Analytics: Today’s Must-Have Business Data Capability
Today’s sophisticated yet easy-to-use analytics tools enable small businesses to access customer spending patterns or trends that can lead to more informed, impactful decisions. Small business owners should be aware: these tools no longer are “nice-to-haves” — they are instead increasingly “must-haves.” Today’s data-driven world means that small merchants must keep up with larger corporations that have access to vast resources — as well as shrewd, like-sized competitors looking for strategic ways to stay ahead in the fierce battle for customer sales and loyalty.
Analytics solutions from First Data give small businesses the ability to improve their bottom line; they can provide access to seasonal trends, transaction dates, purchase frequency, and aggregate peer comparisons. These types of insights establish competitive advantages that can help set small businesses apart. Detailed data sets offer a deeper understanding into customer bases and can support their needs and preferences in real time with actionable data.
By monitoring key business metrics that enable merchants to better understand and engage their customers, these solutions can help deliver actionable, data-driven insights that empower decision makers to better manage performance and immediately derive more value from their marketing and loyalty programs.
First Data also provides a suite of resources geared toward helping the small business owner. Hosted in the cloud, these analytics-oriented offerings can enable small businesses to get smarter on their customers and boost the bottom line.
- Clover Station: A POS platform designed exclusively for small businesses. The software allows SMBs to manage inventory, track revenues, and generate reports that distill transaction data into analytical intelligence. Merchants can customize and grow their Clover Station’s capabilities by adding apps from the ever-expanding Clover App Market.
- Perka: A mobile marketing and consumer loyalty platform that helps merchants take an analytical approach to engaging their customers with location-based smartphone apps. The platform features merchant-validated transactions, triggered offers, mobile messaging, and retail customer relationship data. Later this year, Perka will support presence-detecting technology, part of an engaging digital marketing solution.
Evolving with the Future
As small businesses continue to thrive, First Data is looking ahead to anticipate the need for new, specialized analytics capabilities. Tracking payment data is a significant step small merchants can take to stay at the top of the game. Although customer preferences are bound to evolve with time, the right analytics enable small businesses to change accordingly and cement their status as a “must-have” capability.