Currently, one of the biggest challenges for companies lies in knowing their customers. Without a doubt, it is an action that takes time, effort and investment, but why is this so important?
Consumer analysis is one that provides the information necessary to know the trends and consumption habits of people. Thanks to this, the merchants they can understand the value they offer their buyers, the reasons they buy your brand, the perceptions they have about them and even how it makes them feel.
There is a key element of analysis, which on many occasions goes unnoticed but which, without a doubt, is essential not only to develop new products, but also to develop a brand strategy and establish possible future offers: payment methods.
Merchants on many occasions tend not to exploit or correctly use the information they can collect through the payment process, and they decide invest large amounts of money in external data analysis companiesignoring the detailed analysis that they can obtain easily and internally with tools that they already have.
At this point, what information is provided in the checkout process of a business and what value does this information imply?
- Best selling products or services: One of the issues that a business knows before is the products and/or services that it sells most frequently, which will allow it to work on proper planning in terms of stock and the development of new products.
- Day and time with the highest sales volume: According to a study by SalesCycle, Monday is the day on which most purchases are made online, with around 15.3% of sales being carried out. Analyzing in which time slot the most purchases are recorded can be important for businesses to give special importance to the quality and availability of the service, both in the physical store and on the website, at times of high demand.
- Amount of the average purchase ticket: the average purchase ticket is largely related to the price of the products or services/offered. However, it can also provide the merchant with certain information about the purchasing level or profile of the user who makes the purchases. This information can help to establish a catalog of products and prices more adjusted to the lifestyle and socioeconomic level of the buyers.
- Sociodemographic characteristics: the sex, age, socio-cultural level or origin or geographic location of consumers provides relevant information on consumer habits and payment methods of buyers. These characteristics of the person mean that their way of behaving when buying a product and/or service is very different from the beginning of the process (search) to the way they use it once they have paid for it and have it in their hands. .
- Payment methods most used by consumers: To know that each user has a different way of paying, you just have to look when you are waiting in line at any store. Some pay with cash (less and less), others with the physical card that they take out of their wallet, others with their smartphone, watch or other devices that allow digital payment, etc.
In the online channel, in addition to the almost traditional card payment, we find more and more options to pay (Google Pay, Apple Pay, PayPal, Amazon Pay, Bizum, payment methods of Asian origin, etc.). Knowing which payment method each user uses and linking it to their purchase characteristics is a determining factor for businesses in order to analyze and establish strategies related to the checkout process of their store.
- Reasons that increase the conversion rate: On many occasions, there is a tendency to think that if customers do not complete their purchases it is because the products are not attractive enough, but this is not always the case. Perhaps a poorly optimized, tedious, or not very personalized checkout process could be the problem. Analyzing when this abandonment of the shopping cart occurs is another of the key aspects to take measures and try to increase the conversion rate to the maximum.
In conclusion, thanks to obtaining all this data and using it correctly, businesses will be able to create a user person based on the main characteristics and behaviors of your customers. In this way, they will be able to obtain answers to frequently asked questions such as: are my clients men? How much money do you usually spend on my trade? what payment methods are you using? And a long etc. of questions to which on many occasions no answer has been obtained.
Thus, having an adequate tool that allows obtaining information on all these aspects will be an element that will add great value to trade. Likewise, it will allow the creation of a true image of its consumers and devise strategies with new products that satisfy their tastes and needs.
Since sipay, payment gateway with almost 30 years of experience in the sector, we care about the success and income of your business. Not only do we provide you with a checkout with a wide variety of payment methods, but we are also committed to making your business go further. with the tool business intelligence You will be able to know the most relevant information of your business through intuitive, visual and personalized dashboards, which will become your great ally for decision-making and future strategies.