Customer behavior analysis it's important because it helps businesses to understand how users interact with a brand, now it can be done in a more objective and real way using Big Data management techniques
Customer behavioral analytics is the process of collecting and analyzing data, using technology tools such as Big Data, machine learning and location intelligence, help gain long-term insights of the average purchase value, customer lifetime value and users interaction with a brand, enabling companies to incorporate data-driven business strategies that facilitate decision making and revenue maximization.
Foot traffic data consists of spatial data (GIS), and is at the core of building intelligent strategies, transportation routes, processes and decision making in both public and private sectors.
What is it?
Foot traffic data associates people's movements with physical locations, and can be collected in different ways, such as WiFi signals, GPS from mobile devices and sensors, providing useful information for sectors like retail, real estate, agriculture, financial services, insurance, tourism, sports, entertainment, among others.
Customer dwell time is an analysis that should be closely monitored to capitalize on the full potential of each point of sale, indicating greater customer satisfaction.
Estimating and improving the average customer dwell time inside physical stores is possible thanks to technological tools such as Big Data, location intelligence analysis and mobility data, which improve strategic decision making by helping to increase the time consumers spend inside stores, and increasing the sales conversion rate as well.
Customer analytics along with Big Data tools, predictive modeling and geospatial data are used to understand consumer needs, analyze price sensitivity, and the general behavioral patterns that customers follow when choosing products or services.
The analysis of customer information offers great advantages in strategy development, as customer interactions, consumer response and behavioral patterns, among others, can be monitored and predicted. This information is useful for increasing customer acquisition, profitability and long-term customer loyalty.
Retail companies are already implementing Big Data and geolocation analytics tools to understand consumer mobility patterns, measure foot traffic in each store, understand the performance at their points of sale and estimate competitors’ turnover.
Big Data techniques allow the recollection of large volumes of geospatial and anonymous data from various mobile devices such as cell phones, computers, tablets, etc., making possible to generate different detailed and general analysis that help to solve any kind of business problems in any specific sector.
Consumers today have access to information anytime, anywhere, including what, where and when to buy, how much to pay, among other things. This makes it increasingly important to use consumer-focused data analytics to predict how they will behave when interacting with brands.
The goal of consumer analytics is to create a single, accurate customer view to make strategic decisions about how to acquire, identify and retain them. The better the understanding of consumer buying patterns, the more accurate the prediction of consumer behavior and journey when purchasing a product or service.
Thanks to advanced Big Data techniques that make it possible to collect and analyze large volumes of mobility data, it is possible to establish where consumers live and where they go before visiting a shopping mall or supermarket.
Today, business leaders have access to Business Intelligence solutions that are based on millions of anonymized data generated every second by cell phones, records that allow increasingly accurate estimates of the levels of affluence received by commercial establishments.
Analyzing the number of consumers who visit the establishments of any retail company, establishing the days and hours of greatest affluence and comparing it with competing sales points, is possible with Big Data techniques that allow the collection and analysis of large volumes of mobility data.
The millions of anonymized data generated every second by cell phones in all markets around the world make it possible to make increasingly accurate estimates of the levels of customer traffic received by commercial establishments.
During the first half of 2021, consumers in Central American countries increased their interest in comics, martial arts, motorcycles, vegetarian food, spa services, air travel, weight loss products and sporting goods.
Through a system that monitors in real time changes in consumer interests and preferences in Central American countries, developed by CentralAmericaData, it is possible to project short- and long-term demand trends for the different products, sectors and markets operating in the region.
During the first quarter of 2021, consumption of household cleaning products increased in five of the six Central American markets, with Honduras and Panama reporting the highest year-on-year variation rates.
Data revealed by Kantar Worldpanel Division highlights that between January and March 2020 and the same period of 2021, consumption of indulgence and cleaning products increased 28% in Honduras, 17% in Panama, 13% in Nicaragua, 6% in Guatemala and 3% in El Salvador.
In the last week of May 2021, El Salvador, Nicaragua, Honduras, Dominican Republic and Guatemala were the economies in which the number of people visiting establishments identified as supermarkets was considerably higher than the figures reported before the pandemic.
In the first five months of the year, and in the context of the reactivation of commercial activities, more Central American consumers have visited locations identified as supermarkets and pharmacies.
Using today's technology, it is possible to know and accurately monitor consumer mobility, identify the places they visit, how often they do so, at what times and on what days, and transform this mobility and pedestrian flow data into solutions for optimizing commercial and marketing strategies.
People mobility is a concept that covers much more than just movement. It involves understanding where they travel, from where they come from and to where they go, what places they visit, at what times of the day and on what days of the week. There are now multiple ways to calculate it, from records generated on Internet sites to information provided by cell phones. The latter has proven to be the best option, as most people now have a mobile device.
Companies that offer their customers mobile and digital payment options, and also have cybersecurity mechanisms for fraud prevention, are the ones that will be able to take advantage of their position in this context of e-commerce boom.
The pandemic has considerably changed consumer habits, because of the quarantine decreed in the countries of the region, people prefer to spend more time at home, a phenomenon that forced companies to offer their customers online shopping options.
Using big data management techniques, it is possible to know, with greater precision than with traditional methods, the socio-demographic characteristics, tastes, preferences and interests of consumers living in a specific area of a city or of groups of people who visit particular stores.
Nowadays, with the large volumes of data that exist, it is possible to examine absolute and relative numbers of potential customers of a shopping center or business that are in any other location.
It is estimated that in Central America close to one million people express interest in soups in the digital environment, being Ramen, Curry and Maggi, some of the terms most associated by consumers with high purchasing power with the subject.
An analysis of the interests and preferences of consumers in Central America, prepared by the Business Intelligence Area of CentralAmericaData, yields interesting results on the preferences and tastes of people in various foods, products, services and activities.
Recognized Brazilian company of backhoe loaders, telescopic, articulated and other types of cranes looking for companies interested in representing the brand and distributing their machinery in Central America and Mexico. The company manufactures and sells telescopic,...
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