Data driven approach to drive customer engagement

Consumers are now more comfortable navigating the world through a digital lens, experts said

A data driven approach can drive customer engagement through multiple touch points, said experts at Magnati.

Salim Awad, MD and head of Business Development - Institutional Payment Solutions, Magnati, noted that customers today are always on the lookout for seamless experiences, and that one of the ways of achieving this is through the proper utilisation of data.

He explained that it leaves a very poor impression if a customer shopping online goes through all the hassle of selecting a product and then at the very end of their customer journey, they have trouble making a payment. All it takes is one bad experience to impact the loyalty of customers.

“When we are talking about a digital revolution, especially in payments, everyone in the industry has to work together through strong partnerships,” he said.

There should also be a focus on investments that allow companies to properly utilise their data to create more perosnalised products for their customers, he added.

“The investment in digital customer experience begins with payments,” agreed Imran Ahmed, executive director of Merchant Acquiring, Magnati. “People want to have a frictionless commerce experience at the point when they want to transact.”

Ahmed also noted that, after two-years of shifting habits, consumers are now more comfortable navigating the world through a digital lens. “Covid-19 has made irreversible changes and accelerated a shift towards digital and seamless payments. Digital payments are faster, better, and more convenient.”

He also highlighted how studies have estimated that, by 2025, 4.4 billion consumers will use digital wallets, which is 67 per cent of e-commerce payments globally. Buy Now Pay Later, or BNPL, has become the world’s fastest growing e-commerce payment method, while the pay by link feature of digital payments is also on the rise.

rohma@khaleejtimes.com