Finally Access Omnichannel Data Visibility With Pagos

If your business runs a brick-and-mortar storefront, you likely maintain an online presence, as well. This has become the norm in retail as more and more customers expect to be able to interact with and purchase from you both on and offline. While meeting this demand can increase your customer base—and ultimately your returns—doing so requires you to modernize your infrastructure, both for external payment processing and internal operations. In other words, you can’t sell online and in-store without adding some complexity to your payments setup.

Unfortunately, payment service providers (PSPs) haven’t evolved in the same way retailers have and it’s fairly uncommon for a single provider to offer advanced omnichannel support. This reality compounds those complexities we talked about as businesses find themselves integrating with multiple different providers to offer checkout experiences on and offline. The biggest challenge with such a setup is the lack of comprehensive data visibility; when your retail traffic is divided among PSPs, your transaction data is, as well.

Or at least it was… up until Pagos came on the scene.

When you integrate with Pagos, we ingest your payments data from each source individually and harmonize it together for you to visualize and analyze as a single data set. Suddenly, regardless of how complex your payments setup, you can track consumer traffic and spot trends across all your data in a single place. In today’s blog post, we’ll explore the benefits of omnichannel payments visibility and what Pagos do for your bottom line.

All Your Metrics in One Place

Omnichannel payment processing can make it tough for your operations teams to calculate important payments metrics for your entire customer base. To calculate base values like approval, refund, or chargeback rate across all customers, they’d have to export transaction data from each channel’s PSP and perform a lot of manual data cleanup and aggregation work. With the comprehensive payments data Pagos combines and presents you, however, you can immediately view these key performance indicators (KPIs) and so much more across all channels. With this data, you can finally get a grasp on who your audience is and how you can design your payments processes or checkout to improve customer experiences and increase returns. 

Let’s walk through a couple examples!

Identifying Customer Segments

When you import payments data for different channels into Pagos, you can easily compare consumer behavior in those channels side by side. Doing so can inform how you design your messaging, engagement, and checkout experiences for each individual customer segment. For example, you may find that in-store buyers want to pay with Amex more that your online buyers, or that your average order value (AOV) from online sales consistently exceeds that in store.

While segmenting by channel is valuable, Pagos provides you with more ways to divide up your entire customer base into meaningful groups. In Peacock, our data visualization tool, we offer curated dashboards of charts that segment your entire customer base by the payment methods they use, the currencies they purchase in, the amount they spend, and more. This means you can identify values like total transaction volume across all Visa card customers or approval rate for all debit card users, regardless of channel. If you’re concerned about regional chargebacks, you can determine the chargeback rate for all shoppers in all channels within a single country. The segmentation possibilities are nearly endless!

Measuring the Impact of a Campaign or Promotion

When you run a campaign or promotion, you’re naturally going to want to measure exactly how successful it was across all channels. Did you pull in new business from new customers or encourage existing customers to return? Did you attract more fraudsters? Did sales increase across all sales channels or only in store (or only online)? Using the Metadata field, Pagos make it easier than ever to compare metrics across all your payments data and answer these questions quickly.

Metadata is a transaction-level label typically added to transactions through the processor. You can use metadata to tag transactions generated by or associated with specific campaigns or promotions. Then, when digging into your data in Peacock by Pagos, you can filter for transaction events by that metadata to measure impact, such as:

• Which of your business channels (e.g. in store or online) benefitted the most from your campaign?

• How did the campaign impact approval rates in each segment?

• Did customers brought in by the campaign ultimately request a return or issue a dispute?

Keep in mind, Peacock allows you to filter by multiple parameters simultaneously; you can combine metadata with other fields to dig down even further in the segments of your business impacted by a promotional campaign. For example, if your business also passes soft descriptor values with each transaction identifying the division of your business through which a purchase took place (e.g. sub-merchant within a marketplace company), you can use Peacock to really dig into the specifics of a campaign’s business impact.

Identifying Multi-Channel Customers

When you sell both online and in store, chances are highly likely that you have some of the same customers making purchases in both places; these multi-channel buyers are a key customer segment worth breaking out! If you pass an identifier in the Metadata field to flag those that you know are multi-channel shoppers, you can then use that value in Pagos to compare customer behavior across channels. This means you can see how the channel impacts a customer’s transaction frequency, average order value, or even approval rate. 

Identifying your multi-channel customer segment and exploring their associated transaction behavior can also highlight opportunities for marketing and partnership that otherwise would be hard to tease out. For example, maybe your most important shoppers are coming from the same key issuing bank, so you explore more opportunities of partnering with them.

Another valuable use-case for tracking multi-channel consumers is with declines. When you can see the same customer experience success in one channel and declines in another, you basically have a control for identifying aspects of your own setup that might be declining good transactions unnecessarily. Say, for example, a customer uses a payment type in store and has consistent success, but that same payment method is consistently declined online with the reason code suspected_fraud. This could indicate your fraud rules through your online PSP are too strict and could use some tweaking. 

Pagos is developing more ways in the future for you to identify transactions that come from these types of users automatically, but with our metadata field support, you can start today.

Get Started Today!

Pagos is a global platform of microservices designed to help you make the most of your existing payments stack. You don’t need to make any changes to your current system or PSPs to make use of Pagos’ capabilities; simply connect your processors for each of your existing sales channels to Pagos, and we’ll do the rest! 

With Peacock, we’ll import all of your payments data, aggregate and harmonize it, and present it back to you in data visualizations. Interested in monitoring that aggregated data for sudden changes or concerning trends? Check out Canary! Wanting to increase approvals by offering card brand services like account updater or network tokenization to every sales channel? Loon and Toucan can make that a reality. No matter who you are or what you sell, Pagos can help you take your payments to the next level.