• Scott Underwood, Head of Solutions at Niu Solutions


• 23.08.2016 10:15 am
payments

Last year, we saw contactless cards increase the spend limit per transaction from £20 to £30, making it even more convenient and faster for consumers to pay for their shopping. This is not only good news for consumers, who expect varied methods of payments, but for retailers too. The more that customers are encouraged to use electronic payments, the more opportunity retailers will have to collect valuable customer data.

Electronic payments are not the only way to obtain this information, however. Retailers need to work closely with their IT solutions provider to make sure they have access to the tools and systems they need to collect and analyse customer data from every possible touch-point.

This data-led approach can also help to combat ‘basket cannibalisation’, which occurs when retailers are unable to track in-store purchases unless a loyalty card is used. In this case, a retailer’s analysis of customer behaviour is based solely on data obtained from other sales channels, which means that vouchers are often sent for products that the customer already purchases anyway.

By adopting more innovative models of data analysis, retailers can overcome problems like these and gain a much more comprehensive view of their customers, leading to much greater loyalty and satisfaction.