Using big data to improve your small business customers' purchasing experience
April 09, 2013

Big data analytics, or research into customer information, can be a useful tool for businesses utilizing credit card or mobile payment processing software. Incorporating big data into a payment processing strategy can be difficult, but understanding which types of purchasing methods clients prefer can boost sales and drive internal revenue. 

Interpret customer information
Big data first grew into prominence within the marketing industry as a means of evaluating consumer purchasing activity to increase the success of advertising campaigns. In recent years, the analysis tool has stretched across industries as a way for any customer-centric business to improve consumer knowledge and create a better purchasing experience. A big data program's objective is to collect as much customer purchasing information as possible before shifting through the research to understand sales. Data can include what time of year or day clients tend to most frequently buy, the types or prices of products they are most likely to purchase and even what kinds of payments are becoming more common. Utilizing big data to enhance the customer experience can not only advance the purchasing environment but can assist companies in what types of purchasing software they might want to invest the most of their budgets in. 

Putting big data analytics into action
Although conducting and evaluating client research can be a monumental task, companies can narrow the focus down to a few simple tactics to increase knowledge about processing preferences among customers. Big data might look at seasonal purchase tendencies, such as an increase in gift card usage during the holidays, and can apply the information into developing more efficient sales projections and noticing trends. In addition, big data can identify when mobile processing is the most common, thereby helping small businesses determine whether it is the best financially viable option for accepting credit cards.

Companies employing credit card or mobile payment processing software may also want to consider surveying clients about which payment methods they are inclined to use as well as analyzing purchasing behavior. Sometimes, simply asking consumers at the time of purchase which payment methods they tend to prefer can increase knowledge and experience for the customer.

Sage Payment Solutions offers customer-centric businesses a way to increase client satisfaction through credit card and mobile payment processing software. Understanding which payment options the targeted client base desires can help companies drive sales and keep up with consumer buying behavior. 

Nexus: G-WEBCD2