Grow-your-own Business with Favebiz Insights
Published on Jun 18, 2019 6:00 AM
Leading mobile payments & rewards platform Fave are empowering their Merchants with a business enhancing new service. ‘Favebiz Insights’ provides Merchants with bite-size, easy-to-consume data stories full of insights to help them understand and improve their business performance… no data analytics degree needed. Merchants are able to quickly and easily digest their e-commerce performance and get a deeper understanding of their customers habits, selling patterns and much more.
Making the Complex Simple
How many times have you opened up a spreadsheet / analytics program or other data report and struggled to understand what action to take from the numbers? With so much information, it can be tricky to know where to focus your attention. What does any of it actually mean to your business?
Fave merchants now have the upper hand, with the most impactful insights landing directly in their inbox. Custom infographic visuals are backed up with simple text insights that describe exactly what’s going on. The insights are arranged to follow a clear narrative, giving store owners an overview of performance that highlights where improvements can be made.
“We want to provide more functionalities and data, including data that’s actionable. For example, data about weather isn’t actionable, but what if we can alert merchants that don’t have a lot of customers between 4pm and 5pm, and suggest they do a flash deal during that time or provide a list of actions they can take to boost sales. We also want to make such features more self-service”
Ng Aik-Phong, Managing Director of Fave Singapore (in an interview with RetailTechNews.)
The Power of Data Storytelling
Using Data Storytelling principles to present insights in a way that anyone can understand, Favebiz Insights is ahead of the game. The concept of Data Storytelling has been gaining momentum in the business world over recent months and shows no sign of slowing down, with good reason. It offers a human-friendly way to find and communicate meaning trapped within the endless data that most businesses are saturated with.
Fuelled by Powerful Tech
Favebiz Insights are powered by Nugit. The Data Storytelling platform is packed with clever technology designed to transform confusing data into consumable data stories, at any scale. With tens of thousands of merchants in Asia alone, it wouldn’t be feasible for Fave to offer such personalised content without the help of this sophisticated automation software.
"As part of Fave's mission to help small-medium businesses grow, we wanted to provide our merchants with data insights that they otherwise might not have the resources or know-how to access. By working with Nugit, we were able to realize that vision at scale, by providing >30,000 merchants with highly personalized analytics reports to enable them to make data-driven decisions and grow their business with us."
Timothy Cheah - Corporate Strategy Manager @Fave
What kind of Insights?
Faves merchants get monthly Favebiz Insights direct to their inbox. The interactive Data Story format lets them zoom into any day, week or month easily just by selecting a time period. Merchants can learn the answers to the questions they’ve always wondered...
- How loyal are my customers?
- How can I optimize my off-peak days?
- Which age group contributed to most of my sales last month?
- What do my customers think of our service?
- Who are our customers and how much do they spend?
- Are there any patterns in customers habits across days and off-peak hours?
Better yet… merchants can act on these insights with customized tips to increase sales. Favebiz Insights is just one of a suite of Favebiz tools that the company have launched to help support their Merchants growth.
Nugit Transforms Data for People
Nugit automatically transforms all kinds of complex data to make it more consumable for real people.
Want to learn more about how Brands, Enterprises, Agencies & Publishers can all use Data Storytelling to identify and communicate insights that drive action at any scale?
See what kind of data can be integrated via API connection directly into Nugit's Data Storytelling Platform.
