Tuesday, June 18, 2024

Adyen helps retailers leverage payments data

Adyen has launched Data Connect for Marketing, a new product enabling omnichannel retailers to leverage payments data to improve marketing initiatives and provide an enhanced understanding of customers.

“Unique profile identifiers can link previously unidentified in-store transactions to shopper profiles, unlocking a breadth of analytics-driven use cases,” says Adyen.

“Equipped with stronger customer understanding, businesses can reward customer loyalty, tailor shopper experiences, and drive value for existing customers.”

Citing Federal Reserve Bank of San Francisco research, Adyen says the “majority” of transactions occur in physical stores but lack customer identification, with retailers facing a “significant blind spot” in understanding their customers’ preferences.

Data Connect for Marketing is said to remove this by providing a structured data set that integrates easily into a business’ external tooling, with use cases ranging from customer data platform (CDP) or customer relationship management (CRM) software.

“Understanding the customer journey has been a major hurdle for omnichannel retail businesses,” says Adyen Global Head of Unified Commerce Brian Dammeir.

“With Data Connect for Marketing, Adyen is bridging the gap between in-store and online experiences by connecting our wealth of data to single customer profiles.

“This means we can support businesses to build customer loyalty and unlock new customisation and advertising opportunities through their existing Adyen integration.”

Rather than relying on third-party data sources in an attempt to understand their customers, Adyen says Data Connect for Marketing means businesses can now leverage their own first-party payments data to build a comprehensive customer view.

This capability, says Adyen, presents a “large opportunity” for businesses to enhance their loyalty offering, with the company’s data revealing that 68% of surveyed consumers report they would like to see more personalised discounting from the retailers they shop most regularly with. Likewise, nearly half (48%) of surveyed consumers prefer retailers who remember their preferences and previous shopping behaviours to create more tailored shopping experiences.

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