A new partnership between IBM and MasterCard will provide smaller merchants with real-time, analytics-based insight on revenue, market share, customer demographics, and competitors.
Starting from mid-2016, the MasterCard Advisors Local Market Intelligence (LMI) platform will integrate IBM Watson Analytics with aggregated and anonymised MasterCard transaction data.
Eric Schneider, senior vice president, MasterCard Advisors, said, “There is an increasing wealth of data today that merchants can leverage to better understand their market and consumers. However, smaller merchants often don’t have the resources to maximise the insights. That’s the value of this platform turning big data into smarter data that is easily accessible and actionable.”
Focusing on three key areas – business performance, customer behaviour, and competitive standing – the LMI platform will provide information that will help businesses make decisions about operations, marketing and personnel.
According to IBM, the IBM Watson Analytics data discovery tool uses its natural language-based cognitive abilities to recommend starting points for the user to follow based on questions, and automatically serves insights and visualisations that enable the user to discover new patterns in their data such as customer buying and behaviour trends, and untapped campaign opportunities.