Online Purchase Data
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The Ultimate Guide to Online Purchase Data 2020
Learn everything about Online Purchase Data. Understand data sources, popular use cases, and data quality.
Table of Contents
- What is Online Purchase Data?
- How is Online Purchase Data collected?
- What are the attributes of Online Purchase Data?
- What is Online Purchase Data used for?
- How can a user assess the quality of Online Purchase Data?
- Who are the best Online Purchase Data providers?
- How can I get Online Purchase Data?
- What are similar data types to Online Purchase Data?
- What are the most common use cases for Online Purchase Data?
What is Online Purchase Data?
Online purchase data is a record of a consumer’s online purchases and the actions they took on the road to this purchase. It is more than just data about the purchase itself, but also helps data collecters build accurate user profiles detailing people’s online buying habits and preferences. Online purchase data can also cover a consumer’s buying patterns, their past purchase history and can even attempt to predict their future purchases.
How is Online Purchase Data collected?
When you the visit the website of an online retailer, it automatically begins to collect data about the consumer. It will track the steps they make towards making a purchase, such as how long they spent on the website, as well as information about the purchase. This could be whether it was a luxury or essential item, whether the consumer used a discount code or whether this was in-line with their usual purchasing patterns. This information which is collected by the website itself is first-party data.
Third-party applications also collect information and use this in an online purchase dataset. These third-parties will track the consumer’s online actions and begin to build a consumer profile based off their online purchasing habits. This can include the items that they typically buy online, the frequency of their purchases and the amount they spend. This is third-party data.
What are the attributes of Online Purchase Data?
An online purchase dataset will typically include lots of information about the online user as well as the pruchases they make.
First-party data points - Information collected by first-party vendors (ie the site the consumer purchases from) is called engagement data.This is a record of the consumer’s interaction with the site up until the point of purchase and can include a variety of information, for example what product the consumer is buying, how much it costs and their payment method (for example did they use a discount code or pay in full?). First-party data will also track whether this is the customer’s first purchase or whether they are repeat customers which is used to track consumer brand loyalty and other consumer behaviour patterns.
Third-party data points - Third-party data provides a more detailed consumer profile than first-party data can because it takes information from a range of websites to analyze customer behaviour and purchasing patterns. This can include information about the products which a consumer is interested, how often they tend to make an online purchase and whether they have a strong sense of brand loyalty (ie. do they buy from the same sites, or move to new ones selling similar products?).
What is Online Purchase Data used for?
Marketers and businesses rely on online purchase data to track the habits of their consumers. They can use consumer profiles to identify people’s interests and then personalize ad campaigns to match this. Personalized outreach is proven to be more effective in revenue generation, hence why businesses like to use online purchase datasets.
Businesses can also use online purchase data to evaluate the performance of their business online. They can track how many customers who visited the site followed through to make a purchase and then identify where the issue was with those who didn’t buy anything. They can also use this data to compare how their business matches up to their competitors and identify what could be improved to increase their company’s profits.
How can a user assess the quality of Online Purchase Data?
The best online purchase datasets will provide regularly updated information about purchases that have been made online and the preferences of the consumers who made these purchases. Historical purchase data is often equally important because it can be used to identify online purchase trends and how demand for products has changed over time.
Always make sure to read the data provider’s review before buying any online purchase data and ask for a data sample in advance to ensure that the online purchase data provided matches your businesses needs
Who are the best Online Purchase Data providers?
Finding the right Online Purchase Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular Online Purchase Data providers that you might want to buy Online Purchase Data from are Sirdata, Edge by Ascential, Vumonic, datacy, and Stirista.
How can I get Online Purchase Data?
You can get Online Purchase Data via a range of delivery methods - the right one for you depends on your use case. For example, historical Online Purchase Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time Online Purchase Data APIs, feeds and streams to download the most up-to-date intelligence.
What are similar data types to Online Purchase Data?
Online Purchase Data is similar to Purchase Panel Data, Purchase History Data, and Purchase Behavior Data. These data categories are commonly used for Purchase Intelligence and Online Purchase Data analytics.
What are the most common use cases for Online Purchase Data?
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Popular Online Purchase Data Use Cases
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