In order for merchants to remain relevant within their industry, it is essential for them to observe the latest marketing trends for long-term success. As technology becomes more digitally influenced, many merchants are beginning to incorporate data and analytics to measure what marketing activities and offers are working best within their business strategy.
Take a look at some of the specific benefits data and analytics can extend to merchants:
Loyalty Programs
Loyalty programs are a great option to encourage consumers to return and spend more at your store. In order to tell if a loyalty program is working effectively, it is important to measure and evaluate frequently how it is performing. One way to measure this is by assessing specific loyalty campaigns and tracking how many visits and purchases your program is getting. This data allows merchants to distinguish an increase in sales as well as frequency of visits for the overall program effectiveness.
Analytics Dashboard
Another way to integrate data analytics for your business is by investing in an online data analytics solution. An online dashboard service gives merchants the ability to monitor important data points like sales growth, loyalty, offers redeemed, where customers are coming from geographically and more. In addition, merchants are able to discover additional opportunities to gain more customers and grow revenue.
Most analytical services also have the functionality to combine a variety of data sources – including reputation monitoring, sales, competitor analysis, and social media tracking. By simplifying all of this information within one source, merchants are able to run their business more efficiently.
Beacon Technology
One of the newest forms of technology that is now being used for analytical purposes is beacon technology. This solution personalizes a customer’s shopping experience and sends advanced data and analytics to the merchant. Beacons use Bluetooth technology to communicate to a consumer’s smartphone through downloaded apps and are installed within a shopping mall or throughout a store.
Retailers use beacon technology to send customers’ reward points, coupons, or a personalized message upon entering their store. The purpose of beacons is to boost traffic and sales and to gather valuable analytics with in-store activity. Merchants can use beacons to see how many customers visit the store, what areas of the store have the most traffic, and track what offers are being redeemed the most by consumers.
Online Payment Reporting Solution
An online reporting solution to monitor payment activity is a great mechanism to audit and monitor in-store sales. This feature allows merchants to view their statements online and build daily, monthly, or individual reports. Online reporting solutions help lessen the amount of time needed to search for payment information, as a merchant can simply search for transactions with just a card number to access batch reports and analyze processing data.
Using analytics is a great way to monitor business performance, increase sales and enhance customer loyalty and preferences. By implementing a loyalty program, investing in a data analytics dashboard solution, using beacon technology to engage with customers, and adding an online payment reporting solution, merchants will be a step ahead with the latest trends and shopping behaviors.
