Experts at Unlinmint have proffered customer intelligence tools as a smart way to optimise customer experience. According to Unlimint in a statement, due to the global increasing number of business solutions that compete for the same customers, businesses must continuously seek new ways to optimise their customer experience.
They stated that a report by Price Waterhouse Coopers (PwC) identified that 32% of customers would stop engaging with businesses that they loved, after just one bad experience. “To prevent this, business owners must try to understand their customers better, through customer intelligence tools, that anticipate buyers’ needs and behaviours. It is this that creates an exceptional shopping experience for the customer.
This is why with access to customer intelligence, business owners can get new information about who their customers are, what type of purchases they make, where they are based, and how they make these purchases. These insights can help understand the motivations for customer behaviour, help reduce churn rates, and ultimately improve revenue. For instance, customer intelligence can provide intel on similarities across various demographics or where customers can locate your product or service – which is important for future marketing strategies. Beyond demographic data such as gender or age, customer intelligence tools can also capture information on transactional data, behavioural data, and psychographic data. The latter makes use of psychology to understand what informs customer decisions.”
Unlimint continued: “A business with a single payment method, for example, might notice an increase in cart abandonment and limited customer retention. The insights learned from customer intelligence could reveal the need for alternative payment methods to create a seamless buying experience for customers and achieve higher conversion rates. The business could develop a strategy to partner with a trusted alternative payment solutions provider such as Unlimint, to integrate flexible and secure payments solutions.”
Analysing how Customer Intelligence Tools help grow business revenue Unlimint stated that since customer intelligence involves gathering data from various channels such as websites, social media, and surveys, businesses today can leverage these databases and advanced analytics to predict future patterns in customer behaviour and factors that influence this behaviour. “By anticipating and understanding these patterns, businesses can adequately respond to changing customer behaviour and needs. The benefits of this include increased sales, improved customer loyalty and referrals, and more data-driven decisions.”
They however noted that businesses can receive comprehensive data analytics that can help them monitor how their businesses are performing by using secure and robust payment gateways such as Unlimint on e-commerce sites. “It becomes possible to track multiple sales metrics for example, top selling items, least favourite items, popular days or times of the day when sales are made, or the sales price-point sensitivity.
All these KPIs will help the business make better and more informed decisions in the future, about the type of products to restock over others, or what selling price to set for the item, which in turn contributes to their business growth. The payment solutions offered by Unlimint provide these insights that analyse buying patterns to understand their customers’ motivations, which can help retailers integrate predictive analytics that aligns with buyers’ preferences.” Adding that retailers must realise that we now live in the age of the informed customer who is no longer influenced by hard marketing strategies. These customers now have access to product review sites, price comparison websites, and a host of other platforms, which enable them to choose where to shop. Hence, as a business seeking to grow in size and revenue, the key is to continue to employ various strategies including customer intelligence tools in order to help improve products and services and to deliver on a wider customer experience.”
