Purchase History Data

What is Purchase History Data?

Purchase history data is a list of all the purchases customers have made with you or from other businesses in the past. It covers the specific products they bought and how much does each product cost, along with data about the customer and when they bought the products. Purchase history data is a convenient way for a retailer or shop owner to keep a record of all current and past purchases. It allows the retailer or shop owner to get up-to-date data on each purchase made, including transportation updates, distribution, and amount details.

How is Purchase History Data collected?

The process of purchase history data collection falls into the following parts:

1. Point of sale data collection method - The point of sale data collection method sheds light on points such as customer intent, shopping preferences, sales trends and more to help retailers know which products are making profits.

2. Online Surveys - The ideal way to know what your customers think of your products and services is to ask them! Online surveys help in finding purchase history data and also helps in predicting their future purchases.

3. Web and online traffic - Purchase history data is also connected from online traffic and web portals, cookies and caches data of online shopping portals and e-commerce sites.

What are the attributes of Purchase History Data?

The main attributes of purchase history data cover consumer products purchase history data and industrial product purchase history data:

Consumer products purchase history data: This is the type of purchase history data that covers purchase details of consumer products (products that a consumer buys for their personal needs) like textiles and computers. Consumer purchase history data can be broken down into the following types:

1. Convenience products purchase history data.
2. Shopping products purchase history data.
3. Specialty products purchase history data.

Industrial products purchase history data: This is the type of purchase history data that covers purchase details of industrial products (products that a consumer buys for company and non-personal use) like the raw materials, machines and tools. Industrial products purchase history data can be broken down into the following types:

1. Machine parts purchase history data.
2. Capital items purchase history data.
3. Business and supplies purchase history data.

What is Purchase History Data used for?

Purchase history data is used by retailers to get up-to-date data on each product that a customer purchases either from their shop or any other showroom. It’s useful for retailers and shop owners to get detail about a product purchased online. By keeping retailers updated about customer’s shopping preferences, this data is used to improve sales experience, reducing the possibility of complaints and making sure the customer support resources are deployed in an optimal way. Purchase history data is also useful for retailers in forecasting stock/product demand and knowing the bestselling goods in the market.

How can a user assess the quality of Purchase History Data?

The quality of purchase history data is highly subjective and dependent completely on how it’s used – retailers have to maintain stocks on a wide range of products, depending on customer shopping preferences, demand and supply and current market trends. Another key point to remember about purchase history data monitoring is that its purpose is to find actionable trends in literally billions of data points on user shopping history. So the quality of the data should maintain strong levels of accuracy and breadth of coverage.