Purchase data or sales-based metrics are one of the mainstream metrics used by businesses as a primary gauge of success.
As compared to data sources like social media channels, online reviews and customer feedback, purchase data is more straightforward. Purchase data does not typically need the level of interpretation and analysis that subjective opinions require.
The direct and straightforward nature of purchase data can help brands identify any issues with their sales channel investment, engagement campaigns, promotional messaging and feature introductions. This form of data can also serve as a quality control gauge for a company and its offerings.
Since this form of data is simple to access, it is often considered an invaluable asset. But, companies need to set up processes that identify, collect, access, analyse and monitor purchase data on a regular basis..
[6 minute read]