Big Data an essential aspect for companies’ success

The trend of Big Data refers to the storage of large amounts of data and the set of tools that collect and analyse such information. All data generated through different sources could be used to produce useful and valuable information to make predictive analysis and stablish business strategies.

Imagine that you have a business in a commercial area of your city or that you have an online shop to offer your products. Is 12:30am and your client, a woman between 25 and 30 years old, could choose among different online shops, but finally she chooses yours. After several minutes scouring the shelves or browsing your product catalogue, she decides to start the checkout and is informed the amount to pay. She chooses to pay with card, and in the currency of her country, and thanks to DCC Multicurrency, you can offer this functionality in order to improve the shopping experience.

Shopping process takes place in a few seconds and it seems that the only business objective achieved is the sale. But if you look at every detail of the consumer journey, you will see that in each step, you can gather information of every step of that process. For example, you can have statistics related to the time and day where you have more sales; Saturdays among 12:00 am and 02:00 pm in the point of sales and between 09:00 pm and 11:30 pm in the online shop. Moreover, you can know that the he commonest payment method in the point of sale is credit card and online is bank transfer or instalment payments. Also, you can know that 35% of your sales come from European Union countries and the 60% are made by women and the 40% by men. Or for example, that the 25% of your customers repeat the purchase every two months and the 45% repeats but they buy different products.

If you analyse every purchase and crossed it using the right tool, data could provide a great strategic and differential value to your business, so you can make smarter decisions to achieve objectives, optimize costs and increase conversion rates. Among the main advantages of Big Data you can:

  • Know and understand better your customer: needs, products and services valuation, customer journey, shopping behaviour, etc.
  • Make business decisions: once obtained certain information you could develop products, services, pricing and payment methods based on solid statistics and analysis.
  • Make business decisions: once obtained certain information you could develop products, services, pricing and payment methods based on solid statistics and analysis.
  • Get customer Loyalty: knowing your clients satisfaction you can adapt and anticipate to their needs and providing them a better experience.

In Sipay Plus, which is specialized in smart payment solutions based on innovation and security, and complying with PCI DSS 3.1 Level 1 are aware of the importance if Big Data, which offer businesses the possibility to make an intelligent use of the information and take advantage of the obtained data securely about their client’s shopping behaviour enabling them to segment them and making the best value of the analysis to the maximum, thanks to the functionality of Sipay Big Data.

From Sipay Plus Communication Department, points that “Companies have to invest and be aware of Big Data, as the information obtained through these tools is essential to provide added and differential value for the business and in addition for the final customers because they benefit from the implemented strategies based on their behaviour.

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