Using your payment data to enhance the customer experience

POV:  A purchase has been made and the money has been taken from your customer’s account and credited to yours.

What are you left with? Data, of course!

There is so much you can learn from your consumers through payment data. Information such as where they are located, expenditure, how often they make purchases, what devices they use and which payment methods they prefer.

By collecting all of this data you’ll be able to categorise your customers and paint a picture of their needs and wants. This further allows your brand to implement specific customer groups and deepen your connection with your customers.

By learning and analysing the data that is provided, you can target your consumers on your own eCommerce store and actually incorporate the data into your customer experience. For example, if a certain cluster of consumers are interested in a certain product or service due to a trending topic, you can use their purchase data to identify and promote it more. This will drive even more sales to your eCommerce store. 

Payment data is vital to understand consumer behaviors and trends, allowing your brand to identify what moves to make next with offers and special promotions.

Understanding Payments with Adyen

The payment platform Adyen helps merchants to accept payments, control finances, and protect revenue. Their data analysis helps retailers to grow and understand what consumers really want. In addition to protecting your business from fraud, Adyen provides a customer-friendly authentication process and boosts approval rates.

The following are some ways Adyen helps their clients improve their customer experience:

Personalised checkouts 

This allows you to incorporate features such as the customer’s location through an app they have on their phone. It’s a very effective way of making each consumer journey unique.

Unified commerce

Gives you some really interesting insights from your payment data. In an eCommerce store with physical stores, you can measure new store sales, identify cluster shoppers, and track the number of international shoppers.

Contextual marketing 

This is all about sending the right messages to the right shoppers at the right times. More than half of US shoppers want location-based discounts and coupons emailed to them. The company can accomplish this by establishing location-based discounts and coupons through their app to increase customer loyalty. You can then give them the option of paying in-app and relinquishing points.

 Paying data is a significant revenue source for businesses in order to gain a better understanding of their customers. Your eCommerce brand can be more appealing and more conversion-oriented if you use some of the features that Adyen uses, such as personalised checkout. This can help deliver a positive payment experience for users and loyal customers. Ultimately, using payment data will boost your brand’s loyalty as you will be using tools such as personalisation to create a seamless experience that keeps your customers coming back for more.