Shopping Intent Data

What is Shopping Intent Data?

Shopping intent data is a collection of a buyer’s purchase behavior that provides you with the ability to gauge and predict customer intent. Shopping intent data helps you identify active customers and reach the right prospect at the right moment with the right message. It is related to the browsing activity of an individual or a company whose interests can be depicted via caches or a recent online footprint.

Shopping intent data covers online research of actual customers’ journeys and draws a purchase intent signal from those. It creates the most accurate way to predict who is in the market for your product.

How is Shopping Intent Data collected?

The process of shopping intent data collection falls in one of two main sections, each of which best serves a separate purpose:
1: Internal intent data (also known as first-party data) is the activity in which companies capture data on its website through its marketing automation software or through weblogs. With the help of this, companies will come to recognise highly predictive buying signals, as the content is related to the purchase decision.
2: External intent data (or third-party data) is obtained by publisher networks, either at the IP level or by user registration and cookies. Data from these sites shows the blogs a user reads, the content they download, their site searches and possibly even comments they drop.

What are the attributes of Shopping Intent Data?

The three major attributes of shopping intent data are: 1st -party, 2nd-party and 3rd -party.

1. FIRST-PARTY SHOPPING INTENT DATA: This is the type of shopping intent data that is collected from known contacts and visitors. It covers everything from prospect communications with your website to emails and social media. It is used to share ideas, build workflows, helps in advertising and in increasing sales.

2. SECOND-PARTY SHOPPING INTENT DATA: Second-party shopping intent data is the data is collected by another company. Sources of second-party shopping intent data usually cover review sites or publishing networks. The user grants the company authority to share or sell their behaviour — sometimes with their contact details.

3. THIRD-PARTY SHOPPING INTENT DATA: Third-party shopping intent data is the data is gathered from all over the internet, although some models only monitor a network of websites. This type of shopping intent data is usually mined using three methods: reverse IP lookup, information from ad networks and widgets, and media exchange/publishing members.

What is Shopping Intent Data used for?

Shopping intent data is used to inform sales and marketing departments when their high-value accounts are in buying mode for a specific solution. Shopping intent data is also used to increase conversions and sales.

Here are some common uses of shopping intent data:

• To build targeted audience lists – Sales and marketing teams can dynamically refine their leads lists to prioritize users that show an active interest in their products.
• Account-based marketing (ABM) – Sales and marketing teams can choose ABM accounts based on their level of interaction, analysis and account-wide intent.
• Personalization – Sales teams can better personalize the fundamental outreach with the resources that meet whatever the accounts team is already looking for.
• Targeted advertising – Shopping intent data is used to produce more targeted ads to both known and anonymous prospects via programmatic adverts.

How can a user assess the quality of Shopping Intent Data?

The quality of shopping intent data is dependent completely on how it’s used – marketers have to create workflows and campaigns based on a wide range of data, including demographic and firmographic factors. Another key point to remember about shopping intent data monitoring is that its purpose is to find actionable trends in literally billions of data points on user buying intent. So the quality of the data is linked closely to the data accuracy and its breadth of coverage.

Here are some questions you should think of while applying the shopping intent data to your marketing strategy.

1. How is the data checked for accuracy?
2. What technologies are used to gather the shopping intent data?
3. How this data can be used to trigger programmatic ads?
4. What are the formats is the data available in?