For peak business performance, let data be your guide
Customer journeys are becoming increasingly “phygital” as shoppers engage with brands both in store and online. The intersection of moments between physically trying out – or trying on – new products and ordering them digitally have converged, driving customers to demand businesses to meet them wherever they are. Brands that do this well create opportunities for deeper loyalty, and ultimately sales. But for a phygital strategy to be as effective as possible, access to high-quality consumer preference and behavior data and insights is critical.
A recent white paper found that organizations using data to drive their decisions were over three times more successful than those with less mature data operations. And a major component of that success was that over 98% of those organizations had a good or excellent understanding of their customers’ journeys. So it makes sense that, from banking, to healthcare, to retail, businesses across nearly all sectors are making the decision to be more data-driven.
Without access to robust data about their target customers’ behaviors and preferences, businesses run the risk of falling behind their competitors where it matters most: customer loyalty. But the question is, how can businesses not only gather this data, but make sense of it without the cost and labor involved in scaling up an internal data department?
Florencia Ardissone, Head of Product and Analytics at J.P. Morgan Payments, has potential answers. “Our Customer Insights Solution equips businesses with analytics around where, when and how people are buying their products. And with the data of almost 10 trillion dollars in daily transactions at our fingertips, we’re able to provide unrivaled insights to help our clients’ businesses thrive and grow.”
As an example, Customer Insights data might show that a business has far better success in converting new customers at a physical touchpoint, but that most returning customers prefer to buy online. Leveraging these insights, J.P. Morgan Payments could recommend a strategy tailored to that customer journey, such as getting customers to a pop-up store during the holiday season, then following up with a digital coupon for the new customer’s next online purchase.
J.P. Morgan Payments delivers insights like these that can help businesses make the best decision for their bottom line. “No matter what sector your business is in, knowing where your customers are can help you reach them – and your goals,” Ardissone said.
Disclaimer: Future capabilities of Customer Insights are under development; features and timelines are subject to change at the Bank’s sole discretion.
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