Worldpay has today announced the launch of Insight Services, its big-data analytics proposition. Insight Services harnesses the power of Worldpay’s payments information, enabling retailers to better understand aggregated consumer spend and preferences, both online and in-store.
As the UK’s leading payments processing company, Worldpay handles 42 per cent of card transactions on the high street and can provide a direct insight into how 63 million cardholders are spending with over 300,000 merchants. This rich source of factual, unbiased and granular information cuts across industry sectors and channels allowing Worldpay to collate a detailed view of consumer spending habits across the UK.
Worldpay is now making analysis of this data available to customers, giving them a unique and comprehensive market perspective of consumer spending patterns and loyalty behaviours both at a national and local level, by sector, payment type, channel – and even by time of day.
Worldpay’s Insight Services is a flexible analytics service that can act as a standalone solution for businesses that have previously never had access to customer insights tools. It can also complement existing CRM and loyalty systems, offering merchants a suite of reports with a rich stream of data on local and national consumer spending habits.
By unlocking the value of payments data, retailers will be able to run their businesses more effectively and therefore more profitably, by better serving customer trends and better targeting specific preferences and spending habits.
Insight Services allows retailers to:
- Tailor stores to local needs at a granular level
- Enrich existing CRM and loyalty systems with targeted and holistic views
- Benchmark performance against an anonymised peer group
- Understand customer purchasing behaviours outside of their own business
- Track customer behaviour in new and existing stores
- Identify the best new locations for expansion
- Target and attract the right profile of customer
James Frost, UK CMO of Worldpay, said: “Retailers are already incredibly sophisticated in terms of gathering and interpreting customer habits, be that in-person or online. Where we can really add value is by helping them continue to build up an ever more accurate picture of who that customer is even after they’ve left the store. It’s loyalty analytics, without the need for a loyalty scheme.
“As a result of the volume of payments we process, we can offer a cross-sector view of consumer spending behaviour right across the UK. By aggregating data on such a huge scale, we’re able to help retailers navigate the often subtle variations in consumer preferences, enabling them to tailor their services accordingly. ”
Insight Services is available to all Worldpay customers. For more information on the service, plus a range of interactive tools illustrating UK consumer spending habits, visit: http://www.consumerinsights.worldpay.com/