While implementing an omnichannel strategy is important for merchants, optimizing it, so that it effectively keeps consumers satisfied, is essential. To do this, merchants can use analytics and the subsequent insights from analytics. After implementation, merchants should evaluate the effectiveness of their omnichannel strategy, collect any relevant data and determine whether they need to make any significant changes or minor tweaks.
By using analytics, merchants can gain insight into their consumer’s journey, which will give them the opportunity to learn more about the decision-making process of their consumers. In any omnichannel initiative, merchants need to evaluate consumer preferences, by channel, so that they can alter their approach, if needed, and allocate their resources more effectively.
If used correctly, analytical insights can also assist in the creation of personalized consumer profiles that will, ultimately, help merchants better reach their consumers and make their journey even more seamless. If merchants possess meaningful information about their consumers and their habits, they can proactively optimize the consumer experience for all their consumers.
Since analytics allow merchants to adjust and make improvements to existing strategies, they play an important role in any omnichannel initiative, but they can also be leveraged to prevent fraud. While this has been true for some time now, it’s even more prevalent today, as more companies have begun utilizing big data initiatives as part of their fraud prevention strategy. In the not-so-distant future, everyone in the digital payments industry will adopt the 3-D Secure 2.0 protocols, which means they will be using new, enhanced data fields in the authentication process.
The implementation of these new data fields will enable behind-the-scenes authentication, which, for the consumer, means that the transaction process will be even more frictionless. Fortunately, Cardinal has already implemented these new data fields into our authentication solution, Cardinal Consumer Authentication (CCA). By doing so, we can use analytical insights to create consumer-specific profiles, which will help merchants more efficiently identify whether a consumer is a legitimate buyer or a fraudster. With CCA, merchants can vastly improve the consumer experience while, at the same time, preventing fraud. With One Connection to Cardinal, we can Drive your Digital Commerce.