Retail Transaction Data Unlocks More Reliable 360° View of Consumer Spending
Limits & “Gaps” Associated with Traditional Data
Traditionally, retail brands have relied on various data to learn about and engage with their customers, devise new campaigns, and identify revenue-boosting opportunities.
Traditional data sources, including (but not limited to) the following, have been helpful in decades past.
Still, they remain far from ideal for brands looking to beat out the competition, gain a deeper understanding of their customers, and stay miles ahead in 2024 and after.
Web Analytics Limitations
Limits of Customer Surveys
That naturally can limit a brand’s ability to learn about its customer base, only exposing findings about those who engage — but keeping a brand in the dark about the customers who choose to opt out of surveys.
Cookie Tracking Data Limitations
How Retail Transaction Data Can Advance Branding Strategies, Consumer Insights & More
Overcoming many limits of traditional data sources, retail transaction data — including credit card transaction data — offers a more empirical and a more complete view of consumers, shopping trends, cross-shopping, and more.
Why Does That Matter?
Brands that are embracing retail transaction data and that know how to leverage it are able to:
Better understand their customers.
More effectively design new offerings, sales, and marketing campaigns for optimal success
Recognize growth opportunities in real time, before their competitors, giving them the chance to be “first to bat,” even if they’re going up against industry titans (like Walmart)
More accurately predict evolving consumer preferences, sometimes even before customers are aware of their shifting desires
The following provides a more concrete example of how today’s brands are making the most of retail transaction data.
Retail Transaction Data Use Case
One rapidly advancing application of retail transaction data has been in the area of cross-shopping and retail partnerships.
Let’s look at a quick use case, with a quick serve restaurant (QSR).
The bottom line is that retail transaction data is indispensable for modern brands.
As a trailblazing tool and revolutionary resource, retail transaction data is putting new, small, growing, and well-establishing brands in a much stronger position to get an unparalleled, 360° view of their customers. That’s what can put them and keep them far ahead of the pack in today’s cutthroat, constantly progressing retail industry.