The customer journey is becoming increasingly “physical” as shoppers engage with brands both in-store and online. The intersection of moments between physically trying on – or trying on – new products and ordering digitally has converged, driving customers to demand businesses meet them wherever they are. Brands that do this well build deep loyalty and ultimately sales opportunities. But for a physical strategy to be as effective as possible, access to high-quality consumer preference and behavior data and insights is critical.
A Recent white paper It has been found that organizations using data to drive their decisions are three times more successful than those with less mature data operations. And that was a major component of that successMore than 98% of these organizationsThey had a good or excellent understanding of the customer journey. So it makes sense that businesses across almost all sectors, from banking to healthcare to retail, are making decisionsMore data driven.
Without access to robust data about the behavior and preferences of their target customers, businesses run the risk of falling behind their competitors where it matters most: customer loyalty. But the question is, how can businesses not only collect this data, but make sense of it without the cost and labor involved in scaling an internal data department?
Florencia Ardisone, head of product and analytics at JPMorgan Payments, has a possible answer. “Our Customer Insights solution equips businesses with analytics around where, when and how people buy their products. And about the data 10 trillion dollars With daily transactions at our fingertips, we are able to provide unparalleled insights to help our clients improve and grow their businesses.”
As an example, customer insight data may show that a business has great success converting new customers at a physical touchpoint, but most returning customers prefer to buy online. Using these insights, JP Morgan Payments can recommend a strategy tailored to that customer journey, such as driving 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.
JP Morgan Payments provides insights like these that can help businesses make the best decisions for their bottom line. “No matter what your business is in, knowing where your customers are can help you reach them and your goals,” says Ardison.
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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