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How Information Extraction Is Helping Customer Loyalty Programs?
Sep 07, 2021
3 minute read
One of the best ways brands thrive is to create a pact of loyalty between them and their customers. A returning customer brings in more business as his order confidence is high and the cost of acquisition compared to a new customer is quite low.
The most successful brands in the world are often the ones that have the highest customer engagement, which drives their customers to be always ready to shed money at every new product launch. It is very hard for brands to create this loyalty and drive customer engagement; it is not only dependent on the quality and functionality of your product but also the level of marketing a brand is committed to driving in customers.
People don’t jump out of the bed in the morning and decide that they should buy a certain product, these decisions are often driven by their need to improve their lives or maybe add value to their productivity or maybe even keep them safe. This is where customer loyalty programs come in and help brands maintain customer engagement and generate returning customers as well.
Types Of Customer Loyalty Programs
Brands opt for many types of customer loyalty programs to help boost their sales and increase conversion. The most popular types of customer loyalty programs widely in practice today are:
- Paid loyalty programs
- Charity based loyalty programs
- Point based loyalty programs
Paid Loyalty Programs
It offers monetary benefits to their customers for inviting their friends and family to come sign-up and make purchases hence offering them reward for their loyalty.
Charity Based Loyalty Programs
It aims to resonate with customers and form a deeper bond towards a social cause.
Point Based Loyalty Programs
It helps customers earn reward points that they can later trade-in for any product offering by bran.
These reward points are awarded every time a customer makes a purchase and are often calculated.
Out of all these loyalty programs, the point-based loyalty program is the most popular and widely used. I am pretty sure you have come across these point-based loyalty programs offered by brands you shop from. Reward points are earned on every purchase and your receipts or invoices are the proof of your reward points. The old method for this was giving your customers a membership card and maintain their reward points against their profile.
These days, companies are offering even more fun and global ways to earn loyalty reward points and that is through invoice scanning software. The goal here is to get your customers to scan all their receipts and invoices through an app, the app 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.
One of the best examples of this is ReceiptX. ReceiptX is a powerful invoice scanning software designed to extract information from shopping receipts to provide information to the customer loyalty program. It calculates the reward points for the customers creating fruitful customer engagement, gaining positive reviews, and creates attraction for the customers to return. This invoice scanning system is currently deployed in Dubai in one of the largest malls in the world.
Companies can use ReceiptX invoice scanning software not only as a loyalty reward points calculator, but it also offers companies digital insights from customer’s in-store experience. All customers need to do is to use ReceiptX to scan their receipts, the invoice scanning software automatically routes rewards to the customer and extracts important data points for companies like:
- Date of the purchase
- Total cost
- Name of the item and its description.
- Basket size of the purchase.
Uses Of ReceiptX
ReceiptX invoice scanning software can help companies in the following:
- Customer Tagging: Individual customers can be flagged during repeat shopping experiences to understand a fuller customer lifecycle journey and for targeted marketing.
- Customer Retention: When customers see that they are valued and rewarded for loyalty, they are more likely to return.
- Targeted Upselling: Understanding customers means you can upsell them products that they want to buy and increase their cart size and average sale value.
- 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.
ReceiptX is developed by VisionX, which has several other products that use advanced machine learning algorithms to provide solutions to customers around the world.