Payment platform Zooz unveiled Insights, its new solution that uses transaction data to give merchants actionable intelligence on the behavior of their business customers.
Insights leverages the data that flows through its platform to give companies a single portal to find “the hidden data” in the buying and selling behavior of their customers and clients. “The actionable intelligence we provide through Insights enables retailers to maximize their business performance and optimize each customer journey,” says Oren Levy, Zooz CEO and co-founder.
The new offering from Zooz provides merchants with the analytic tools to both read and take advantage of the consumer data embedded in every transaction. This allows retailers to learn, for example, not only payment and product preferences from geographically diverse customers, but also to learn about payment types that may be more likely to be declined when made from certain areas.
From left: Peter Donarski, senior executive at First Data; Noam Inbar, VP, business development, demonstrated Zooz Transforming Checkout at FinovateFall 2013 in New York.
In a customer survey exemplifying the power of platform, Zooz showed a significant number (45%) of local cross-border transactions in Brazil were declined due to the merchants’ refusal to honor a given payment method. This compares to a transaction-approval rate in China of more than 60%.
Insights is another way Zooz encourages retailers to take advantage of technologies that can increase sales and engagement, helping them learn more about how to better serve their customers. Writing about how mobile technology and social media affect “the shopping experience,” at Entrepreneur.com, Levy pointed out that both technologies change and reflect consumer habits and preferences. He encourages retailers to “shorten their sales funnel” through “inexpensive mobile apps” and “buy now” buttons deployed on social media platforms. This improves the shopping experience for consumers and deepens the level of engagement retailers have with their customers.
Read our interview with Zooz CEO Oren Levy.
Recent Zooz headlines include the company’s participation in Visa Europe Collab’s “100-Day Innovation Sprint,” and a recognition as “Startup of the Week” by Retail Week in April. The company opened a new office in London in March, and started off the year earning a spot on FinTechCity’s FinTech50. Zooz has raised more than $16 million in funding, the latest investment being $12 million in a round led by Blumberg Capital.
Founded in 2010 and headquartered in Raanana, Israel, Zooz demonstrated its Zooz Transforming Checkout technology at FinovateFall 2013.
