"Data analytics is the compass that guides a business in the right direction."
What is a data analysis tool?
Data analysis tools are powerful software solutions that have been developed for collecting, processing and analyzing large volumes of data.
They enable companies to gain valuable insights from their data and make data-driven decisions.
These tools use sophisticated algorithms and artificial intelligence to identify patterns, trends and correlations in the data.
The ability to access a comprehensive analysis of your transactions has many advantages.
For example, it is possible to determine the contexts in which payments are canceled, which payment methods are used most frequently and much more.
Together with a clear dashboard, this allows you to keep an eye on the most important key figures.
Advantages of data analysis tools
Improving the customer experience: Data analysis tools can help to better understand customer behavior.
They analyze transaction data and user behavior in order to create personalized offers and recommendations.
This increases customer satisfaction and promotes customer loyalty.
Optimization of operational processes: The tools provide insights into the performance of your payment service.
This gives you the opportunity to identify and optimize bottlenecks and inefficient processes in order to reduce operating costs and increase efficiency.
Increase sales: By analyzing transaction data and customer behavior, you can identify and exploit up- and cross-selling opportunities.
This is how you increase your turnover.
Forecasting and planning: You can use data analysis to predict future trends and developments.
This facilitates long-term planning and strategic decision-making.
Compliance and reporting: Data analytics tools can help you comply with regulations and prepare reports for regulators
Data analytics by collana pay
If you decide to implement and use collana pay, you will not only benefit from smooth payment processing, but also from valuable insights from your analyzed data.
With the help of a Dashboard, you have all the analyzed data at a glance.
The figures are displayed in percentages and diagrams.
The dashboard contains the following report areas:
- Dashboard with the most important data and trends (e.g. the happy transaction rate)
- Sales charts by country, payment provider, payment method and day of the week
- Transaction evaluations by country, payment provider, payment method and day of the week as well as reasons for non-optimal payment processes (e.g. returns or excessively long process times)
- Advanced analytics reports on trends, shopping basket analyses, geographical evaluations and technical metrics, abandonment rates and rejection rates
Compare your company with your benchmark
collana pay provides aggregated competitive data for comparisons.
A benchmark is a standard of comparison that suggests a comparable analysis of data and processes with a previously agreed reference value.
You can use this to see whether you are better or worse than your benchmark and you can enter into the analysis in a targeted manner and take specific measures.
Our flexible system allows you to customize your payment providers and act according to your data.
The data analytics dashboard
Data analytics enable you to gain valuable insights from data, increase customer satisfaction, reduce fraud, improve operational efficiency and identify revenue opportunities.
If you want to harness the power of data to drive your business forward, don’t hesitate to contact us.
This screenshot shows the dashboard of the data analytics tool.
The most important results are summarized here and allow the analyzed data to be read directly.
The dashboard is divided into the following areas:
Total Transactions: The four transaction steps Create, Reserve, Capture and Refund are listed in this field.
The number of transactions is summarized here.
Happy transactions: This key figure summarizes all successful transactions with a shopping cart value of over €50.
Net revenue: All revenue from transactions is summarized here, whereby only revenue actually generated is taken into account and returns and cancellations have already been deducted.
Happy Ratio: We use the term Happy Ratio to indicate the percentage of transactions that were processed without any problems.
Incorrect reasons: All transactions, that did not lead to the desired result can be found under incorrect reasons .
Total & Imperfect Transactions: With the help of a diagram, the The analysis shows the time trends of all transactions compared to the imperfect reasons.
This analysis allows companies to identify changes in the ratio of successful to unsuccessful transactions.
For example, potential problems, such as a high proportion of returns on a particular day, can be identified.
Total Revenue & Return Value: The net revenue for each payment method compared to the value of returns is shown here.
Increase business success with the collana pay report
The clear dashboard allows you to read off the most important data.
This provides insights that make it easier for you to make decisions, for example, which help to ensure sustainable business success.
With collana pay, you have the option of connecting various payment service providers with little effort.
The fact that you can take numerous aspects into account with the help of the data analytics tool means that you can make well-founded decisions that can bring you long-term success.
Make your future business processes more efficient with the help of data receipts.
Your future starts here – with data-driven decisions and a first-class payment service.