How can basket data benefit retailers?
As more and more consumers shun cash for card or mobile as their prefered method of payment, the value of the customer transaction increases for high street retailers.
Payment platforms such as Yoyo tap into offline basket data to take mobile beyond a simple payment capability to a platform which can provide up-to-the-second insight into customer behaviour.
What is basket data? Click here to find out.
With deeper insight comes the ability to segment customers – connecting basket data to preferences and behaviours on an individual level.
The next step is to use this insight to engage each individual by personalising their experience, which will increase the effectiveness of a retailer’s campaigns.
Retailers can target customers with a campaign that either rewards, thanks, or encourages them to carry out a certain behaviour.
Dom Povey, head of retailer product at Yoyo, believes that providing this sort of experience is absolutely central to engaging customers.
“This is about the consumer receiving offers and rewards that are relevant to them,” he explained.
“And the more relevant the offers and rewards are, the more engaged a customer will be with you as a brand. If your data is relevant, you can change customer behaviours.”
Dom added: “You can use a campaign to increase a customer’s frequency and spend, and drive them to purchase particular products. All of these things add up to a more valuable customer.
“If you’ve created the correct segment, it will result in increased happiness for the customer too. It is essential that brands get the mix right between the ‘thank you’ and the campaigns to drive value.”