Wirecard’s New POS Suite Offers Merchants Power of Data
Wirecard AG has launched a new POS service that integrates self-learning technology to help retailers increase customer conversion, reduce attrition rates, predict future consumer behavior and link points of sale with e-commerce.
The company’s Omnichannel ePOS Suite combines payment and other data to give merchants a real-time view of customer behavior in its entirety, which the company says will enable retailers to more efficiently design and target marketing efforts and increase a given customer’s lifetime value.
The platform, which can be integrated into existing POS systems, also helps merchants identify customers who may potentially shop elsewhere. By introducing appropriate marketing measures, the churn rate can be “significantly reduced,” Wirecard said. Additional tools include analyses of anomalies, trends and consumer sentiment, peak detection and time series based on country-specific data, as well as cohort analyses to assess the effectiveness of marketing efforts.
The new suite is “the first step towards large-scale digital transformation in the retail sector,” said Wirecard CEO Markus Braun. “Over the next few years, data analyses using artificial intelligence and machine learning will play an increasingly important role in that business area,” he noted.
Last week, Wirecard struck a global payments and processing agreement with Amsterdam-based mobile network operator and technology company VEON. Under the deal, Wirecard will manage third-party payments functionality and airtime top-up on VEON’s Internet platform. The company’s card-issuing arm, Wirecard Card Solutions, recently won Best-in-Category as Change Agent of the Year in the 2017 Pay Awards.