Have you ever wondered what information you can learn through your customer data? Although it may seem crazy, through the data we can learn fundamental aspects of our business that can become key when making decisions.
The use of data has become one of the fundamental strategies for business. However, something that is used with great assiduity is not always used in the correct way. The large amount of data that companies collect makes the task of its analysis a great challenge; and of course, not all manage to overcome it positively.
When talking about collecting data in a business, it is easy to imagine that it is obtained, for example, from cookies. Not long ago this was the main way for brands to learn more about their users and to know what they were looking for on their website when they accessed it. This is going to end, Google has announcedsince regulations such as the RGPD require that user data should not be shared unless they accept, with the intention of protecting their privacy.
The ban on cookies has forced some businesses that based their data strategy solely on the information they get from cookies to find new data sources. One of the sources that many businesses are overlooking is that of payments, because through this you can learn very interesting information about the consumers of your business.
First step to start working with the data offered by your payment methods
To analyze the data offered by your customers’ payments, the first thing is to reach them. For this reason, it is important to talk to our payment gateway or processor to find out if they can give us the information, because not all of them usually share it.
Another important thing is to have a good tool to analyze the data. Accessing a new data source can be very chaotic, so you have to try to do it with the greatest possible organization and be clear about what you want to achieve through them.
In addition, it is important to keep in mind that access to real-time information about payments is a very beneficial aspect for brands. For example, it can help if it is necessary to block payments from a country or add cards to a blacklist.
I already have the data, now what?
Once you have collected the data and it is “moderate” organized, you can discover things like:
Reasons for rejection
By capturing transaction data as well as error data, businesses can learn what issues are preventing payments from completing successfully. Problems can be varied such as: insufficient funds, expired payment card or incorrect payment details. Although, other reasons can be those of a bad design or problems with the provider.
Paying attention to this data can undoubtedly increase the conversion rate.
Statistics of use of payment methods
By analyzing the conversion rates and statistics of each payment method, you can know if the options are correct or if you have all the necessary options for each market. You can also discover which are the least used payment methods and thus eliminate them.
How much are they spending?
Knowing when each of our customers makes a transaction can be a very useful piece of information to know how long they have gone without buying in our store. What can this be used for? In this way, we can launch personalized campaigns to some consumers to attract them back to our website and make them make a purchase, either because we give them a discount or by sending them a message with some of the latest products purchased by them.
This can help the loyalty strategy and better understand what repeat buyers are like.
Is it easy to use the check-out page?
One of the most important topics in the area of ​​payment methods is the check-out. Most studies show that it is the most important part of the user’s buying process. Knowing payment data helps reveal UX issues that reduce conversion or prevent customers from checking out. For example, it can be discovered if the payment page closes when they use it from a certain browser.
Other data
Apart from the aforementioned data, they can also offer us information about where these people buy from, as well as from which devices they make the purchase. Knowing the latter can help focus efforts to improve browsing on a specific device or detect failures in some of the most common and quickly find a solution to avoid losing transactions.
In short, the data that payments can offer us is very varied and useful if you discover how to analyze it correctly to take advantage of it.