In today’s data-driven world, payments data provides businesses with valuable insights into customer behaviour and preferences. Payments are no longer the plumbing of the system but a real driver for revenue as businesses start to understand consumer needs and wants better.
By leveraging payment performance reporting, payment insights, and payment journey analysis, SMEs can gain a deeper understanding of their customers and transform their customer journey, leading to increased ROI and real-time engagement.
As we explore in this article, businesses can use payment data to boost their bottom line while gaining deeper insights into their customers. Here are the top advantages of leveraging payments data:
1. Drive customer engagement
The impact of the current macro environment on consumer shopping habits cannot be ignored. With the pandemic driving a shift towards eCommerce and contactless payments, businesses must adapt to meet the changing needs of their customers. By leveraging payment insights, businesses can gain a better understanding of their customer preferences, including their preferred payment methods, purchase history, and shopping habits. This information can be used to develop targeted marketing campaigns, improve customer experience, and drive sales.
2. Predict customer trends
3. Personalise the customer experience
Hyper-personalisation is another strategy that businesses can use to boost real-time engagement by leveraging transactional insights. By using payment data to develop personalised offers and recommendations, businesses can improve customer experience and drive sales. For example, a retailer could use payment data to offer personalised product recommendations based on a customer’s purchase history or location. Hyper-personalisation can also be used to improve customer retention by developing loyalty programmes that reward customers based on their transactional history.
4. Identify areas for improvement
5.Use technology to their advantage
Payment insights you can TRUST
In conclusion, payments data provides businesses with valuable insights into customer behaviour and preferences. By leveraging payment performance reporting, payment insights, and payment journey analysis, businesses can gain a deeper understanding of their customers and transform their customer journey, leading to increased ROI and real-time engagement.
By using the power of AI and hyper-personalisation, businesses can improve customer experience, drive sales, and increase customer loyalty.
Embracing payments data as a valuable tool for customer insights helps businesses stay ahead of the competition and drive success in today’s data-driven world.
With our TRU Insights tool, we help our customers understand how their business performs from a payment perspective. An overview dashboard highlights key areas and trends in multiple key payment indicators, giving you a clear understanding of your business’s health at a glance.
Take your business to the next level with payments insights. Let us show you how!