Feb 24, 2021 9:45:48 AM | 8 Min Read

Know Your Customers Better in 2021 with the Power of Receipt Data

Posted By Snipp
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Know Your Customers Better in 2021 with the Power of Receipt Data

Over the last few years in particular, consumer data has changed enormously, in large part to the tougher restrictions that third-party data collectors are facing all the time. In fact, Google is planning to phase out third-party cookies on Chrome by 2022. Collecting this data as a brand is important as it allows you to better service the people you're marketing your products and services towards—but how do you get that data without browser cookies?

There will always be a need to better understand a consumer's spending habits, for example, so that you can help them get the most out of purchases they've already made and clue them into ones they might enjoy in the future. Dollar value spend, the number of products purchased, the sum of all purchases over time—this is all enormously valuable in terms of giving you access to the insight you need to make better and more informed decisions in the future.

Receipt processing technology is an alternative to traditional data collection and helps you accomplish all the above and more.  All told, receipt processing will help you change the way you collect customer data in 2021 for the better in a number of ways, all of which are worth exploring.

Putting Data to Work for Your Brand

But to really get an idea of why all of this is so important, think about the sheer volume of information that can be collected from a simple product receipt. In addition to geographic information like state names and cities, you also get dates and times, a breakdown of individual products and even basket data analysis - product combinations, the quantity purchase, the total receipt spend and more.

All of this is a holy grail for marketers because it's so much more than even standard browser data collection methods can even offer. Rarely do you have access to accurate information about where, when, and in what combination people are making purchases. Analyzing that data gives you an opportunity to better customize your promotions and rewards programs, all while bringing in the high level of personalization that shoppers have overwhelmingly shown they want more of.

Keep in mind that up until recently, brands typically got all of their consumer insights from the same source: giant research companies. With receipt processing, on the other hand, brand marketers can reach shoppers directly—all in a way that makes follow-up messaging and retargeting easier than ever before.

If you know as much as possible about the entire purchase that someone has made—not just individual items of your own brand—you can target your promotions more effectively. You can even create personalized product bundles and offer more localized services, all in the name of better helping someone meet their needs.

This also gives you an inherent flexibility (not to mention a real-time scalability) for your promotions. Armed with this type of information, you can now create very sophisticated purchase-related promotions based on everything you already know about someone. You can incorporate coupons, loyalty programs, contests, giveaways and more—all in a way that can be fine-tuned and segmented as needed in the future.

Receipt processing might clue you into the fact that a text-to-win campaign generates more active participants in one city versus another that is nearby, for example. This is the type of trend that would have otherwise gone undiscovered. Now, you have a chance to scale up that promotion where it's working and cut back on your investment where it isn't—thus freeing up more of your budget to be funneled back into those efforts that can do the most good.

Omni Channel Means Bringing Online & Offline Experiences Together

In the modern era, it's equally important to understand that a true omni channel experience doesn't just mean exclusively focusing on digital opportunities. Yes, millions of people carry smartphones with them all day long, and for many, mobile is the option they use as their primary shopping companion.

But one of the true strengths of a receipt processing platform is that it helps bridge the gap not only between the various online domains, but between the online and offline ones, too.

By executing effective promotions that incorporate receipt processing, in-store shoppers can finally get in on exciting opportunities that were previously unavailable to them. After taking a picture of their receipt they can text or email it right from the online shopping platform—allowing what would have previously been two totally different experiences to finally happen on the same platform.

This means that consumers will feel a much stronger sense of loyalty to a brand versus one that is still running a more traditional campaign, which is a very exciting position to be in.

All told, receipt processing is powerful because it's about more than just traditional data collection. It gives you access to more data (and more insights) than ever before, even in the face of increasing restrictions on data collection practices. But it's about what it enables you to do with that data, too.

Not only does it allow for an incredibly high level of customization within your promotions and programs with the flexibility to pivot as needed, but you can now run national programs quickly and to scale. You can choose to restrict a promotion to a specific retailer or even to a particular geographic area or channel. This gives you an incredible chance to finally enter into only those partnerships that are truly mutually beneficial for everyone involved.

The Power of Receipt Processing

The biggest advantage of advanced receipt processing is the ability to have multiple points of integration. This includes not only the seamless submission of receipts by consumers, but the validation of those receipts, rewards allocation, and even communications with customers as well.

After a consumer makes a qualifying purchase with SnippCheck, they can then either text in your customized campaign keyword or log into your existing brand loyalty program. At that point, all the consumer has to do is take a picture of their purchase receipt (or any product or packaging materials they have that would provide proof of purchase).

SnippCheck allows for true omnichannel activation on not only a Snipp-built brand page, but also via text, email, social media, or a dedicated brand app as well. Regardless, SnippCheck can validate purchase or even non-purchase transactions, all while extracting the type of data you need to better understand your customers than ever before.

In addition to receipt processing, SnippCheck also offers support for ePos integration, Pin on Pack, and inclusion on product packaging. It's fully white-labeled, works across all retailers and is even pre-integrated with a variety of rewards programs. It also includes an API to support better integration with any third party apps you may be using, allowing it to act as something of a "one-stop shop" for all of your transaction validation needs.

Plus, by having shoppers begin the communication process, they're naturally more open to follow-up messaging because they've already shown that they favor the brand in question enough to take that step.

Generate the Results You Deserve with SnippCheck

At Snipp, we understand how important customer engagement is to your ongoing success as a brand—it's something that has always been true, but it's especially crucial now given everything that is going on in the world.

Consumer behaviors are changing rapidly, and this is one trend that shows no signs of slowing down anytime soon. Those brands that survive and thrive over the next decade will be the ones who embrace this: make every effort to better understand their customers, all to improve the ways they interact with and engage with them as much as possible. Those who don't will find themselves left behind by their savvier competitors—it's as simple as that.

Learn More About Receipt Processing Data

Topics: Receipt Processing, Receipt Data, SnippCheck (Receipt Processing)

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