Beacon Analytics

What is Beacon Analytics ?  By now, you’re probably acquainted with the internet of things. But did you realize that this concept extends beyond your home? A new technology is making waves through the world of retail and other physical stores. They’re called beacons. And they’re changing the way businesses are finding data for their customers.  By integrating PrismPay with your existing mobile payment platform, you can be treated to detailed reports on consumer behavior. Our mobile payment gateway also helps make the entire transaction process faster and easier for customers. This helps to increase both revenue and customer loyalty.  The possibilities of beacon technology are endless. They encompass everything from data mining to marketing to customer relationship management. When you optimize your mobile payment process, you can help yourself benefit from beacon analytics.

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What Are They & What Do They Do?

Beacons are small location-based devices. They track data by signaling mobile devices (like smartphones) and passing that information back to the business. This information can then be analyzed and used for a number of purposes. This could include direct marketing or simply taking stock of when and where your customers are spending their time. You can utilize your mobile payment system to appeal more directly to consumers. Beacon analytics help to take data collection offline and move it to physical retail spaces. Here are a few of the metrics you can follow using beacon analytics:

  • Footfall Traffic
  • Location Targeting
  • Unique Visitors
  • Loyalty Metrics
  • Customer Path Reporting
  • Engagement

How Do they Work?

Beacons ping, or recognize, a consumer every time they pass by. This provides your company with very valuable data. These metrics can measure a number of different factors concerning customer behaviors. You can see how the layout of your space is affecting the way customers shop. If you’re seeing bottlenecks or inaccessible spaces, you can quickly identify the problem and optimize your store accordingly. Beacons can also send advertisement or coupons directly to mobile devices for real-time customer engagement. Furthermore, they are able to streamline the mobile payment process to increase orders and sales.

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Revolutionizing Mobile Payments

This advance is also making waves in the world of financial technology. The beacons can identify potential customers. Then a beacon can directly target them for fast and easy mobile payments.  Thanks to their incredible success, we’re seeing more businesses adapt. Many of the world’s tech giants have introduced their own beacons to the market:

  • Apple iBeacon
  • Google Beacon
  • Samsung Proximity
  • PayPal Beacon

PrismPay Makes the Best of Beacon Analytics

Beacon technology is continuing to grow in popularity. The devices are becoming more ubiquitous and helpful for companies. It’s one of the fastest and most exciting developments in the world of retail. The possibilities of beacon technology are endless. They encompass everything from data mining to marketing to customer relationship management. When you optimize your mobile payment process, you can help yourself benefit from beacon analytics. Sign up today to see how PrismPay can position your business to move ahead in this exciting new field.

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