Data analytics powered by artificial intelligence and machine learning is reshaping retail. Together it helps merchants and brands understand and predict customer behavior, forecast demand, and consequently plan marketing interventions.
With the digitization of billing infrastructure, the use of IoT enabled in-store devices and a surge in digital payment adoption across India, retailers, and brands now have huge chunks of data, which if analyzed thoroughly can yield powerful insights to help them boost sales and cut costs.
Large retailers draw insights from digitally captured data from diverse sources. For example, they use data generated by beacons and sensors to track in-store traffic patterns & hotspots or use data from inventory management software to manage on-time shelves replenishment.
Of all these sources of data about their customers, one source that works the most wonders for all retailers irrespective of their size & scale is the data of their customers’ payment footprints. This is hard data on purchases made by their customers sourced from the place where the action is – The Cashier Till!
Every day at merchants’ cash counters, payment terminals silently process all payments via cards, mobile wallets & other digital instruments. They simultaneously collate and combine precious transaction information like what is being bought and who is buying, etc. which is used to derive various data-driven insights for the merchant.
Retailers who want to thrive in the coming months and years can’t afford ‘not-to’ incorporate this data into their decisions. That’s where Innoviti’s Sparcs reporting portal helps them. It churns out these insights for our merchant partners to help them make smarter decisions toward higher profits, better customer satisfaction, and having a more awesome store overall.
Sparcs is Innoviti’s AI/ML-based platform that helps our customers get an X-ray view into their payment operations being managed by Innoviti. It processes millions of transaction data points, information along with authoritative information available through public sites to create categories and geographic insights. This is helping customers see what is not visible through their data and use it for getting that extra sale, extra savings, extra customers.
Architected as a Low Code Application Platform (LCAP), Sparcs is a modern tool that enables progressive merchants to directly integrate their reporting systems with using APIs, helping them with one view of their business. Customers can also customize their dashboards, configure alerts, and track performance against targets, enabling them to take faster and more accurate decisions about their business.
Using Sparcs, Innoviti’s partner merchants, banks, and brands can know what they cannot infer from conventional MIS and make informed business decisions to grow their business faster in their unique ways.
For example, to grow its business, a leading high-end mobile store wants to selectively target the right customer profiles within its catchment. Towards this goal, it is willing to invest significant marketing budgets. But where does it start?
Effective marketing interventions require targeted market insights like how many right customers are in the catchment area, how many currently shopping with the merchant, who is missing, where do the missing customers live, how to track that the merchant is effectively targeting them?
Luckily for merchants, help is at hand. Innoviti POS integrated payments terminals in their stores can provide them answers to all these questions.
Merchants can now access Sparcs, which can infer key data points like where a customer most likely resides within its catchment areas based on the cluster they most frequently shop for daily use necessities. By similar pattern analysis of all high-end mobile phone purchases of a catchment area, Sparcs can provide merchants all the answers they seek like the localities within catchment area where current customers and non-customers are clustered thus identifying localities of opportunity and strength. Armed with these insights, merchants can now plan targeted and cost-effective marketing interventions and closely track their actual effectiveness.
Thousands of retail merchants can benefit from Innoviti’s vast payment processing and payment analytics infrastructure that today accounts for 5% of all-India transaction processing volumes, and penetrates deep into the vast Indian retail landscape, thus creating a vital data resource that can churn out never before available insights for business growth.
So, what are you waiting for? Get in touch with us and begin a partnership that can take your business places.