POS payments data will help you to understand your customers better. Real-time research, performance optimization and analysis are just three of the methods that shrewd businesses are employing to bolster brand authenticity and bolster sales.
Now, using data to create or optimize a commercial strategy is hardly something new. But, gaining comprehensive insight into customer behaviour is. Businesses face the ongoing challenge of understanding their customers – something that has persisted since the dawn of enterprise.
Fortunately, help is at hand. POS receipt recognition provides businesses with required leverage to learn more about what their customers are buying, how much they are spending – even pertinent information about seasonal spending insights. Why is this so important? Put it this way, how effective do you believe a marketing campaign will be with limited information about your customers?
So, let’s look at receipt data extraction and payments data in a little more detail. Interested in learning how you can optimize your marketing strategies using quantifiable data? You can’t afford to not read this.
Why Payments Data?
Let’s look at the contemporary digital customer journey. They’ve landed on your site and are attracted to your products, services, ethos and value. Goods have been bought using a debit or credit card. They’ve been issued with an e-receipt and scanned their loyalty card on purchase.
Standard. Simple, right? Now let’s look at this process another way. Customers have provided businesses with four pieces of information – they’ve used your platform in the past, their purchase frequency, their contact details and the country of the card issuer.
Now, this may not be new information. However, the value to businesses is that using the receipt extracting data gathered, businesses can link the customer to previous transactions made online. This provides shrewd business with something unique – a comprehensive customer profile. Why is this valuable? Targeted marketing campaigns are renowned for their effectiveness.
So, how can businesses learn about customer behaviour using payments data?
Real-Time Research Equals Unique Insight
As helpful as an algorithm that helps businesses to predict customer purchases with a 99.9% success rate, such an innovation doesn’t exist. Businesses are left to rely on field research, focus groups and data to understand the best way to position their business in a competitive marketplace.
The problem with these practices is that they only show customer behaviour during a snapshot in time. They’re also costly, are resource-heavy and any information gathered quickly becomes outdated. POS payments data gathered thanks to receipt extracting provides real-time information about your customers over a prolonged period. This enables businesses the insight they need to create, hone or tweak marketing campaigns to maximize customer appeal.
Interested in learning the value of real-time POS data? Use the recency, frequency, monetary value methodology (RFM) as your framework. This allows businesses to split their customer base and identify a frequent visitor segment. Analysing transactions and learning of customer loyalty is easy – and provides essential data for businesses to tailor marketing campaigns.
Optimize Store Performance
There are several ways that businesses can measure store performance. The most obvious way is by analysing payment data. And what is the best method to ascertain this? By using an OCR receipt recognition tool.
If you want to analyse a single store’s performance, you need only look at its attractiveness to customers. How many customers make purchases on a day-day basis? What percentage ask for a refund or store credit being unhappy with a product? This is all valuable information. Knowledge is one of the cornerstones of success. The more you know, the more you can achieve.
Not only that, using information gleaned with a receipt extracting POS tool, you’ll be able to employ a range of performance drivers to boost success. Considering your special offers, self-service technology, and online or in-store product layout carefully with all contribute to achieving optimal store performance.
Businesses that have optimized their online or in-store performance using analysis gleaned from differing matrices are a step above the competition. Why? They learn how to maximize customer spend with the fewest number of visits or create a unique online customer experience that fosters differentiation from competitors.
Keep Customers Coming Back for More
Cultivating long-term customer relationships is all about hooking customers and consistently offering value when customers need your services. This is where unified payments data using receipt extracting becomes especially useful.
How? You can find customers that haven’t bought from you for a while and target them with a tailored loyalty incentive or personalized offer. Conversely, you can keep customers engaged with your brand by consistently running special offers that will pique – and hold their interest.
By understanding your frequent customers’ sales channel preference, purchase frequency and average transactional value, you will learn how to retain customer loyalty. Additionally, taking a unified payments approach, utilizing the capabilities of a receipt recognition API tool, you can efficiently store data – meaning valuable information is never lost.
So, given all that we’ve just said, can you think of a reason why learning more about your customers can have anything but serious commercial benefits? And if something as insightful and innovative as receipt extracting data tools can provide this, why aren’t you using then – right now!