Leaders in commerce across the globe are already harnessing the potential of big data to gain an edge over competition with personalized marketing—but the real potential lies in analytics.
Avoiding drop-outs and drop-offs
These days, it’s all about avoiding the dreaded cart abandonment. If you can’t convince customers with an aesthetically pleasing, trustworthy, and above all convenient way to shop, chances are they’ll drop out of the buying process before checking out. And, if you don’t have the right capabilities implemented, they’ll drop off your sales radar for good.
This has translated into a rise in companies using a number of experience-enhancing tactics such as tailored incentives and cart abandonment messages, product recommendations, and targeted advertising featuring previously viewed items. All of these aspects rely on data for a personalized customer experience that strengthens the relationship with a customer at every touchpoint—from site to store to smartphone—and directs them to the checkout. The next step, however, is grasping the potential of the bigger picture.
Diving into the data pool
Wherever a transaction takes place, there is a vast sea of data at your fingertips—shopping behavior, preferences, usual hangouts, when customers spend the most, preferred payment methods, and more. In-store, mobile, browser, social … The sheer number of channels and amount of data available can be overwhelming and is often captured in complicated, unstructured data sets or trapped in silos. This makes understanding where exactly transactions are taking place, current transactional volume, potential risks, and such difficult and time-consuming. Pooling transaction data in a unified overview helps visualize all important insights that can drive business. But many merchants struggle with the necessary resources and know-how.
Why is transaction analytics beneficial?
Using the right tools, you can look at the combined data of all customers from in-store at the point of sale, via mobile, or online as a roadmap for success. With quickly identified patterns, merchants can easily see the demands of customers, diagnose what is causing them to exit the buyer journey, and adapt for better conversion rates. Customer service improves as an intelligent algorithm works with customer data to prompt recommended products, customer chat support, or personalized incentives. Based on clear trends in browsing and purchase behavior, merchants can make decisions such as breaking into a new profitable segment or opening a new brick-and-mortar store in a popular area with confidence. And, as you begin to grow and look to expand, analytics reports provide benchmarking and help clearly communicate your value to investors.
Data analytics with Wirecard
It is much easier to maintain an overview of all activity and transactions with an intelligent analytics tool. With all data presented in clean dashboards, you can see customers, their locations, transactions, and behavior at a glance. Live transactions updated in real time allow you to see how your business is doing as a whole, regionally, and across devices. It’s even possible to receive push notifications for any high-risk transactions to minimize the chance of chargebacks and fraud. Advanced filtering enables you to quickly drill down for deeper insights to support informed business-critical decisions in an instant.
Overall, data analytics not only helps businesses get to know customers and offer a great customer experience, but also helps boost your brand and sales. The possibilities for faster, more efficient data analysis will give companies clearer insights without losing time building reports from chaotic data sets. Most importantly, it offers the ability to form data-driven decisions for informed business strategies.