Predicting Consumer Behavior with Data Analytics
Predicting the ever-evolving consumer behaviour is one of the biggest challenges faced by marketers around the world. Well, it has always been a challenging task, but today, it is even harder as consumers are constantly being exposed to new technologies, products and even new wants! With a plethora buying options to their disposal, today’s consumer behaviour flickers way too often. Now, thanks to the advent of e-commerce and mobile commerce, buying a product or service is not a simple task it used to be. As they say, ‘Choices make life more complex,’ buying a product or a service in the present era is accompanied by a lot of comparisons and checking out for deals. Businesses face the brunt of this as many a time, after spending a good deal of money to promote their products, customers often leave the product in the shopping cart – never to return!
While all this is heart-wrenching for the businesses who keep losing the sale to competitors, all hope is not lost. Smart marketers put their money on data analytics to best understand their consumer behaviour.
Marketing cannot happen in isolation – a mere positioning of product to a potential buyer is not going to make the sale. Converting an interested buyer into a customer, in the era of digital overexposure, requires a deeper scrutiny of users’ digital movements. This involves tracing the digital footprints of your prospective buyers with the help of smart and intuitive data analytics tools.
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