First Data introduces Insightics solution for small businesses
Payment technology firm First Data Corporation has introduced its Insightics solution for small and medium-sized businesses. According to the company, Insightics is cloud-based software that unlocks the power of big data behind payment transactions to give SMB merchants the ability to monitor key business metrics affecting their business; better understand customers in order to engage effectively; and derive more value from marketing and loyalty programs to grow revenue.
Many small business owners struggle to get a timely and measurable view into their key business drivers, and might not know what their best days and times of the week are; how many new vs. repeat customers they received in a week; whether repeat customers tend to spend more than new customers; or how far their highest-spending customers traveled to reach them.
“We are putting big data to work for the main street merchants to help grow their businesses,” said Krish Mantripragada, SVP of information and analytics solutions at First Data. “By analyzing payment, point-of-sale and customer data for every merchant alongside data from millions of other merchants, we are providing an unprecedented level of visibility and insight into customers, sales and related businesses. Insightics is an instant-on, incredibly powerful, yet simple-to-use solution that all merchants can use to make informed and timely decisions to grow their businesses.”
First Data processed more than 59 billion transactions globally for more than six million merchant locations in 2013.