New Service Provides Comprehensive Receipt-based View of Customer Market Basket
PORT WASHINGTON, NEW YORK, November 11, 2014 – The NPD Group, Inc., a global information company, has launched Checkout Tracking℠ , a new service providing comprehensive information on consumer buying behavior at the market basket-level, based on receipts for both online and brick-and-mortar retail purchases.
Checkout Tracking delivers precise item-level purchase detail that is linked to the buyer and their demographics. Data are collected from large-scale longitudinal panels, making it possible to study the same consumers over time, analyzing competitive market baskets, and identifying purchase patterns. Data are available for both online and in-store purchases at the item, brand, and category level.
“Until now, there has been a gap in general merchandise retail industry knowledge as marketers have not been able to study consumer basket-level information across competitors and industries,” said Steve Coffey, chief innovation officer at NPD. “Checkout combines the precision of retail tracking information with the consumer insight of a panel, exponentially increasing customer knowledge, and highlighting opportunities to increase market share and evaluate and improve discounts, promotions, and loyalty programs.”
Checkout information is collected via patent-pending methodologies, classified using NPD’s industry-standard product dictionaries, and validated by NPD’s benchmark databases, including syndicated point-of-sale tracking collected from 1200 retailer partners, representing 165,000 stores worldwide.
Leveraging synergies across databases, NPD’s analytics and modeling team can develop customized solutions to address business issues and identify emerging business threats and opportunities.
“It’s never been more important to know your customer,” said Karyn Schoenbart, president and chief operating officer for NPD. “We’re most excited about this new family of services because it provides a customer-centric view, an ideal complement to the product focus of our point-of-sale tracking services. By aligning these robust and complementary data sources, we will be able to address more questions and provide more solutions to our clients.”