ReceiptX- Digital Insights from In-Store Experiences

The Challenge

Some of the most valuable data points and most insightful analyses a business can get doesn’t come from industry-wide research or academic studies but rather, a deep, granular understanding of its customers. While that may seem simple that data isn’t always easy to access. Brick and mortar retailers have an even harder time than their online peers. How then can they stay competitive in an increasingly online world? VisionX has an answer; we call it ReceiptX.

Collecting Data

The most popular data collection methods employed by retail stores are loyalty programs, digital experiences, and companion applications. Companies invest heavily in loyalty programs to improve customer retention, generate higher cart value, improve communication, and improve customer experience. They also use loyalty programs to gather critical information to identify customer demographics, trends, and areas of growth and expansion.

The methods above work well for a subset of businesses with loyal repeat customers, however, there is a limit to how many loyalty apps an individual consumer will download, and customer adaptation is a real challenge. They also don’t translate well for retail-adjacent businesses like shopping malls, which are looking for insight too.

ReceiptX uses AI algorithms to capture important metadata from customer receipts and automatically route rewards to customers. At the same time, it processes vast line-level information, to arrange and analyze all customer data and capture key insights and tendencies for targeted marketing.
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How it Works

The journey commences when a consumer makes a purchase and scans their receipt through the ReceiptX app. The app uploads an image of the receipt to the VisionX server for the extraction of metadata, also called Header Enrichment. The information includes:

  • Store name
  • Date of the purchase
  • Total cost
  • Validation flags in the case of a purchase made through a particular mall

In addition to Header Enrichment, VisionX can also provide itemized details of a scanned receipt containing the below details:

  • The number of items purchased
  • Name of the item and its description.
  • Quantity and price.
  • Basket size of the purchase.

On the consumer side, the app immediately presents a copy of the receipt information for verification and adds loyalty points to the customer’s account.

The Results

Some of the benefits our customers have seen from the adaptation of ReceiptX include:

  1. Customer Tagging: Individual customers can be flagged during repeat shopping experiences to understand a fuller customer lifecycle journey and for targeted marketing.
  2. Customer Retention: When customers see that they are valued and rewarded for loyalty, they are more likely to return.
  3. Targeted Upselling: Understanding customers means you can upsell them products that they want to buy and increase their cart size and average sale value.
  4. Behavioral Marketing: Analyzing customer behavior throughout the shopping experience allows for on-point marketing that speaks to the customer where they are and minimizes losses on inefficient marketing efforts.