Data Mining: Strategies to Increase Sales in the Short Term

Diego Katzman

By Diego Katzman. Follow: Linkedin Facebook Twitter
Published 22/06/2020

We teach you how customizing your offer can help generate greater benefits

Quoting Forbes “If 2017 was the year of the retail apocalypse, then 2018 could be the year of a retail renaissance”. Do you want to know what made the difference? Personalized offers: stores realized that there was a desire consumers needed to satisfy and they used it for business development.

So what conclusions should we draw from this? Clients increasingly demand products and services related to their individual needs and affinities.

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Personalisation of offer: what do your customers want? 

At this point, it is undeniable hat the experience we offer our clients is the ultimate reason why they choose us over our competitors. Price wars do not make sense: there will always be someone cheaper than you. For this reason, all entrepreneurs should be very clear about the following when it comes to building customer loyalty: be faithful to their ideas first and generate a unique experience. By offering an outstanding user experience, we manage to create a loyal audience and identified with us.

 

Data management: the secret to your best user experience. 

Adapting your offer to the individual needs of each potential buyer (while preserving your nature) is one of the most popular topics in market positioning. Predicting consumer preferences using big data is a strategy you cannot ignore (because your competitors don't forget it).

 

Studies indicate that personalized offer increases the possibility of purchase by 64% of buyers

This whole theory is great, but how do we put it into practice? And more importantly (and difficult to answer): what degree of customization do users expect?

Surely, as a merchant, you have access to a lot of data about your clients. Now, the secret is knowing how to process them (in the form of statistics) in order to understand what their buying habits and affinities are and, ultimately, how we can apply all this to our commercial offer: pleasantly surprise our customers with an offer similar to their demand.

 

Recognize your client's needs: key to boost sales

Did you know that you can apply your loyalty programs directly to the credit cards of your best clients? And without the need for membership cards (easy to lose or forget). With PayXpert data management (or data mining), you can easily identify your best customers and apply discounts and promotions to thank them for their loyalty.

And what better way to reward your most regular customers than to show that you know them. According to study from HelloWorld, 77% of shoppers thought loyalty programs should offer rewards tailored to the needs of each client.

 

Contextualization: key to selling more online

Forrester Research defines contextualization as “the tailor-made adaptation of user experience through the automation of decision-making and constant updating of the offer (according to the user's needs)”. 

 

50% of Americans want to receive offers and promotions based on their geolocation

In other words, the aim is to give the right message at the right time to a specific user, and this can be done in different ways. One of them is to send push notifications to buyers near your store, offering them discounts on products they have previously searched.

Another method (a little more elaborate) would be to identify your buyers at the same point of sale through your store's app and the beacon of payment terminals. In this way, you can offer them the option to pay via the app and even use accumulated points.

*Don't you know what we are talking about? Beacon? Take a look at PayXpert’s POS and soft mPOS to discover the advantages of the new generation of payment devices. Fully versatile and multifunctional, they allow you to accept payments from the main financial institutions in the world, including the Russian MIR payment system or the Chinese Alipay and WeChat Pay. It is an offer of payment gateways that will undoubtedly connect you with millions of new potential clients from all over the world.

 

Use financial data to anticipate the needs of your buyer

30% of American buyers want a commercial offer tailored to their preferences, which offers the products and services that best suit their habits and trends.

Through financial data management tools, such as PayXpert, you will be able to generate graphs of your clients' behaviour, in order to identify trends and needs and develop a strategy adapted to them. Where are your clients? Are they domestic or foreign? Finding out the origin and preferences of your customers will allow you to offer products with the highest affinity or the appropriate payment gateways.

PayXpert’s payment gateways accept the main electronic wallets and cards. 

 

Big data for your e-commerce: strategies to increase sales in the short term

24% of US buyers want to receive product recommendations based on previous purchases. Financial data management also enables us to access our customers' purchase history, so creating a personalized offer in our e-commerce will be crucial to selling more and better.

 

Big data to sell more; where to start? 

We are sure that, if you have come this far, you know how interesting it can be for your business to adopt any of our tools. You want to take your business to the next level and we can help you. Whether offering you a deep insight into the financial data of your business or expanding the payment gateways you provide, the goal is always the same: to optimize your business finances.

We want to be your financial partner. Visit our website to learn more. 

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