MASTERCARD
Mastercard shared a platform with other corporate giants such as Google to discuss the power of data at the fourth annual Global Shopping Forum in Vienna in November.
industry is not ‘quite there yet’ when it comes to mcommerce, so her advice to travel retailers is to “spend time on better curating your mobile experience”. “Make sure it’s easy and secure to
use,” she advises. “Travel retailers can learn a lot from online UK supermarkets, who make it easy for customers to find ingredients and check out very quickly. Travelling shoppers are looking for this ‘tap and go’ experience.” Security is vital too. “Consumers
will only buy and repeat a purchase from your mobile platform if they feel it’s safe and secure. Although shoppers are happy to share some of their personal details and basic preferences with retailers, what they are not prepared to do is allow the merchant to hold on to their card details. So you must invest in a secure digital wallet that protects the customer’s payment details.”
Enhancing loyalty Smart retailers have the ability to further personalise customer offers
“These ‘value for money’ consumers are prepared to pay for what they value. However, they will look online and search for the best bargain for what they don’t value.”
Sarah Quinlan, Mastercard
20 TRBUSINESS
through additional data from a loyalty programme, says Quinlan. “Loyalty programmes matter
and can help to get to know your customers better. But it’s got to be simple to join and be of value to them.” Unsurprisingly, people are willing to share data if they think it will enhance loyalty. “It really is that simple”, maintains
Quinlan, “but if you want their loyalty, give some back and offer real value. For example, if you know a consumer bought a certain cream with you last time on their travels, show them that you appreciate that they shopped with you, with a personalised offer.” Another value-added bonus
of a loyalty programme is that it allows you to make good calculated assumptions, claims Quinlan. “If someone like me is still buying
kid’s toys, when it’s evident I do not have kids at home anymore, you would see from my shopping behaviour that I’m probably a grandparent and still be able to send personalised offers for that category. Consumers react positively to this type of stimulus and are often happy to share additional information.”
Value for money Statistics from Mastercard reveal 75% of consumers are women and that many work and are time poor,
states Quinlan. “Knowing their preferences will be
key for creating unique experiences and personalised offers – offer them something they can’t get online,” she suggests. “These key ‘value for money’
consumers are prepared to pay for what they value. However, they will look online and search for the best bargain for what they don’t value.” Essentially, the right data will not
only help travel retailers understand their customers, but ensure they curate a personalised and value- added offer. However, access to relevant data on a regular basis remains key, says Quinlan. “It’s about pulling out relevant
data you can act upon,” she says. “It doesn’t have to be a hugely
expensive exercise. Start small, trial and test and learn from it before any huge roll-out.” When it comes to investing in data, Quinlan believes many budgets allocated to data analytics are often ‘too small’. Her advice is thus to “blend data analytics spend with the sales and marketing budget”. Finally, having a CEO that really
understands and sees the importance and value of data to achieve business goals is imperative, she concludes. “The bottom line is
that the
CEO needs to make data analytics a priority.” «
MARCH 2018
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