The Top 5 Consumer Behavior Data Insights for Retail
Azira surveyed 261 retail business leaders on how they use consumer behavior data - here are the top 5 insights they get and what those insights can enable.
#1: Path to Purchase - What is it and why does it matter?
See where a consumer was before & after visiting a location to understand how they travel & shop.
Operations Use Cases:
- Site Selection - assess locations for ease of access
- Store Formatting & Merchandising - identify opportunities based on other stores they visit
Marketing Use Cases:
- OOH Advertising & Attribution - see which OOH ads customers are passing by
- Winning Over Competitors’ Customers - send special offers to competitors’ shoppers
#2: Demographics - What is it and why does it matter?
Characteristics including age, race, gender and HHI which are critical for defining customer profiles.
Operations Use Cases:
- Customer Insights - build a profile for your ideal customers
- Store Formatting & Merchandising - customize offerings based on demographics of the area
Marketing Use Cases:
- Personalize Messaging - personalize ad messaging by demographic groups
- Optimize By Demo - optimize ads according to which demographics they’re resonating with
#3: Work Location - What is it and why does it matter?
Common daytime locations during work hours updated monthly - work location impacts shopping behavior.
Operations Use Cases:
- Market Research - see how evolving work patterns affect downtowns and suburbs
- Trade Area Analysis - understand your trade areas relative to where people work
Marketing Use Cases:
- Audience Targeting - find audiences that work near your locations to target with relevant offers
- Win Back Customers - near their work with offers for a store near their home or new office target customers who used to visit a location
#4: Visits by Time of Day - What is it and why does it matter?
Visits aggregated by hour which can help you optimize staffing, inventory & marketing efforts by time of day.
Operations Use Cases:
- Staffing & Inventory - ensure your location has the staff and inventory it needs at all hours
- Site Selection - understand potential locations based on time of day patterns
Marketing Use Cases:
- Special Offers - drive more traffic to your location during off-hours with special offers
- Loyalty Programs & Event Planning - plan for loyalty rewards events during the popular times of day
#5: Trade Area - What is it and why does it matter?
How far consumers travel to any store or shopping center based on actual patterns vs. outdated rules of thumb.
Operations Use Cases:
- Cannibalization - understand cannibalization across multiple locations in the same market
- Competitive Intelligence - see competitor trade areas and identify opportunities
Marketing Use Cases:
- Customer Insights - see where customers are willing to travel and build a relationship with them
- Audience Curation - target people within a trade area to maximize advertising ROI