Finding the whitespace: Identify growth opportunities using omnichannel insights


Finding the whitespace: Identify growth opportunities using omnichannel insights

Shoppers today aren’t just sticking to one channel: They’re moving from mobile app browsing to online purchases and curbside pickup, and tracking that data smoothly across channels is tricky. Businesses that aren’t using consistent and comprehensive omnichannel measurement are missing out on opportunities to grow. 

Omnishopper habits inform CPG data strategies

The omnishopper drives sales across every channel, so brands need to be closely tracking purchase paths accurately, from start to finish.  

This will show your brand more about your customers and the effectiveness of your sales and marketing strategies. In fact, if you aren’t using the right tools to individually identify customers in your channels, you may not have a clear understanding of how many of your customers actually are omnishoppers. 

Data-backed plans and tailor-made strategies that are unique to a brand’s customers are made possible when the brand has a total omnichannel view. Growing a brand requires full visibility of sales and share covering both the online and offline channels. Our latest worksheet demonstrates how a CPG manufacturer or retailer can make these adjustments by evaluating your current data strategy.  

Using one tool to track data across every channel makes it easier to find new opportunities

Retailers and manufacturers use tools like customer accounts and loyalty programs to collect customer data, as well as to understand what matters to and motivates frequent shoppers.  

There is almost always some variation between what consumers buy online versus what they buy in physical stores, in terms of which categories they buy from and how much they spend. Loyalty programs are a good first step to tracking this, but they’re limited by their members-only scope. Non-member purchases are a blind spot when retailers rely on loyalty programs. 

Manufacturers frequently rely on internal sales data—which is a good starting point—but one that doesn’t tie revenue back to consumer behavior. As a result, it isn’t useful for spotting trends and informing data strategy. Using internal sales data for omnishopper insights can also be a resource-intensive process, and you can increase your efficiency with just one data source. 

Today’s CPG shoppers have so many options to choose from, and their behavior and brand preferences can change quickly based on their needs at different times.   Comprehensive data tools help you stay on top of this: They track and report the behavior of omnichannel shoppers who switch between online and offline purchasing. 

Brands need to know exactly who their customers are and fully understand their behaviors to predict what they will need in the future. This level of tracking helps you quantify any sales that are leaking to your competitors, and whether this is growing or shrinking over time. Brands can better identify their converted shoppers, their missed shoppers, and spot new trends by closely monitoring this leakage. 

Take a deeper dive into your data 

The use of omnichannel sales measurement tools allow brands to get to know their buyers on a deeper level and reflect that information in everything from new product development to retail partnerships. 

Illuminate your whitespace

Evaluate your omnichannel measurement tools with our worksheet

Finding weak spots in certain areas like your brand’s strategies for assortment, pricing, and promotion, and making the necessary adjustments to better them, all ensure that you’re addressing shoppers’ concerns and meeting their expectations. At the end of the day, a complete, connected picture of the omnishopper experience helps you make strategic decisions for your brand with confidence.  

NielsenIQ’s new omnichannel insights worksheet poses essential questions for you and your business to reflect on your omnichannel strategy, and offers specialized tips and recommendations for improvement. Evaluate your tools, processes, and goals for online and offline data management, and ask yourself whether your current methods are producing the best results for your brand.  

The omnichannel worksheet questions will help you to reassess your brand’s current challenges and solutions. Get started today and download the worksheet here.