What is Customer Event Data and How Businesses Use it to Their Advantage?
Business models are turning towards providing a positive customer experience across all correspondence points on a global level. A satisfied customer is a crucial differentiator in the story of any successful business. With the extremely accelerated business pace today, every venture may struggle to maintain a viable customer base of happy and satisfied clients.
Nowadays, businesses compute data and to gain intel on customers’ common purchasing habits. As a result, data scientists are essential to collecting and processing this data.
The huge presence of the internet urged eCommerce to erupt as a global phenomenon. According to extensive data research, the power of eCommerce as a business tool is more than evident, and here are the numbers that testify to it:
- 2021 will bring in 2.14 billion e-commerce shoppers on a global level
- 2021 will earn eCommerce brands a total of $4.48 trillion globally
- Amazon is the largest, most active online eCommerce company in the world
Following the spectacular success of e-tailers, companies use various channels and modern tools to keep engaging customers. However, no matter the strategy used, not knowing how much the consumers are engaged will not result in a favorable or realistic outcome.
But, event data might help straighten out this curve.
What is Event Data?
Like any action we do is considered its own event, every action taken by an online user is considered _event data in the online world.
Event data means tracking users through harvesting data on them, be it their check-in location, home address, the ads they use, the sites they access, the privacy settings they change, and their overall online experience. Through online user tracking, marketers worldwide can get extremely precise in acquiring information on consumers’ behavior.
Event data is truly a distinctive power in business. Not that long ago, major corporations needed an army of data scientists to execute event data. Today, however, far fewer data scientists are needed to obtain very precise event data insights.
Alternating Buying Patterns
Online consumers tend to roam the internet for options before settling on a product or service they want to purchase. Various mediums, such as YouTube, Google, and all social media platforms, make the most common gathering spots for potential business customers. There are many ways users engage on social media before purchasing a product or a service, including reading valuable product reviews, comparing prices, and interacting with experienced buyers.
Nevertheless, keeping track of these engagements used to be a mission impossible, leaving businesses to wonder what triggers a customer to purchase a service or product. However, today, businesses have learned the ropes of smart data gathering and use event data as a great source of information, precision, and accuracy in evaluating customer behaviors. Therefore, marketers can redesign their old strategies to successfully cope with the growing number of consumers and grasp the complexity of buying online. Here is where the potential of Event Data enters into full force.
How Event Data Assists Enterprises?
Enterprise stakeholders rely on customers’ shopping patterns, drop-off points, and behaviors to make critical business decisions and develop suitable buy-and-sell strategies. Event Data manipulation, in combination with numerous approaches, helps enterprises do the following:
- Be innovative and launch a new and desired palette of products or services
- Design a new product line customers didn’t even know they wanted or needed
- Upgrade the customers’ touchpoints whenever intel is required
- Create a much better environment with the purpose of better serving clients
Enterprises can further benefit from using Event Data to bring them even more precise information on customer purchase practices, thus increasing their overall profits. Out of all tools in the business box, creating browser plug-ins and smartphone applications are the top two actions businesses resort to, mostly to provide greater customer engagement and enable a more suitable user experience.
How can Event Data Earn Companies Profits?
There are many ways through which the use of Event Data can boost company profits. Without the customers’ knowledge, working from the shadows has its perks and helps create a win-win situation.
- Event Data lets businesses know what kind of experience each client is after. As a result, companies can optimize the user experience and meet consumers’ needs.
- Content-rich promotions will encourage companies to aim for even higher revenues because of their adjusted advertising practices.
- Companies can develop a fantastic line of desired products, thus strengthening the value of their brand.
- Because of the appropriate and extremely precise purchase predictions, companies will make more informed business decisions and, therefore, scale more rapidly.
Successful companies find event data essential in continuing to boost their profits while tending to customers and leaving them super-satisfied with their online shopping spree experience.
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