Running an online business requires constant optimization of operational and marketing strategies. You need to keep on making improvements to reach the right audience the right way. To make data-driven decisions, you use various tools to answer many of your questions like:
- How many visitors reached your website/app in any specific month?
- How are sales growing up quarter-to-quarter in a particular year?
- Which marketing campaigns have resulted in maximum conversions?
But what about payment-related questions? Rarely, you will find a popular analytics tool that can pin-point on the payments side of your business. Other than the questions above, you might also want to know about:
- What percentage of sales comes from each of the supported payment methods?
- What are the primary reasons for payment failures on your online platform?
- What is the ratio of new to returning customers in a specific month?
- What is the payment success rate on your business website and app?
Wouldn’t it be great if you also know your customers and business this well? You know better than anyone else the importance of growing your online business. But do you really know how your customers engage with your online business? How do you check what’s working and what is not?
This is where Payment Analytics by Paytm PG plays a vital role. Even if the customer behavior makes your head spin, you can make things simpler via well-framed data and make business analytics work wonders for you.
Payment analytics at a glance
Turning data into profits is not something available only for big corporations. With Payment Analytics by Paytm Payment Gateway, you can easily uncover various in-depth insights about your business that will help drive real results.
With its easy-to-use reports about payment sources, payment flows, and customers, you can stay on top of the primary business activities. Besides this, you can find out how effective your business website/app is at turning visitors into customers.
Payment Analytics has been designed to provide ready-made reports about business analytics. It can help you better understand your customers and the payment side of business. By putting these actionable reports to work, you can make your business grow faster.
Dive into the deeper business insights with Payment Analytics
Payment Analytics by Paytm for Business can take you deeper into the overall customer experience, particularly the payment side of it. You can see exactly how customers are paying you for products/services sold and using which payment instruments.
Payment Analytics also reveals customer data and trends to help you analyze the health of your business. Customer segmentation, retention, or payment success rate/reasons, you get deeper insights that will help you make technical improvements and define a better marketing strategy. You will also learn about different digital channels with their success rates and how the numbers change over time.
Based on the findings, you can allocate more resources to the most successful channels that bring maximum customers to your online or offline shop.
Three distinct services under Payment Analytics by Paytm for Business:
- Payment Source Analytics
- Customer Analytics
- Payment Flow Analytics
Analyze payment failures better with Payment Source Analytics
With Payment Source Analytics service in Payment Analytics, you can:
- Get insights into how different payment instruments perform
- Check the success rate trends using filters for card networks, issuers, and banks
- Check payment failure reasons for various banks/networks and utilize success rate improvement recommendations to ensure your customers do not face any inconvenience
Example: If you see that ‘Authentication failure’ is a continuing major reason for payment failure on your online store, you can choose from the recommended options of ‘OTP autoread’, ‘OTP less card payment’, or ‘Direct page’ for better results.
Get to know your customers with Customer Analytics
With Customer Analytics service, you can:
- Check the trending overview of new, repeat, and lost customers to determine the churn for any specific period
- Obtain ready-made reports that save your time in deciding the required marketing/operational push
- Look at a segmented view of your customers through the Recency-Frequency-Monetary (RFM) analysis to take personalised marketing actions
- Combine the power of customer’s data from Analytics to run marketing campaigns on identified customer segments to ensure a high success rate of your marketing campaigns
Make swift tech improvements with Payment Flow Analytics
With the Payment Flow Analytics service of Payment Analytics, you can:
- Easily find tech-related imperfections that are impacting success rates on your online store
- Check the details of success rate fluctuations at the platform level (Android, iOS, etc.) and channels (app or web) level
- Assess the list of most popular devices used by customers in terms of revenue contribution and success rate performance
- Compare success rate on your website or app with the industry benchmark
You found that the success rate of credit cards as a payment method on your portal has dropped over time. Many of your customers who prefer to use credit cards for payments are unable to do so because of technical glitches in the payment flow.
With the ready-made reports of Payment Flow Analytics, you can check the performance of the payment flow at the payment source level. In this case, you can check for the drop in the success rate for credit cards as a payment source and resolve the underlying issues. Later, you can also check if the initiatives taken have continued to keep the success rate high as expected and stay ahead of the competitors.
How can you benefit from Payment Analytics by Paytm Payment Gateway?
To personalize content
It is difficult to personalize content until you know about your customers’ preferences. With an in-depth analysis of customer behavior and payment flows, you can work more on personalized marketing communication that is unique to your customers.
To gauge customers’ overall value
Comprehensive business analysis, including customer behavior analysis and payment preference checks, adds greater efficiency to the process of predicting a customer’s value. By looking into the data, you can target the right customer personas and maximize the impact of your marketing campaigns.
To optimize marketing campaigns
The data from Payment Analytics by Paytm Payment Gateway will help you narrow your focus on the most valuable customer segment. This will help optimize the marketing campaigns the right way. You can also identify existing roadblocks for each segment to find the right opportunities for cross-selling and up-selling.
To retain loyal customers
Retaining loyal customer groups is as important as attracting new ones. Customer analysis can help you reduce possible churn by identifying both good and bad customers. You can then provide special recognition to the good ones to ensure that they do not start looking anywhere else.
- To optimize website performance and improve success rate
- To measure your website performance vs competition and know where you stand
All types of businesses – big and small, can benefit from using Payment Analytics by Paytm Payment Gateway. It will help you gain better insights into your business data, which can be used to stay on track of growth. Sign up for Paytm Payment Gateway today and stay on top of your business!