Transactional data is the detail and information that describes a transaction, captured the moment the customer makes a purchase. It’s one of the most common types of customer data and can be leveraged to gain insight into each customer’s unique preferences.
When a customer selects ‘check out’ on their virtual cart through your mobile app, this generates transactional data in real time. Details like the time and date of purchase, the price, quantity, any discounts or promotions redeemed, the payment method and the type of product or service purchased will be captured at the point of sale. Similarly, instore when a customer scans at the point of sale to redeem rewards points, or apply a discount code, valuable data is collected in return.
When it comes to consumer marketing, data is truly invaluable. The more data a company receives, the more insight they gain into their customers’ interests and behaviors, and ultimately pinpoint what’s going to get them purchasing more frequently and becoming more loyal to your brand.
How can transactional data be used across the business?
As well as being the key data source for marketing, transactional data can also provide valuable insight in other areas of the business.
It is a key source of business intelligence, particularly beneficial in predicting and forecasting future sales. It can help your company determine how products should be priced, measure the uptake of new products to market and consumer preferences by customer segment.
Transactional data supports Big Data.
Big Data (the umbrella that comprises a cumulation of large, complex, varying data sources) speaks to the analysis of transactional data. Transactional data helps to ensure that certain metrics, such as peak transaction volume, peak ingestion rates and peak data arrivals, are met, as this data feeds into the Big Data system to allow for continuous optimization of business processes and maximum efficiency.
Transactional data also aids data analysis as it can be used to identify why, how and when these metrics were reached.
For any commerce company that relies on transactions to produce a profit, gaining insight into the nature of these transactions is essential for driving informed decisions, allocating budgets most effectively, and identifying optimizations and improvements to be made on a consistent basis.
What are the challenges with transactional data?
The challenges of capturing, storing and analyzing transactional data stem from the amount of data generated on a daily basis. Think about how many transactions a business may receive in a single day. For each transaction, a range of data is collected, including the payment method used (credit card, debit card or bank), the price point of each product, and where and when the product was purchased. Transactional data adds up.
Without a comprehensive system and data warehouse that streamline the processes of generating data, storing data and putting that data to work, transactional data can get pretty messy, overwhelming, and difficult to analyze.
Scaling transactional data has a number of challenges, as it requires constant evolving and adjusting of large amounts of data in real-time. It also requires effective data analysis and ethical data collection.
Data is only valuable if it’s analyzed properly. Otherwise, it’s simply a feed of raw numbers. A company’s method of data analysis and data storage can be used for personalization or weaponization—meaning there’s a fine line between leveraging data to improve the customer experience and taking advantage of a customer’s privacy.
Companies can also struggle to connect customers with their transactions, if they don’t utilize an end-to-end mobile engagement platform that helps bridge the gap between online behaviors and offline behaviors.
Say a company doesn’t offer a mobile app. A customer creates an online profile through the company website and makes an online transaction. The customer then makes an in-person transaction at the physical store. This data may appear as two separate customer profiles, providing a limited view of the customer and an inaccurate scope of the number of customers.
By using a customer engagement platform, you’re able to streamline data collection and data storage, and connect offline purchases with online customer profiles for a seamless system.
Put your data to work with Plexure’s solutions
Plexure is your expert partner in data and personalization. Our solutions help to minimize the challenges of leveraging valuable customer data and putting it to work for your business.
Our artificial intelligence and machine learning engines help to streamline the transactional processes, aid in data analysis and support predictive analytics.
When it comes to data, quality matters. With our intelligent platform, your marketing team has access to quality data from a number of sources that generate in real-time, as your customers are interacting with your mobile app and making transactions.
This data is then stored in Plexure Analytics (our insights solution) that relays data and key metrics back to your marketing team, via a range of user-friendly dashboards and data visualization tools.
Our machine learning algorithms will pick up on behaviors and patterns that relate to the customer’s transactions, to further develop each customer’s profile with more defining characteristics and segments. This also supports predictive analytics, as likely behaviors and trends can be predicted based on strong patterns.
Plexure’s solutions provide your marketers with the tools they need to stay ahead of the game by predicting and responding to changes in market trends and customer behaviors. A company’s agility and proactivity in responding to changing behaviors can truly make the difference in their success—and transactional data has everything to do with these necessary insights.
We help companies to navigate the challenges in a world of ever-evolving customer needs and desires. Recently, as commerce companies have had to adapt to customer preferences for contactless experiences, we’ve helped some of the world’s most iconic QSR brands to develop consumer-driven order and pay features that create a more convenient, streamlined customer experience.
Our solutions help companies to transform the customer journey through a customizable mobile app, designed with a customer-centric focus on the front end and provides invaluable data and key customer insights on the back end.
Start putting your data to work for you and using customer insights to your advantage. Book a demo of Plexure’s solutions today.