Consumer Panel Data: Best Consumer Panel Datasets & Databases
Consumer panel data is a source of information that tells you more about
consumers’ buying processes. It’s collected via POS (point of sale)
information whenever items are scanned at a store and by manual surveys.
Retailers use this data to recognize purchasing trends.
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What is Consumer Panel Data?
Consumer panel data is collected through surveys and scanned items at the stores. This data is based on the purchasing behaviors of consumers. This information is useful to those who sell products, as well as who want to understand the purchasing behaviors of consumers in general. Marketing teams and advertising can also base strategies on consumer panel data. The cost:response ratio of consumer panels is typically very low, making it an ideal way to gather consumer information.
How is Consumer Panel Data collected?
Consumer panel data is collected through surveys mostly, but it can also come from POS (point of sale) alerts, triggered when a consumer purchases products in the store as they are scanned. This information is then sent to a database and used by vendors and businesses to understand the purchasing behaviors of those consumers who are shopping within the store. This information is purchased usually by companies who want to introduce a new product.
What are the attributes of Consumer Panel Data?
The data that is collected will have a lot of different attributes, and these attributes can change based on the consumers, but also the type of vendors who are requesting the information. The common attributes include the types of products purchased, when purchased, where they were purchased, who they are shopping for in their household, and other important factors based on the products they purchase or how they feel if they are filling out a survey for this information.
What is Consumer Panel Data used for?
Consumer data collected is used by vendors and other retailers to find out the changes in the buying behaviors of the individuals who are looking to sell to consumers. This information can help to customize the buying experience that the consumer has, or even introduce items to these consumers which in turn helps the company make more money and gain more interest from those who purchase with them. This information can be helpful in many ways, especially as a new business who is looking to advertise or market to their audience. It can show them what these individuals in the area purchase.
How can a user assess the quality of Consumer Panel Data?
The quality of this data is important. Since many of the products being scanned are being added to a POS database automatically, consumer panel data is usually available via a real-time data feed. The database can then compile and sort through the information for those who are looking to enrich their consumer intelligence with consumer panel data. Assessing this information is important, especially as a business relying on the insights to boost sales.