(As Explained by Unlimint)
In a world with an ever-increasing number of business solutions that compete for the same customers, the businesses of today must continuously seek new ways to optimize their customer experience. A report by PwC identified that 32% of customers would stop engaging with businesses that they loved, after just one bad experience. To prevent this, business owners must try to understand their customers better, through customer intelligence tools, that anticipate buyers’ needs and behaviors. It is this that creates an exceptional shopping experience for the customer.
With access to customer intelligence, business owners can get new information about who their customers are, what type of purchases they make, where they are based, and how they make these purchases. These insights can help understand the motivations for customer behavior, help reduce churn rates, and ultimately improve revenue. For instance, customer intelligence can provide intel on similarities across various demographics or where customers can locate your product or service – which is important for future marketing strategies. Beyond demographic data such as gender or age, customer intelligence tools can also capture information on transactional data, behavioral data, and psychographic data. The latter makes use of psychology to understand what informs customer decisions.
A business with a single payment method, for example, might notice an increase in cart abandonment and limited customer retention. The insights learned from customer intelligence could reveal the need for alternative payment methods to create a seamless buying experience for customers and achieve higher conversion rates. The business could develop a strategy to partner with a trusted alternative payment solutions provider such as Unlimint to integrate flexible and secure payments solutions.
How Customer Intelligence Tools Help Grow Business Revenue
Since customer intelligence involves gathering data from various channels such as websites, social media, and surveys, businesses today can leverage these databases and advanced analytics to predict future patterns in customer behavior and factors that influence this behavior. By anticipating and understanding these patterns, businesses can adequately respond to changing customer behavior and needs. The benefits of this include increased sales, improved customer loyalty and referrals, and more data-driven decisions.
It is also interesting to note that even using secure and robust payment gateways such as Unlimint on e-commerce sites, businesses can receive comprehensive data analytics that can help them monitor how their businesses are performing. It becomes possible to track multiple sales metrics for example, top selling items, least favorite items, popular days or times of the day when sales are made, or the sales price-point sensitivity. All these KPI’s will help the business make better and more informed decisions in the future, about the type of products to restock over others, or what selling price to set for the item, which in turn contributes to their business growth. The payment solutions offered by Unlimint provide these insights that analyze buying patterns to understand their customers’ motivations, which can help retailers integrate predictive analytics that aligns with buyers’ preferences.
Retailers must realize that we now live in the age of the informed customer who is no longer influenced by hard marketing strategies. These customers now have access to product review sites, price comparison websites, and a host of other platforms which enable them to choose where to shop. Therefore, as a business seeking to grow in size and revenue, the key is to continue to employ various strategies including customer intelligence tools to help improve products and services and to deliver on a wider customer experience.