Retail is little without knowledge of consumer behavior, and in answer to the need for that knowledge, The NPD Group launched new Checkout Tracking services for the apparel industry.
The service measures consumer buying behavior at the market basket level based on receipts for both online and brick-and-mortar purchases.
“NPD has a rich heritage of innovation and we’re known for our industry expertise,” Andy Mantis, NPD’s executive vice president of Checkout Tracking, said. “We are excited to bring this new information to more of the industries we serve in order to meet their ongoing needs – namely, understanding and adapting to changing consumer tastes, shopping and buying patterns.”
With Checkout Tracking, users get an omnichannel view of purchasing on an easy access dashboard and can assess consumer spend and share of wallet by retailer, category or buyer group.
Competitor analysis is also available to marketers and manufacturers with the service.
According to NPD, “Market basket insights can be used to improve product bundling and share of wallet can help facilitate manufacturer/retailer collaboration. In addition to showing which competitors a retailer’s customers are visiting, Checkout Tracking shows assortment and pricing at those competitive retailers to suggest tactical improvements to manufacturers’ distribution strategies as well as retailers’ sales.”
NPD launched the tracking service late last year, noting that it was the first of its kind to offer that level of detail regarding consumer buying behavior based on purchase receipts.
Information for the service is gleaned from upwards of 50,000 consumers from the market information company’s receipt-harvesting mobile app as well as the scanning of more than 2 million active inboxes for e-receipts through high-definition data provider Slice Intelligence.