This data harvest brought a competitive edge to online players that brick-and-mortar stores were unable to match because it led modern customers to grow accustomed to deeply personalized and adaptive shopping experiences.
Modern customers are growing accustomed to deeply personalized and adaptive experiences.
Customers Expect Personalization Now More Than Ever
91% of consumers somewhat value a personalized customer experience, with 50% saying it’s very or extremely valuable.
The Perils of the Demographic Cliff
That’s why so many businesses are scrambling to find ways to replace people with technology. Soon many front-line positions could be replaced with a mix of unattended point-of-sale systems, robots, and 3D party services, all of which move the customer experience further away from brands and any form of personalized engagement.
Although elements of this shift are already underway, the impersonal touch of a technology-mediated customer experience will only dilute the value customers want from a brick-and-mortar experience. The only hope of keeping up with the personalization expectations of customers in a market unstoppably careening towards an unattended future is to implement a data solution that can keep up with—or match—digital players.
The impersonal touch of a technology-mediated customer experience will only deflate the value customers want from a brick-and-mortar experience.
PayiQ Delivers 1st-party Customer Data at Scale
That’s why PayiQ has created Payments Intelligence®: a game-changing data solution that allows businesses to access the buying behaviors and detailed SKU-level data on 100% of their card-paying customers. This solution doesn’t require any effort from employees or customers because it sits at the heart of the payments flow, automatically collecting data from every card-based transaction and converting it into secure customer profiles.
That means anyone who comes into your business and pays with their credit or debit card will provide you with a single source of consistent first-party insights that can be leveraged to create a personalized customer experience. Thanks to modern advancements in cloud computing and PayiQ’s proprietary secure data tokenization, Payments Intelligence® can work with any payment processor or loyalty program and removes the operator from data compliance issues.
Payments Intelligence® gives businesses the level of data insights previously only available to e-commerce businesses by transforming everyday transaction data into anonymous and actionable customer profiles.
Payments Intelligence® gives businesses the level of data insights previously only available to e-commerce businesses by transforming everyday transaction data into anonymous and actionable customer profiles. These profiles contain data that include:
- Frequency of visits
- Time of visit
- Locations visited
- Average ticket size
- Product preferences
- And more
This customer data can be sorted intuitively and used to target specific segments of your customer base, turbocharging your loyalty program, boosting your retention efforts, and giving you a more accurate and holistic picture of customer behaviors. It’s also the only true omnichannel solution that can capture detailed customer data in both physical and digital stores.
Payments Intelligence® is a solution designed to weather the storms of proliferating unattended technologies and proposed data regulations. It’s a one-of-a-kind system that gives businesses the ability to offer personalization at scale so they can stay competitive in a sea of big data players.
Demographic Cliff FAQ
Is omnichannel personalization possible with Payments Intelligence®?
Yes, Payments Intelligence® allows businesses to collect consistent data from every transaction in every channel – even brick-and-mortar stores. This data can be used to support web and e-commerce personalization efforts, in crafting omnichannel personalized marketing campaigns, and can support in-store loyalty programs and product recommendation efforts.