In order to extract authentic business intelligence on any customer’s long- term viability with the brand, companies are increasingly turning towards data. Enormous piles of data warehousing thus needs to be produced before coming to logical conclusions. Specifically, this data needs to be collected at the point of the first purchase. A lot of companies, in the mad scramble for this data, have piled on huge quantities of money, but do not know exactly how to use. That is where a recent study conducted on thirteen- thousand shoppers has conclusively pointed out to a customer’s first purchase as being critical to the journey. On the other hand, those going for Black Friday or other such festive periods’ discounted deals, tend to stick most for the lower- value goods. Ascarza is one company right at the forefront of this analytical process, using a black box pf their own to uncover these mysteries.

Source:https://hbswk.hbs.edu/item/identify-great-customers-from-their-first-purchase

Uploaded Date:27 December 2019