One of the most successful marketing strategies adopted by corporate entities is the practice of offering discounts, cashbacks and other promotions to buyers. This holds true for 'Brick and Mortar' businesses as well as eCommerce websites in India and abroad. In fact, a recent survey conducted by BCG (Boston Consulting Group) states that nearly 30% of Indian consumers are driven by discount deals and other promotions while making online purchases.
Keeping this trend in mind, CCAvenue, South Asia's No. 1 payment gateway, enables you to offer various promotional schemes of leading banks on your merchant websites. These discounts, cashbacks and other deals will be linked to the BIN (Bank Identification Number) of the type of card provided by the associated bank. BIN numbers are the unique identifiers associated with a particular bank and card type that appear at the start of the number code on the bank card.
BIN-based promotions have become an effective and focussed marketing tool in the online world. They allow for customer segmentation so that businesses target the appropriate audience. For example, travel websites would offer BIN-based promotions to Citibank’s Premier Miles customers, while HDFC Premium Cards would be aimed at those who shop at Flipkart.com and other online retail stores. These promotions offer several benefits to customers as well as merchants. Since BIN numbers are used as identifiers, they make it easier to input data and retrieve or collate information pertaining to these promotions. The online user does not have to type the name of the bank or the card type on the web page but just the 6-digit BIN number. This makes data input quick, convenient and free of hassles.
When merchants add multiple promotional offers on their website, their customers can view this entire list before making the purchase. They often choose products that give them the best deal from the various options. One of the key drivers in this decision is the immense satisfaction of receiving something substantial in return. The BIN-based promotion is yet another transaction enhancing tool which CCAvenue offers its merchant partners. Catering to the payment processing needs of 85% of eCommerce businesses in India, CCAvenue offers a wide range of other transaction enhancement features and value additions to help boost their business prospects.
Now introduce BIN-based promotions on your website to attract more customers and enhance your business potential substantially!!