The billion-dollar questions
The effects of inaccurate or partial omnishopper data can ripple across your organization. With some categories shifting 20–40% of total sales online, having a 360-degree view of shopper behavior can break down measurement silos that hinder growth. KPIs on penetration growth or increased purchase frequency that don’t account for omnishopper behavior provide only a partial measure of performance—and are therefore of limited value. Decisions about trade promotion allocation and marketing budgets without a complete picture of your omnishopper can result in missed opportunities.
This leads to three critical consumer behavior questions that omnishopper data can answer for retailers and CPG brands.
1. Who is my omnichannel shopper?
For retailers, a shopper who makes purchases at your brick-and-mortar location and through your online storefront is your omnishopper. For CPG manufacturers, your omnishopper is the consumer who buys items under your brand both online and in-store. Do you know who they are? Are you over- or undercounting them through transaction tracking? What do they look like, and are you marketing to them effectively?
2. Where and how do they make their purchases?
Understanding when a consumer chooses to make a purchase through one channel versus another reveals patterns and trends that can signal growth opportunities. Some categories perform better online than in-store, which can impact how omnishoppers interact with your product portfolio or sales channels.
3. How does their behavior affect my sales?
Omnishoppers may leak out to competing off- or online retailers or shift their purchasing patterns within the category to competing brands. The ability to understand changes in behavior before they become trends is a significant benefit of having accurate omnishopper measurement.
The right data leads to the right answers and outcomes
In today’s CPG landscape, some retailers and manufacturers have already shifted a significant portion of sales online, while others are catching up. As for shoppers, they are embracing the multitude of buying options that satisfy their varying needs at different points in time. There’s not a single category, brand, or merchant unaffected by this change in shopping dynamics. That’s why savvy organizations recognize the growing need for omnishopper insights to monitor purchases, drive business decisions, and confidently address their billion-dollar questions.
Accurately and holistically understanding your share of the omnishopper wallet, identifying leakage early, and pinpointing the shopper behaviors driving shifts in sales volume are just the beginning. Modifying assortment, pricing, and promotion to address shopper behaviors in-store and online help ensure shoppers’ expectations are met. Knowing the right levers to pull, and when, go a long way toward helping you meet your omni objectives as well.
The next time you’re investigating fluctuations in your brand’s performance, ask yourself, “Do I have a brand problem, or do I have an incomplete view of the picture?” Either way, NielsenIQ can help.