Customer journey analytics refers to analyzing every interaction a customer has with a business to understand its impact better. It is a comprehensive process that measures customer journeys and assists in identifying insights and actions to delight and retain customers. Factors such as the increasing need to provide a flawless customer experience, a greater emphasis on better customer engagement strategies, and advanced analytics solutions to leverage increasing customer data and minimize churn rate are expected to drive demand for the customer journey analytics market.
Digitalization and the industrial revolution 4.0 have resulted in data silos containing amorphous datasets. The demand for real-time data analysis, particularly in e-commerce, is rising significantly. Industries are emphasizing on increasing their consumer base with advanced analytics technologies. Customer journey analytics aids these industries by performing e-commerce and traffic analytics. Moreover, the increasing necessity to convert information into electronic form to acquire insights that help strategic decision-making in an organization is expected to fuel the customer journey analytics market growth.
In the modern era, omnichannel retail customers leave digital trails behind during their e-commerce interactions. These digital trails are also called data logs and include information on views, likes, add-to carts, checkouts, and even bounce rates at each stage of the purchase process. Customer journey analytics offers online marketers and retailers an improved awareness of how their customers interact with their applications. Furthermore, the analyzed data can be used by organizations and gain untapped business insights, allowing them to streamline their business. Generally, organizations widely use these insights to find, target, and retain ideal customers.
Over the past few years, the increasing requirement for continuous customer support for the whole business correspondence has escalated demand for customer journey analytics in digital businesses is expected to increase the demand for the customer journey analytics. Increased real-time data generated by linked devices and applications is also a key factor expected to drive market growth. Furthermore, the increasing amount of real-time data created by e-commerce applications, as well as the transforming retail industry as an outcome of digitalization, is driving the growth of the customer journey analytics market.
Major players operating in the market are undertaking different strategies such as joint ventures, mergers, product launches, and acquisitions. For instance, in May 2022, mParticle, a customer data infrastructure company, unveiled Journeys, an advanced audience toolset designed to assist teams in optimizing every stage of the customer journey. Journeys integrates multi-path journey analysis, testing, and orchestration into a unified workflow, enabling brands to continuously enhance the customer journey and provide personalized experiences during critical moments.
Customer churn analysis
Customer behaviour analysis
By Organisation Size
Small and Medium-Sized Enterprises
By Industry Vertical
Retail & E-commerce
Media and Entertainment
Travel and Hospitality
IT and Telecommunications
Adobe Systems, Inc.
Verint Systems Inc
CSG Systems International, Inc
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