While much of the retail industry is wrapped up with the emergence of mobile payments as a way to cut down lines at checkouts and streamline transactions, the real value is in the data these systems generate, according to TechCrunch. When brick-and-mortar businesses implement a closed-loop payment system, they can capture data in the same ways that web-based vendors do.
Ecommerce businesses have been able to track click-through rates, monitor conversion and collect customers' transaction histories to generate personalized offerings that are tailored to each shopper, the source explains. With new mobile payment systems, even the smallest businesses will be able to benefit from the same information and offer targeted products or services.
Dunkin' Donuts recently deployed a mobile payments system that will not only allow customers to pay for their coffee and doughnuts quickly, but it will also track information and generate records about their purchases, according to Wired. The quick-service chain can use this information to send promotional offers or ads directly to buyers who use the mobile application as soon as they near the stores.
However, simply collecting the information won't be enough to achieve the best results. Companies can use a governance or verification system to ensure they are upholding data quality
that will help them achieve their marketing and sales goals.