Buy Till you Die:" New Perspectives on Consumer Buying Patterns from the Wharton Customer Analytics Initiative
When it comes to consumers' shopping behavior or retailers' approaches to understand/forecast it, old habits die hard. Despite the flow of rich new behavioral data, most e-commerce firms are still relying on methods that were developed many decades ago - if they're engaging in any customer analytics activities at all. The point of this session is to shake up current thinking about online shopping patterns, and to give retailers a practical new set of tools to help them better understand, anticipate, and guide consumer behavior. The Wharton Customer Analytics Initiative has commissioned a number of projects with leading researchers around the world, and we present some highlights of our findings as well as our innovative "modified crowdsourcing" process for engaging academics to study real-world marketing problems. Our specific case study focuses on the development, implementation, and diagnostic testing of a "buy till you die" model of repeat purchasing for a leading multichannel apparel retailer.
- New perspectives about how leading researchers around the world are working with multichannel retailers to shape new methodological approaches.
- Customers' future behavior is remarkably easy to predict using past behavioral data alone.
- A specific case study of how one new (but well-proven) model can be used to forecast and understand multichannel shopping behavior.
- Substantive insights about how shopping patterns vary across channels for a leading retailer.