Data is more vital for sending Promotional Messages, Recommendations or Any Action for any Customer / Segment
The main focus for any retailer/bank/airline/hospital is to build a comprehensive customer signature. The customer signature provides vital information of the customer in the form of :
- Purchase Behavior
- Social behavior
Take a case of the customer shopping in a high-end Apparel retailer, a Jewelery shop and have paid using Credit card in both places.
The Credit Card company doesn't have the Transaction level information but knows that Customer X has shopped for the following in the same locality
If this information can be used prudently by the speciality footwear store in the same location. Probably the customer might be interested to drop -in provided he / she knows about the store. If the Footwear retailer forms an alliance with Credit card company and push appropriate messages, the sales would definitely go north!
+MasterCard for example collects and stores the transactional data from the customer for data analysis. Customers have the option to opt out.