PCM vol. 3 Issue 8

More documents

Recommendations

Info

MAXIMIZE YOUR DATA VALUE THE LEADING SOURCE FOR DATA SCIENTISTS IN PAYMENTS CONTACT US NOW Having data dilemmas? Please contact: simon@digitalsource.io Digital Source | Herengracht 576 | 1017 CJ | Amsterdam | The Netherlands | +31 (0) 202 373 639
Thought Leaders Corner Establishing a culture of listening through payments technology by Georgina Nelson Amidst the noise of ‘big data’, how are merchants to distinguish the crucial information they need in order to understand and improve the customer experience? Can the customer feedback gap that seems to be growing ever wider, with merchants hearing from a tiny fraction of their customers, be addressed through point of sale technology? So much is changing in the retail and payment industries. While self-checkout capabilities have been available in the grocery sector for years, we’re now starting to see clothing retailers like Zara take advantage in a bid to reduce lines and wait times. And without question, mobile has created a fantastic opportunity to engage consumers throughout the shopping experience regardless of where they are located. While the focus is on the disruption for both merchants and consumers, the payments industry is equally challenged in keeping pace and driving change – and this brings opportunities. So, it may seem that the future of shopping is low touch and mobile, with traditional touch points becoming less relevant. We hear about security benefits, no checkout wait times, less friction, more sales. This all sounds very shiny and cool, but perhaps we need to take a step back and think about how else this might affect the customer experience. Less friction sounds great, but when that ‘friction’ includes a conversation between the customer and sales staff or servers, how can merchants replace that vital opportunity for customer engagement? It’s a critical time for merchants to understand what drives their customers. It’s hard to go a day without learning about a new company with a disruption trying to woo them away. Aside from competition, an unhappy customer is one of any merchant’s biggest threats. Our own data indicates that, on average, two out of every ten customers have a negative in store experience; 96 percent of those shoppers will never complain and 91 percent will never return. If companies had the knowledge and insight about what kept customers happy, buying, and coming back, wouldn’t they act on it? Imagine if a merchant could gain instant feedback through a customer interaction that is so simple, 88% of customers will respond? Feedback that brings with it knowledge of the customer journey, along with actionable insights? This is where TruRating comes in. By capturing customer feedback in store at the point of payment, merchants can increase their bottom line by as much as 18 percent. Consider Crisp, a healthy, quick-serve restaurant. While undergoing a brand and menu refresh, Crisp also raised their prices. While naturally cautious on the impact of the change, they wanted to measure ROI by monitoring customer perceptions at the POS, before and after the changes, and observed customer satisfaction remained constant – in fact, customers rated prices as slightly cheaper after the brand refresh, even though their average total value of orders increased by $1. Meanwhile experience and product scores also trended upwards: a fantastic outcome for Crisp. 7
Page 1 and 2: Vol 3. Issue 8 | August 2017 YOUR G
Page 3 and 4: Contents STORIES 4 Artificial intel
Page 5: Roberto Valerio CEO & Founder of Ri
Page 9 and 10: - NEVER JUDGE A BOOK BY ITS COVER -
Page 11 and 12: Thought Leaders Corner Ana Assis Je
Page 13 and 14: expert interview The power of Data
Page 15 and 16: Spotlight You think you have what i
Page 17 and 18: startup Spotlight to feel in contro
Page 19 and 20: Kristen Morrow-Greven Director of P
Page 21 and 22: PAYMENT COLLECTIVE move the bulk of
Page 23 and 24: M20/20 Special Transforming the POS
Page 25 and 26: M20/20 Special collaboratively acro
Page 27 and 28: M20/20 Special support of a pool of
Page 29 and 30: M20/20 Special PCM: On what scale a
Page 31 and 32: events Events Boston, U.S. ETE17PCN
Page 33: Take Your FinTech Career To The Str

PCM vol. 3 Issue 8

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?