Get To Know Your Shoppers Through First-Party Data

<p>How well do you know your shoppers? For retailers, understanding your shoppers through first-party data is the key to building targeted, personalized experiences. That inspires shopper loyalty and long-lasting relationships.&nbsp;</p><p>The key to developing this deep understanding of your shoppers is to leverage first-party data about their shopping behaviors and trends. In the past, merchants have relied on third-party data gathered and owned by Facebook and Google. However, as significant browsers deprecate third-party cookies and more data privacy and security features are being offered to consumers, first-party data is the future.</p><h2>Fill the void with first-party data</h2><p>Going forward, merchants need to rely on first and second-party data, which is more accurate and reliable than third-party data. The two most prominent challenges merchants face in making the transition to first- and second-party data are collecting and aggregating it so they can glean actionable insights. Merchants can collect first-party data through direct interactions with their shoppers, such as when shoppers create store accounts. They can access second-party data by partnering with their Ecommerce providers.&nbsp;</p><h2>Glean actionable insights from first-party data</h2><p>Ecommerce operators know the value of understanding how shoppers interact with their site, particularly the checkout page. However, teams can’t make critical decisions with a partial view of the consumer due to a lack of data. Bolt helps merchants by bringing shopper data together in one place so that merchants can make better decisions for their business.</p><p>Here are a few examples of the kinds of insights you can derive from Bolt merchant analytics to gain a complete view of your consumer.</p><ul><li>Shopper’s preferred payment methods</li><li>Checkout funnel analysis</li><li>Comprehensive risk data<br>&nbsp;</li></ul><h2>Why do these shopper insights matter?</h2><p>Because each of these tools helps you improve that final and critical step in the purchase experience: checkout. According to the <a href="https://baymard.com/lists/cart-abandonment-rate">Baymard Institute</a>, "the average large-sized Ecommerce site can gain a 35.26% increase in conversion rate through a better checkout experience." The more insight you have into your customer—not just how they shop, but how they finish shopping—the better you're able to turn first-time shoppers into return purchasers and optimize your site for future visitors.</p><blockquote><p style="text-align:center;"><i><strong>Bring Your Shopper Data Together in One Place</strong></i><br><i>First-party data is paramount to successfully connecting with your shoppers. Collect data, aggregate it, and derive insights with Bolt's Merchant Dashboard so you can make better decisions for your business.</i></p></blockquote><h2>Take your business to the next level with Bolt</h2><p>Learn more about merchant analytics in the <a href="https://www.bolt.com/merchant-analytics/">Bolt Merchant Dashboard</a> and watch the video below.</p><div class="raw-html-embed"><iframe src="https://fast.wistia.net/embed/iframe/doiy2iqdkg" frameborder="0"></iframe></div>