Customer Insights*

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[00:00:00.17] Finding new ways to reach customers across online and in-store channels can lead to a 1.5 times increase in their spending. So how can decision makers use data to be sure their business is on the right path?

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[00:00:14.84] Text: How data can empower you to navigate the business landscape. J.P. Morgan Payments.

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[00:00:20.51] In-store shopping used to be limited to just what was on the shelf, but now online shopping means customers have nearly limitless options. Ultimately, business leaders need to meet customers where they are to support every step of the shopping adventure.

[00:00:34.08] Creating a seamless experience between digital and physical channels, especially when the data revealed that some retail customers spend 1.5 times more when shopping across both. To create a clear roadmap for success, powerful customer insights are key.

[00:00:50.00] At JPMorgan Payments, we process almost $10 trillion in daily transactions, which is enough to buy 56 billion hiking boots in one day. The customer insight solution equips businesses with analytics around where, when, and how customers are buying their products.

[00:01:07.20] In fact, that's how they help develop a new holiday sales strategy for an outdoor retailer looking to climb higher in a nearly $28 billion industry.

[00:01:16.69] We discovered that most customers made their first purchase in-store, even though 75% of those customers made all subsequent purchases online.

[00:01:27.10] JPMorgan's Customer Insights also revealed the holiday shopping spike, with 40% of sales from new customers occurring from late October to December, concentrated in just a few cities.

[00:01:38.99] Combining the two insights, the company was able to open pop-up shops in cities with high digital sales and no physical stores to expand their customer base. They then offered in-store shoppers a coupon for their next online purchase.

[00:01:53.57] The result, A 30% sales boost and an expanded customer base.

[00:01:58.16] No matter what business you're in, understanding where your customers are can help you reach them and your goals.

[00:02:05.11] If you're in search of a trusted sherpa for your payments needs, turn to JPMorgan Payments API first infrastructure and robust end-to-end payments solutions.

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[00:02:15.08] J.P. Morgan.com