The most valuable gift a business can receive this season is the right data. From the beginning of the holiday campaigns to the end, you can capture valuable information that can be applied to future efforts.
As we look ahead to 2023, it’s crucial to look back at your efforts and analytics and discover what insights you have collected.
The process can be daunting, however, as large amounts of raw data in CSV files must be interpreted. Many business owners lack the expertise to identify these trends from raw data gathered from different sources and draw meaningful insights from them.
What if you had the opportunity to see how your holiday sales performed using a comprehensive dashboard that could analyse all of the transactional and behavioural data that you collect from your customers?
Now, this is possible with TRU Insight, our new analytics dashboard designed to give merchants insight into customer behaviours and transactional trends.
Next, we’ll explain how payment insights from the holiday season can help you optimise your strategy and boost sales and how TRU Insight can help.
Knowing what sells more
In terms of best-selling items and in-demand products, you can analyse past transactional data to predict customer behaviour and buying patterns.
TRU Insight measures an extensive range of transactional KPIs designed to suit your business needs, such as:
- Transaction volume
- Average transaction value
- Authorisation volumes and rates
- Monthly decline reasons
This data is presented visually as quick-view PDF graphics in monthly reports that help you keep the pulse of changes to KPIs over time and identify anomalies and trends.
Additionally, you will be able to prioritise operations, including warehousing, based on the transactional popularity of products and avoid wasting resources on slow-moving products.
Reducing cart abandonment
It is difficult to manage and control cart abandonments during the holiday season, especially during major sales and promotions. More than 70% of online shoppers abandon their shopping carts.
TRU Insight can monitor metrics that impact the buyer’s journey, such as:
- Buyer churn
- Spend per unique buyer
- Buyer segments
- Buyer sales contribution
Keeping an eye on these metrics will help you create a stronger relationship management system for your customers.
Achieving a higher payment success rate
With large volumes of daily transactions, multiple payment partners, and multiple key performance indicators to monitor, every business’s payment infrastructure can be complex.
The success rate on eCommerce sites can be enhanced by detecting anomalies at every step of the payment process, flagging off issues, and understanding local needs for alternative payment options.
TRU Insight can offer a number of features that will help you benchmark your business performance against industry standards, such as
- Approval rate
- Buyer benchmarks that look into new customers per month, lapsed customers and average spend per unique buyer
- Chargeback ratio
- Fraud benchmark
Minimising chargebacks
Chargebacks and disputes are an inevitable part of doing business. In order to recoup what would otherwise be lost revenue, chargeback management must use best practices and the latest technologies. It is imperative for eCommerce merchants to have a chargeback management solution that is effective and efficient.
With TRU Insight’s chargeback indicators reports, you can understand your customer chargeback rates during the holidays. This report will cover the following:
- The value of chargebacks
- Chargeback volume
- Average chargeback value
- Chargebacks by scheme
- Number of chargebacks and chargeback ratio
Conclusion
By capturing more data points, you gain a better understanding of what worked and what didn’t. In the months after the holiday season, you can keep potential clients interested in your eCommerce site with relevant messages such as product availability and price drop updates.
You can also use the post-event data analysis to retarget customers who visited your website during the sale period.
Find out more about how TRU Insights can revolutionise your reporting and analytics.
Currently, TRU Insights is available as a Pro and Advanced plan.
