The industrial revolution age is nearly behind us and now enters the data age. Businesses and governments alike can know more about a customer than ever before. And with the vast amount of transactions done online on mobile, credit, and debit cards, understanding an individual customer from the crowd can be challenging.
It doesn’t have to be so, however. Businesses can take on this opportunity by making the vast amounts of data generated day in day out make sense and help them make better decisions in correspondence to such data using real-time analytics tools. Businesses can react appropriately to customer activities to increase the number of transactions made by the customer. Notably, the increase in customer transactions directly translates to more revenue. Here’s how real-time notifications can help a business increase its transactions.
React to Customer Activities in Real-time
With real-time analytics, businesses can react proactively to customer activities. An excellent example of this is when a financial business notices a slow decline in credit or debit transactions in a specific location. Using real-time data, the institution can counter the decline by either partnering with other essential firms frequently visited by its customers in that area to provide relevant offers via real-time notifications to encourage credit or debit card use. The company can also decide to offer cashback for customers who shop using credit or debit cards in that location via real-time notifications just when they need to shop for goods by understanding their buying patterns. Without real-time analytics, it could be hard to track such small yet critical information that could ramp up the number of transactions. As such, real-time analytics helps businesses capitalize on every opportunity that comes.
Actively Engage Customers in Their Day-to-day Activities
Real-time analytics allows businesses to be in touch with their customers by offering new undeniable offers via notifications and even launching new campaigns to increase their transaction volume in particular locations. Businesses can analyze what their customers do the most in a specific location. They can also know where customers visit frequently and tailor offers to them in addition to notifying customers about them in real-time or when they precisely need them. For instance, bank businesses can launch their cashback programs at the end of the month in specific locations and between the month at a different place to increase the number of transactions.
Make Strategic Business Decisions
The importance of real-time notifications and the role it plays in increasing transactions is majorly anchored in helping businesses make the right decisions at the right time. The principal purpose is to help businesses make better decisions and capitalize on business opportunities as they emerge in real-time.
Businesses whose model is mainly anchored on the volume of transactions customers make, like banks, can realize tremendous benefits by using real-time analytics and real-time notifications. Real-time analytics can help any financial institution respond proactively by keeping in touch with users in different locations using real-time notifications to increase transaction volumes. Real-time data analytics can also be an invaluable tool in short-term business decision-making to help make the right moves that propel the business in the right direction before it’s too late.
For more information about data visualization and real-time analytics from Live Earth, check out our Real-Time Awareness Solutions. Ready for a custom demo experience? Schedule your demo with us today!
Every day, 2.5 quintillion bytes of data are created. More than 90% of the data in existence today was created in the past two years. In order for this data to be useful, it has to be analyzed. Multi-layer data correlation can be used to detect gaps in the quality...
Financial data management is essential for any company that wishes to monitor its cash flow. As we move toward a digitized world, it will be essential for every company to ensure that its finances and analytics are up to date. If you have been struggling to ensure...
Information overload in the digital age can overwhelm businesses, yet this is the data they should be paying close attention to. Businesses hold vast amounts of data on their customers, products, supply chains, and inventory. Businesses can put all of this data...