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August 22, 2022 • Issue 22:08:02

Unlocking data to drive

sales, merchant retention

All of these touchpoints are digital and generate electronic
repositories of information. That information in turn can be
mined to predict trends, like the propensity of a customer
to remain loyal.

ACI has addressed the challenge of better understanding
data through a combination of descriptive and predictive
analytics, integrated with its omnicommerce platform that
optimizes customer conversion.

The company also uses what Singh described as a "data
lake" fed by multiple streams of information, including
data from its 700 acquiring partners and 80,000 merchant
clients, as well as connected devices like inventory scanners,
smartphones and other payment devices. "We're not just
deciphering data. We're looking back on historical trends
and coming up with predictions," Singh said.
By Patti Murphy
Case in point: ACI's analysis suggests that when a consumer
t's an axiom of business that good data leads to good uses a mobile wallet, there is a 37 percent increase in the
decisions. The challenge comes in understanding number of transactions they make. Among customers who
how to interpret that data and integrate it into a use mobile wallets and BNPL, the increase is 43 percent.
I business's operations. "It's not just about decipher-
ing data," said Basant Singh, global head of products and Analytics can even be used to identify problems before they
merchant business unit at ACI Worldwide. "You have to affect customers, for example, finding and remediating
be able to look back on historical data and trends and erroneous payments before customers complain. "We're
come up with predictions. You need to use that along with sitting on a large set of data," Singh said.
present-day data and information on changing customer
behaviors."

For example, the COVID-19 pandemic fundamentally Contributed articles inside by:
changed consumer behavior. Prior to COVID, most
consumers shopped at brick-and-mortar establishments and
used cash or cards to pay for purchases; today ecommerce Bill Vasquez .............................................................................................18
and mobile ecommerce are the preferred shopping venues Natasa Cvijanovic .................................................................................30
for larger numbers of consumers. Consumers are also
embracing new payment methods, like mobile wallets and Nicholas P. Cucci....................................................................................32
buy now, pay later (BNPL) schemes. Then there is the role
of social media, which can shape customer behaviors. It Ken Musante ..........................................................................................34
also offers new ways to learn about and influence customer
behavior.

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