In retail, knowledge is not only power but also profit. If you can track and then predict how your customer thinks, what makes him purchase a certain product; when does he feel like buying it and under what circumstances does he buy it, then you have critical predictive information about your customers. This predictive information can used to accurately sell the right product to the right customer at the right time. This way you can significantly improve your online conversion rate.
is defined as the process of extracting patterns from data. It can provide you with answers to questions that traditionally were too time-consuming to resolve. Data mining tools can be used to gain the following profit earning knowledge:
- Use open-ended queries to search your existing database and find relationships, hidden patterns and predictive information.
- Identify market segments and customer purchase patterns and predict future trends and behaviors, thus, allowing you to make proactive, knowledge-driven decisions. For example, a baby store merchant can predict the likelihood of the customer purchasing a pram based on purchases such as baby clothes and a cradle.
As you can see, data mining is an extremely useful activity that positively affects profitability.
You can gain the above-mentioned knowledge easily, directly through your CCAvenue M.A.R.S. account. Every time a customer makes a purchase on your website, all information relating to that transaction from customer name and location to payment details are stored in a single, secure and easily accessible online database. Using the tools built into your CCAvenue account, you can gain learn more about your customer and his purchasing patterns. There are two easy-to-use data mining tools available with your CCAvenue account - 30 Days, 60 Days, 90 Days Transaction Summary
and the Look Up Transaction Data facility.
30 Days, 60 Days, 90 Days Transaction Summary
The 30 Days, 60 Days, 90 Days Transaction Summary facility enables you to auto-compile transaction reports easily. It provides you with two great benefits - it simplifies your record maintaining process and is a very useful data-mining tool. You can use this tool to find out who are your repeat customers, what and when do they buy (purchase patterns). You can use this information to develop individual customer purchase profiles. These profiles can help you increase sales margins by sending customers promotional offers based on their purchase history. You can also use the demographic data to drive more quality traffic with promotional offers that appeal to specific audiences.
How to generate a Transaction Summary Report?
Click on the Reports & Statistics tab in your CCAvenue M.A.R.S. account. This will open the CCAvenue reporting center where you can access all statistical andfinancial information.
Based on your requirements, generate a report a 30 Days/60 Days/90 Days Transaction Summary. The report will include a variety of information such as transaction id, date of transaction, transaction amount, capture amount, order details etc.
The Look Up Transaction Data facility
The Look Up Transaction Data facilityis enables you to search specific data using a variety of variables such as time period, location etc.
When you sell online, the chances of actually meeting your customer is almost non-existent. This affects your ability to sell effectively as an in-depth understanding of your customer, what type of products he is likely to purchase is vital. Data mining fills in the gap created by lack of face-to-face interaction. The Look Up Transaction Data facility will help fill in other relevant details such as demographic and geographic details etc. as it allows you to retrieve and analyze transaction information based on a variety of criteria's. You can use the information generated to predict purchase patterns, develop customer centric promotional offers and prices and achieve higher sale margins. For example, you can use the previous year's sales figures to create seasonal offers.
How it works?
Click on the 'Look Up Transaction Data' tab in the navigation. Use the search facility to browse through your transaction database. You can search for information based on an email address, customer name, telephone number, order number etc. Searches can be broad or narrow. To begin a search, enter a date and one or more criteria base your requirement.
Search Facility Snapshot
To summarize, CCAvenue's data mining tools will analyze existing transaction data and summarize it into information that can be used to increase revenue, cut costs and manage your business more efficiently.