Path To Purchase
The client, a leading CPG company based in the EU wanted a deeper insight into customer purchase behavior. The company produced a wide variety of products ranging from dairy to plant-based and more, in order to cater to customers from different demographics. The client wanted to identify factors that define choices made by consumers and wished to identify the factors driving change in decision-making.
TheMathCompany worked with the client to leverage online customer sales data efficiently. In doing so, the client would be able to understand consumer preferences, identify pivotal points in the customer journey, and analyze purchase basket and customer purchase behavior. Furthermore, the insights would also help quantify lost opportunity, identify and segment cohorts based on customers’ demographic and behavioral attributes, and cull potential ways for increasing volume and value conversions.
To enable a streamlined customer journey, the data was cleaned using NLP techniques, following which customers were analyzed on various touchpoints across the customer journey funnel. Lost opportunity was assessed and subsequently customer profiles were created based on factors such as search homogeneity, product features and purchase patterns for each category. Additionally, potential ways to increase conversion on volume and value were identified.
Here’s a detailed overview of the solutioning process:
Fig 1: Overview of the customer journey funnel
Fig 2: Overview of the development of the customer journey cycle
In this step, the customer search information was cleaned out and analyzed to determine customer behaviors and key channels. The product title, brand name, and product category/sub category information was also processed and classified.