How well do you know your shoppers? For retailers, understanding your shoppers through first-party data is the key to building targeted, personalized experiences. That inspires shopper loyalty and long-lasting relationships.
The key to developing this deep understanding of your shoppers is to leverage first-party data about their shopping behaviors and trends. In the past, merchants have relied on third-party data gathered and owned by Facebook and Google. However, as significant browsers deprecate third-party cookies and more data privacy and security features are being offered to consumers, first-party data is the future.
Fill the void with first-party data
Going forward, merchants need to rely on first and second-party data, which is more accurate and reliable than third-party data. The two most prominent challenges merchants face in making the transition to first- and second-party data are collecting and aggregating it so they can glean actionable insights. Merchants can collect first-party data through direct interactions with their shoppers, such as when shoppers create store accounts. They can access second-party data by partnering with their Ecommerce providers.
Glean actionable insights from first-party data
Ecommerce operators know the value of understanding how shoppers interact with their site, particularly the checkout page. However, teams can’t make critical decisions with a partial view of the consumer due to a lack of data. Bolt helps merchants by bringing shopper data together in one place so that merchants can make better decisions for their business.
Here are a few examples of the kinds of insights you can derive from Bolt merchant analytics to gain a complete view of your consumer.
- Shopper’s preferred payment methods
- Checkout funnel analysis
- Comprehensive risk data
Why do these shopper insights matter?
Because each of these tools helps you improve that final and critical step in the purchase experience: checkout. According to the Baymard Institute, “the average large-sized Ecommerce site can gain a 35.26% increase in conversion rate through a better checkout experience.” The more insight you have into your customer—not just how they shop, but how they finish shopping—the better you’re able to turn first-time shoppers into return purchasers and optimize your site for future visitors.
Take your business to the next level with Bolt
Learn more about merchant analytics in the Bolt Merchant Dashboard and watch the video below.