Why Payments Innovator, FreedomPay, Thinks Modern Data Architecture is a ‘Game Changer’ for Merchants
Payments Innovator, FreedomPay, the global leader in secure commerce technology for lodging, retail, restaurants, stadiums and other hospitality merchants, announced the publication of a new report entitled Personalization and Digital Identity: The Keys to Unlock Loyalty. The analysis takes an in-depth look at customer loyalty and the importance of having the right digital data architecture for next generation connected commerce.
According to the new report, FreedomPay argues that loyalty interaction is changing and merchants’ relationships with consumers are now being forged in new, digitalised ways. Today’s commerce is all about the relevant experience and sophisticated technology.
FreedomPay CEO and Founder, Tom Durovsik said: “As globalisation brings increased competition and tighter profit margins, brand loyalty has never been more important than it is today. Traditional ‘catch-all’ loyalty schemes that have sufficed in the past, today lack the smart digital architecture required to serve the needs of an always on, multi-device, highly targeted and sophisticated client-base.”
The report was developed to help merchants navigate the increasingly complex payments environment, with customers expecting to pay and receive goods and services in an ever-increasing variety of ways.
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Indeed, the white paper outlines how in today’s world many merchants and businesses often get stuck in tactically focused marketing and siloed decision making without applying the right digital data architecture.
“This paper demonstrates how payment infrastructure, better analytics and technology provide the foundation necessary to build out a loyalty programme, which also enables organisations to execute loyalty as part of business operations. In order to get loyalty to work, companies should be implementing a holistic platform solution, not just another loyalty point solution,” said Durovsik.
Stronger trust and security for reassurance
Ensuring compliance on data privacy and security are also necessary considerations when building out customer centric loyalty programmes. In the report, FreedomPay suggests various ways to remove barriers that cause friction in customer experience, such as: using an ID engine that links loyalty across the business and channels, and tokenisation to protect sensitive information and help prevent fraud.
Better use of analytics and tools for richer loyalty experiences
The report goes on to suggest that for both short and long term customer retention, merchants must invest in transforming their digital architecture and build loyalty around a connected commerce platform.
Christopher Kronenthal, President and CTO of FreedomPay argues: “Loyalty is often described as broken because businesses do not have the necessary consumer architecture in place. A horizontally integrated solution is imperative when it comes to providing a seamless continuity of identity across all business channels.
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“With a centralised and connected loyalty platform, merchants can also use analytics and software tools to turn data into positive interactions and accelerate exciting new personalised services.”
A renewed focus on supporting technology and putting loyalty at the core of every interaction of any strategy will impact every part of the business, including its policies and processes.