Purchase Panel Data: Best Purchase Panel Datasets & Databases

What is Purchase Panel Data?

Purchase panel data is information derived from a collection of participants, either individuals or households, who agree to provide detailed information on their buying behavior at regular specified intervals over an extended period of time. This data includes details about purchasing, media consumption, and lifestyle activities. Purchase panel data is based on aggregated information about buying patterns, and it can be used to help formulate the right marketing strategy.

How is Purchase Panel Data collected?

Purchase panel data is collected in many ways, but the most common method is through an online data collection system. To collect the data, participants, after returning from purchasing, submit their purchase information and their reason behind the purchase. Another way to collect data is through online surveys and forums. This data is now compiled to create the purchase panel data. Before its gathered in datasets, the data must undergo data cleansing and filtering to avoid duplication and incomplete data.  

What are the typical attributes of Purchase Panel Data?

The typical attributes of Purchase Panel Data are:

• Purchasing attributes: this refers to the behavior of the participants, and their product or media consumption.
• Participants’ attributes: this refers to the personal and demographic information of the participants and panels. This data includes employment status, average income, and lifestyle activities.
• Location attributes: this refers to the geographical location of the participants and panels as well as the target research area.

What is Purchase Panel Data used for?

Purchase Panel Data is used by research companies and marketing agencies. Research companies used this data to target specific demographics for insights into their buying patterns. This data also provides a target audience to gather feedback about products and services. Another use of this data is to allow companies to conduct market research and A/B tests before they fully launch a producct to evaluate the response of the participants. Similarly, purchase panel data may be used for testing marketing strategies, which is a tool used by companies to measure possible market achievement or the success of a marketing campaign.  

How can a user assess the quality of Purchase Panel Data?

The best purchase panel data will possess the following quality aspects:

 • Relevant: this refers to how effectively the data can create solutions to specific business problems.
• Timeliness: the data must always be updated on a regular basis to avoid inaccuracy. 
 • Reliable: the information obtained from purchase panel data must be free from error.
 • Authentic: the purchase panel data sources must be credible and verified.