(This is the 3rd post of a 4-part series on second-party ecommerce data for non-ecommerce businesses)
Credit card companies can benefit from second-party data
Of course ecommerce companies can benefit from having access to second-party data and being part of a data co-op. As an online retailer, why wouldn't you want to have your business put in front of potential shoppers, who have just left your competitor's site and didn't make a purchase? But even if you're not an ecommerce company, there is still something quite tangential in the information data co-ops collect that can be very beneficial to companies, which are looking for people ready to spend money and shop. Credit card companies (and also what I'm calling credit card adjacent companies) are both prime candidates for benefiting from second-party data and joining an ecommerce data cooperative.
Buying online = credit card use
I'm not breaking any news here, but when one makes a purchase online he/she is using a credit or debit card. It would seem logical that a credit card company would want to get in front of users who are actively buying online and promote its card.
Here are some, dare I say, amazingly insightful, poignant and ingenious ideas, from yours truly, which a credit card company could use if it were part of a second-party data marketing campaign (Okay, maybe not all that - but still pretty useful.):
Credit cards with rewards or points:
- A user jumps off a travel site and doesn't make a purchase and then is shown an ad: like this: You could have free airfare for your next trip. Sign up today and receive a round trip ticket anywhere in the U.S.
- A user goes to an appliance online retailer and jumps off the site before completing the shopping cart process and is shown this sort of fictitious ad: Earn 10,000 points today. Sign up for the My Home Stuff Visa Card. Points can be used on any appliance or household item.
The idea here is that credit card companies, with the insight of second-party data, could be showing ads to consumers about credit cards that gain points/rewards on purchases they are looking to make today online.
Department store cards or credit cards attached to a retailer
To go next level ("...These go to eleven" - Spinal Tap), what about credit cards attached to retail stores. This is just another way to promote your business, but coming at it from a different perspective. Why not promote the benefits of your retail credit card to a user who just left one of your competitors?
Example: A shopper jumps off a women's apparel site without making a purchase and then is shown a Macy's Department Store card with the copy: Sign up for a Macy's Credit Card now and save $75 off your first purchase over $200.
A more intricate example of how second-party data could be utilized for a credit card company is the following: A user jumps on travel site about Arizona, is geo-targeted to be living in Chicago and is shown this fictitious ad: Earn 25,000 bonus miles by signing up for a Southwest Visa Card.
Credit card adjacent companies
There are businesses that I'd like to call credit card adjacent companies. These are companies like Coin, Points Loyalty Wallet and The Points Guy. Businesses like these are not credit card companies but are services or tools that benefit credit card users.
Coin is a unique card that has taken off over the past year. It is a tool that allows you to store all your cards electronically in a device the size of a regular credit card, enabling you to only have to carry a single card (Coin card) instead of all of your plastic.
Points Loyalty Wallet is an app that allows you to track, manage, exchange and redeem your points and miles in one simple interface.
The Points Guy is a site that has in depth information travel miles in general as well as insight into what credit cards have travel points/miles attached to them.
All three of these businesses would benefit from reaching out to online shoppers who are using their credit cards regularly (in regard to Coin) and visiting travel related sites (in regard to Points Loyalty Wallet and The Points Guy).
Other non-ecommerce companies who could benefit from second-party data
Online businesses would desire to have data from users who are ready to make purchases soon or are making purchases in real-time. And this is what having access to second-party affords a business to do. A non-ecommerce site, like credit card and credit card adjacent companies, can use second-party data to extrapolate the benefits to its business by having access to real-time shoppers with a virtual credit card in their hand ready to swipe. Spending and credit cards go hand-in-hand, so why not reach out to people who are looking to use their cards now?
Here are some other posts on how second-party data can help non-traditional ecommerce businesses:
- How Second-Party Ecommece Data Helps Insurance Companies
- How Second-Party Data Helps Financial Companies
- How Second-Party Ecommerce Data Helps Coupon Companies (Coming soon)