Smart algorithms and data analyses are creating sustainable performance benefits across all levels of the retail supply chain. With its Omnichannel ePOS Suite, Wirecard is the first payment provider to offer a fully integrated solution for self-learning analyses based on payment data in combination with other data sources.
The evaluations substantially support e-commerce and high-street retail in implementing the following central growth concepts: increasing customer conversion, reducing customer attrition rates, predicting future consumer behavior and linking points of sale with e-commerce.
Wirecard says using data evaluations and analyses, merchants can increase their metrics in important performance areas. Experience has shown that sales increases in the double-digit percent range are realistic.
Wirecard’s turnkey solution generates insights into customer segmentation and cohort analyses, for instance, to optimize marketing efficiency. This revolves around the concept of a data-supported, real-time view of a retailer’s customer behavior in its entirety and increasing the customer lifetime value – optimal customer retention.
Insights into customer attrition (otherwise known as customer churn) behavior are another unique selling point of the Omnichannel ePOS Suite. Complex evaluations enable merchants to identify customers who may potentially shop elsewhere. By introducing appropriate marketing measures, the churn rate can be significantly reduced.
Analyses on anomalies, trends and sentiment, peak detection and time series based on country-specific data as well as cohort analyses to assess the efficacy of marketing measures are additional beneficial tools. The Omnichannel ePOS Suite can be used in pre-existing systems without incurring large expenses.
Wirecard notes the new Omnichannel ePOS Suite is the first step towards large-scale digital transformation in the retail sector. Over the next few years, data analyses using artificial intelligence and machine learning will play an increasingly important role in their business area.
