The exploitation of data has become the differentiating element for companies
In recent years, market successes have been linked to the use of information technologies (IT), especially thanks to the incorporation and exploitation of tools that provide information about consumers. Investing in these resources should therefore be a fundamental objective in company strategies.
The objective of all organizations is to determine the needs, desires and interests of target markets and satisfy them more effectively and efficiently than competitors, maintaining or improving the welfare of consumers and society over the long term. To achieve this, they often overlook the great power of a small but most important element in achieving business success: data.
Many questions arise when analysing the success of a business: Am I offering the products my customers want? Am I addressing my market niche? Do the services I offer meet the expectations and needs of my customers? The answer to these questions can only be achieved by analysing what consumers want, and all this is achieved through smart data, which is the ability to use available data in the most effective way possible.
Nowadays, due to the great variety of options that exist in the market, data is a very useful element for businesses. Both physical stores and ecommerce must use them to create proposals aimed at personalization, a fundamental element for attracting customers. To achieve this, a series of factors must first be analysed, among which are the following:
• Discover the volume of purchases in the different sales channels (physical store, online channel, social networks, etc.).
• Know the socio-cultural characteristics of the public (age, gender, purchasing power, etc.).
• Analyse the consumption habits of customers (whether they buy more at the beginning of the month, on a specific day of the week, in a specific time slot, payment method most used to pay for purchases, etc.).
Once these data have been identified, strategies adapted to each user can be created, but this is not the only important thing. Analysing the key moments that determine the completion or not of the purchase is undoubtedly a requirement that should not be overlooked and makes it clear that the checkout process is a fundamental aspect when it comes to finalizing the purchase.
According to a study done by IAB Spain, one of the main reasons for abandoning online purchases is that the payment method is not adapted to the user. In addition, the slowness of the process, errors on the purchase page or poor display of product information are other of the most important factors. In this sense, analysing which payment method is most used by users, monitoring the payment process and the time and reason why a customer does not complete a purchase, can help to establish a strategy aimed at satisfying the purchasing needs of consumers.
From Sipay, a payment platform with more than 25 years of experience in the sector, we are aware of the importance of user de-anonymization and data analysis, so we help merchants to sell more by offering solutions with customer purchase data so that they do not abandon their purchases. Some of these solutions are:
• Assortment of all purchase channels in a single integration, with a checkout process design adaptable to the look & feel of the store.
• Tokenization, to store customers’ card data and prevent them from entering their card data continuously, thus speeding up the checkout process.
• Pay by link solution, to send personalized messages so that your customers return to the abandoned cart and complete the payment process.
• Variety of payment methods, so that the customer can choose his favourite and avoid that the payment method does not adapt to the user.
• Real-time customer purchase data information, to create personalized strategies for each user.
All this not only improves daily operations, but also productivity, since, by having and analysing data, stores can focus on important tasks, avoiding unnecessary efforts in activities that do not meet the needs of consumers. In addition, they achieve cost savings, as well as helping to consolidate the brand’s competitiveness and improve the customer experience.