What is the definition of a transaction

The Definition Of A Transaction

The term “transaction” is often referred to an online or offline purchase. I find that even in such a digital marketing environment we tend to reserve this term for reports and results that showcase an increase in sales. As a result we can say that a transaction is in its basic form an exchange of monetary funds for a service or product, right? Wrong!

Transaction – Informational or Monetary?

Let’s use the example of furniture shopping, my wife recently advised me that it’s time we update the living room. So after three weeks of shopping around, researching online and visiting various stores we decided on what we want! Now since I haven’t purchased anything yet, does this mean that a transaction never occurred (even if I visited various websites and stores)? Not quite, a transaction can be monetary and/or informational. As a result a transaction is really a point in which the customer interacted with your brand. If we look at Apple’s omni-channel marketing strategy one can easily see that transactions are happening on various mediums simultaneously. A customer may research product online, try it out in an Apple store and purchase the item elsewhere.

Reviewing Online & Offline Transactions

When reviewing your online and offline data it’s important to segment and understand the various transactions that take place. Yes it’s important to ensure your sales are always trending upward, but how are you trending when it comes to informational transactions, like interacting with your customers? Do they visit your website often? And retrieve anything of value? Do they share your valuable content?

Thanks for completing a transaction by reading this post. Feel free to comment below or contact me directly with any questions.

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