saying the most important area for gaining insights into path-to-purchase behaviors is understanding where sales are being lost.

 

MediaPost.com: Search Marketing Daily

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