LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global clickstream analytics market to grow at a CAGR of close to 14% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global clickstream analytics market for 2017-2021. The report also lists master and transaction data as the two major segments based on data type, of which the master data segment accounted for close to 90% of the market share in 2016.
Clickstream analytics involves the recording of user activity such as clicks on links while browsing the web. When a user clicks on a link, image, or any other multimedia object on the page, that information is stored. Increasingly, analytics tools have also been able to record such specifics as the location of the cursor on the website. This provides businesses information regarding their visitor's browsing behavior. When practiced on a large set of users, large amounts of data that can help in segmenting customers can be collected.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global clickstream analytics market:
- Detailed customer segmentation
- Access to real-time data
- Growing penetration of e-commerce
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Detailed customer segmentation
One of the major reasons that companies are deploying clickstream analytics is that it provides personalized segmentation based on the users' online behavior. This enables businesses to customize their services and advertisements in accordance with the user profile. This improves the quality of user interaction, increases conversion rates, and leads to higher customer loyalty.
“Clickstream analytics identifies user behavior and provides necessary data. This data, when used in mapping or predictive models, allows for detailed customer segmentation. It is important to identify the customer segments and focus the website toward their preferences to enhance the chances of a sale,” says Ujjwal Doshi, a lead analyst at Technavio for Internet and e-commerce research.
Access to real-time data
With real-time data, organizations can easily monitor the effectiveness of their marketing and sales strategies. Real-time insights can help companies to react quickly and mitigate the effects of operational challenges. This will save the businesses from falling behind their competitors in a competitive market, where customer acquisition can decide the future of the business. Competitors are continuously adopting new strategies and it is important for businesses to be aware of these and to stay ahead of the competition.
“The real-time data can also enhance the quality of the services offered to users. This can propel sales as organizations can monitor the products that are purchased by their customers and pro-actively react to upcoming opportunities. As clickstream analytics gathers large amounts of user information, advertisements can target audiences better. Customer segmentation may be based on factors such as interest, behavior, demography, or region,” says Ujjwal.
Growing penetration of e-commerce
E-commerce has grown significantly over the last few years, particularly with the provision of convenient delivery services and easy cancellation and return policies. E-commerce vendors that have high amounts of clickstream data will be able to gain more concise and accurate analysis of their markets. Global vendors such as Alibaba, Amazon.com, and JD.com offer substantial discounts during the holiday season along with easy returns and exchange policies.
The customer segmentation changes during this time as the traffic is exponentially high. This can also result in more detailed customer segmentation resulting in higher scope for the implementation of clickstream analytics.
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