Offering a cashless payment system to your vendors and attendees at your event? Awesome. But what if I told you there is a secret hiding in those transactions? Cashless payments give you data, and that data can help your vendors make more money!! We are going to show you how cashless payment analytics works. It is not as complicated as it sounds! We will explain how it can help vendors understand what attendees want and how to sell more stuff. Let’s explore!
What is Cashless Payment Analytics?
Cashless payment analytics is the study of data garnered from digital payments. Each and every time the customer makes any purchase using some cashless form of payment: an RFID band, a pre-paid card, or mobile applications, the system captures useful data. These are helpful in figuring out purchasing patterns, peak moments of transactions, and product requirements.
Instead of merely noting that someone spent $10 at the food truck, you can start to see patterns. Are more burgers or fries being bought?? Is there a rush at lunchtime? Are there specific areas of your event that are more in demand for shopping?
In simple words, Cashless payment analytics is best because it can allow you to dig deeper and uncover valuable information such as:
- What attendees are buying?
- When they are buying it?
- How much are they spending?
- Where are they spending it?
- Who are your attendees?
- Are there VIP attendees who spend significantly more than general admission attendees?
In a nutshell, cashless payment analytics consolidates all that data from online transactions into a meaningful context. It tells vendors what their customers require, when they require it, and how much they have to pay. That makes it easy for them to make sound decisions to optimize their sales and boost your event!
Yes, it is all about making sense of the figures to have a win-win outcome for all.
The Working of Cashless Payment Analytics
Event cashless payment analytics is a three-stage process: gathering the clues, piecing them together, and then using the information to make smarter decisions.
Step 1: Data Collection Techniques (Collecting the Clues)
The first step is essentially the collection of raw data. This is where cashless payment systems hold the hand. They automatically collect a lot of useful information, each time a payment is transacted. Below are the main ways by which vendors can collect the data:
Payment Gateways: Irrespective of whether one uses UPIs, Razorpay, or any other provider, these gateways collect mandatory transaction information when one pays online using a debit or credit card.
Point-of-Sale (POS) Systems: Having a POS system at your booth enables one to capture an enormous amount of data, from the items purchased, their respective prices, offers given, to the payment used. Your POS system should preferably integrate with your payment gateway straight away to facilitate the capture of data.
RFID Wristbands/Cards: Utilization of RFID (Radio-Frequency Identification) wristbands or cards enables the capture of even richer data. In addition to tracking purchases, they can also track attendee movement around the event, giving you insights into which areas are most popular.
Mobile Payments Apps: Digital wallets will continue to gain momentum in 2025 and beyond. According to a Transparency Market Research (TMR) study, the mobile wallet market is expected to reach $16.2tn by 2031. A payment made from a mobile wallet such as Apple Pay or Google Pay generates information that can also be monitored with your payment gateway or POS. This is more important now due to the increasingly common use of mobile payments.
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Step 2: Data Analysis Methods (Piecing the Clues Together)
Have you collected all the data? Great, now it is the time to analyze the data and look for the patterns. This involves using various techniques to make sense of the raw numbers. Here are a few key methods:
- Transaction Analysis: Get into the details of each transaction. What is being purchased? How much does it cost? Which payment method is used?
- Sales Trend Analysis: Determine the trend in your sales data. Is your sales data increasing or decreasing? Are you busiest at certain times or on specific days?
- Customer Spending Patterns: Analyze how customers are spending their money. What are their favorite products? How much do they typically spend per transaction?
- Peak Hours Detection: Check your peak hours so you can optimize staffing and inventory levels.
- Customer Segmentation: Categorize your customers into various segments according to their spending patterns and demographics. It will help you to customize your marketing efforts and product offerings to specific groups.
- Cohort Analysis: Check the behavior of specific groups of customers over time (e.g., customers who made their first purchase in January).
Step 3 Interpreting and Utilizing Data Insights (Making Smarter Decisions)
Taking those insights and turning them into workable plans is the last phase. Here are some examples of how cashless payment analytics might help your company:
- Adjust your prices according to consumer willingness to pay and demand.
- Provide specialized discounts and promotions to particular clientele groups.
- Reduce the amount of slow-moving items in your inventory, and increase the amount of your best-selling ones.
- Increase staffing levels at busy times to cut down on wait times and enhance customer service.
- The more you know the patterns, the better you can detect things in the data that aren’t normal.
Read More:- How Instant Payment System Simplifies Every Touchpoint, from Ticketing to Purchases
How Event Cashless Payment Analytics Benefit the Vendors
Okay, so we have talked about what cashless payment analytics is and how it works.
But what is in it for you, the event organizer and vendor? Here is how digging into that data can seriously boost your event business:
Faster Transactions = Happier Customers (and Bigger Sales!)
Cashless payment systems are here to shorten wait times and expedite transactions. Customers are happy and have more time to enjoy your products when there are shorter waits at your booth. Consequently, it results in more sales.
Better Inventory Management- Know What Sells (and What Doesn’t)
Cashless payment systems can provide excellent statistics on attendee buying behaviors such as the most popular sales points and peak times, and can help identify the best-selling items. By knowing what sells in real time, vendors make smarter decisions about what to stock and when. It can reduce inventory wastage.
Improved Marketing Strategies (Target the Right People with the Right Offers)
Good news for you! Cashless systems produce a set of data that can facilitate real-time monitoring of operations, assist in developing loyalty among an audience by providing specifically targeted communications and promotions for the next editions, and provide rich analytics and reports that event organizers can use to understand which products or services were most popular. With this data, vendors can develop targeted marketing campaigns that sell.
Higher Revenue (More Money in Your Pocket)
By speeding up transactions, upselling guests on different products in the run-up to the event, and offering useful attendee data, cashless payment solutions can help boost revenue. One more thing, pricing and offers can be optimized to help sellers make more money.
Stronger Customer Engagement (Build Relationships That Last)
Vendors may create fresh, captivating experiences by using the data they have collected to better understand what customers truly appreciate and what they do not. Better customer service is made possible by stronger vendor engagement.
So what are you waiting for? Try Dreamcast Cashless now and boost your event revenue. Dreamcast Cashless is a top-rated cashless payment system that comes with advanced features such as contactless payment, top-notch security, offline payment, reliable analytics, and reporting, 24×7 customer support, and more.
