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Strategic Metrics for Retailers & Payment Platforms During Post-Covid Recovery

In this post, we want to share our knowledge to guide retailers, banks, payment & loyalty platforms through the Post-Covid recovery phase by highlighting the strategic metrics that need to be closely followed.

Our guidance is based on years of service in banking, payment, loyalty and retail industries, helping companies delight their customers and earn their loyalty through personalized & timely mobile engagements.

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Our technology and consultancy allow our clients to understand their customers behavior in the physical world, bridge their online & offline worlds and implement scalable processes to improve key performance metrics such as frequency, retention and purchase size.

Post-Covid recovery will be challenging from many aspects. For the consumers to get back to the mindset of pre-Covid times, there are crucial medical precautions to be taken in malls and stores. To make up for the financial losses during lockdown periods, the retailers and payment platforms will be in great competition to win their precious time spent in malls and wallet share. The customers will be engaged via all channels with offers inviting them to stores, aiming to increase basket size and also increase frequency.

In this post we will provide a set of strategic metrics for retailers & payment platforms and a framework of what aspects of their strategy and operations they need to update in order to align themselves with the new normal. (You can find our previous blog post The New Normal After Covid-19 here.)

Understanding customers shopping experience and measuring the right metrics will be more important than ever. It is expected that the customers will show different patterns in many metrics, such as visit count, duration, etc. compared to the pre-Covid times.

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Following are the shopping experience metrics and questions for which they can shed light on:

As a retailer or a payment platform, knowing your customers and understanding their behavioral changes will have more critical impacts on your business results post-Covid. The customers are expected to be bombarded with mass or personalized campaigns from all competitors, therefore the players that analyze the customer behavior & trends with the right metrics and act proactively will be stepping ahead of competition.

Retailers:

  • Store Opening Timing Strategy
  • Mobile Engagement Strategy
  • Messaging/Content Strategy
  • Store Opening Location Strategy
  • Engagement Timing Optimization
  • Data-Driven Sales Projection Updates
  • COVID Behaviour Based Personalization
  • Category-Benchmark Store Performance
  • Operation & Staffing Hour Optimization
  • Store Performance Metrics Realignment
  • Omnichannel Store Visitor Retargeting

Banks & Payment Platforms:

  • Online vs. Offline Offer Strategy
  • Mobile Engagement Strategy
  • Messaging/Content Strategy
  • Engagement Timing Optimization
  • Partnership Strategy Reassessment
  • Category Recovery Pace Analytics
  • Purchase Propensity Based Targeting
  • Optimum Timing for Brand Based Offers
  • Omnichannel Store Visitor Retargeting
  • Update CRM for New Customer Preferences

Written by

Mall IQ, Inc.

The Location Intelligence Platform. Real-time customer engagement. Powerful AI & Analytics. Actionable Insights.