Data is more vital for sending Promotional Messages, Recommendations or Any Action for any Customer / Segment
The main focus for any retailer/bank/airline/hospital is to build a comprehensive customer signature. The customer signature provides vital information of the customer in the form of :
- Demographics
- Geography
- Behavioral
- Location
- Purchase Behavior
- Social behavior
Collecting this data and rolling up accounts to 70% of Customer Analytics. However, there is always a limitation to it. The customer might shop only specific items with the Retailer / avail certain services from the Bank. If the Retailer / Bank is a specialized one (like Apparel/Jewelery) the information for individual customer will be limited to few tens / hundreds of records /year.
Payment GatewayLocation Based Offer / Message using NBA
Take a case of the customer shopping in a high-end Apparel retailer, a Jewelery shop and have paid using Credit card in both places.
The Credit Card company doesn't have the Transaction level information but knows that Customer X has shopped for the following in the same localitya) Apparel
b) Jewelery
If this information can be used prudently by the speciality footwear store in the same location. Probably the customer might be interested to drop -in provided he / she knows about the store. If the Footwear retailer forms an alliance with Credit card company and push appropriate messages, the sales would definitely go north!
+MasterCard for example collects and stores the transactional data from the customer for data analysis. Customers have the option to opt out.
Companies like BeyondAnalysis use the Payment Card (Visa, +MasterCard )'s Transaction data and provide the Retailers like +Waitrose information about the customers who are purchasing from other supermarkets as well. This information would be limited to aggregate level and not at an individual level there by protecting the privacy of the individual and at the same time generating necessary customer insights
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