Big data, multi-channel, mobile and social media are all impacting online buying behaviors. While this infographic is focused on Europe, the rest of the world isn’t too different. Big data is helping ecommerce providers predict purchase behavior and helping to present product offerings across channels – increasing conversion rates and upselling consumers.
A McKinsey iConsumer survey spotlights 5 key digital consumption trends in e-commerce, mobile, multichannel, social media, and big data.
The difficult part, of course, isn’t simply how companies utilize big data and how they market across channels, it’s calculating the impact of each marketing channel on the overall purchase. Large companies are utilizing predictive analytics that collect volumes of data and allow them to understand what an increase or decrease in one channel’s activity will have across the entire spectrum. Smaller companies are still left with first-touch, last-touch mechanisms which may not provide the insight and accuracy of the paths that complex consumer behaviors are now taking.