CPG Receipt and FMCG Receipt Data Extraction
Author: Dave Van Everen
Happy customers are loyal customers, and cutting-edge digital technology can help keep customers happy.
Research shows that 93 percent of consumers become repeat customers when a business provides great customer service.1 Additionally, more than half of consumers expect companies to use digital technology to accelerate and improve their customer experience.2 This means that accurately keeping abreast of consumer packaged goods (CPG) receipt data and fast-moving consumer goods (FMCG) receipt data with state-of-the-art technology can truly give your company a competitive edge while tightening relationships with your customers.
Companies can use CPG receipts and FMCG receipts to gain valuable insights into what their customers want, need and are willing to purchase. But, when these receipts are processed in large volumes, manual data entry is inefficient, error prone and costly. Inaccurate customer data entry often means a lost revenue opportunity.
Veryfi’s artificial intelligence (AI) CPG and FMCG receipt data extraction eliminates the costly human errors, providing 97% accuracy or higher when compared to manual receipt processing.
Consumer packaged goods companies use Veryfi’s AI-driven optical character recognition (OCR) to improve consumer marketing campaigns with personalized coupons, rebates and tailored content. Veryfi’s Lens SDK also allows consumers to take pictures of their receipts, even when they are really, really long, automatically stitching the receipt images together in real time.
A receipt records a sale, providing proof of purchase and showing details such as items bought, prices and other relevant customer information, including loyalty club numbers.
CPGs — such as clothing and cleaning supplies — have a long or no expiration date and can stay on the shelves for a while before customers buy them.
FMCGs — rapidly used items such as dairy products, cosmetics and ready-to-eat meals — have a high retail turnover rate and must be replaced frequently.
CPG receipts and FMCG receipts can be used to create a picture of a customer’s buying habits, brand preferences and other key information. A product company or retailer can use these details to customize promotions to engage the customer in further purchases.
For example, a customer’s quick stop at a gas station to fill up the car might include additional purchases of drinks, snacks or cigarettes in the convenience store. These items will show up on the FMCG receipt and offer information that tells the gas station what brands and products to stock and how to advertise what they have available. But that same customer might only make the additional purchases one out of every five fill-ups. FMCG receipt data can be used to provide promotions to incentivize the customer to purchase items in the convenience store with increased frequency.
All this data must be gathered and compiled in a precise and timely way to be useful. Speed and accuracy are key. For example, with speed and accuracy, a coupon or personalized promotion can be sent to a mobile device or printed on a receipt at the pump in time to impact purchase behavior.
In essence, companies want customer data to deliver effective, personalized campaigns to customers and provide useful information to partners and distributors. This is where “Level 3” data comes in, leveraging the details on product codes and SKUs to more accurately identify the buying patterns, brand loyalty and habits. Level 3 data helps to pinpoint exactly what the customer wants.
While each company has unique receipt data set needs, Veryfi’s AI-driven data capture populates these common fields:
|Level 1||Level 2||Level 3|
|· Merchant’s name|
· Purchase amount
· Billing zip code
|Everything from Level 1, plus:|
· Sales tax amount
· Tax indicator
· Customer code
· Merchant postal code
· Merchant tax ID
· Order number
|Everything from Levels 1 and 2, plus:|
· Item commodity code
· Product description
· Product code
· Unit price
· Unit of measure
· Line items totals
· Discount amount
Manual data capture is lengthy and prone to errors, and thus time-sensitive marketing opportunities are often missed. Veryfi’s AI-driven solution for CPG receipt data and FMCG receipt data extraction eliminates that problem by providing accurate, fast, secure and cost-effective data capture.
With Veryfi, companies can quickly and accurately collect Level 3 data to offer highly personalized experiences to their customers — increasing both revenue and customer loyalty.
|Veryfi’s 100% AI-driven data extraction solution eliminates the need for tedious manual data entry. Whereas manual data entry can yield an error rate of nearly 30%, Veryfi’s data extraction increases CPG and FMCG receipt data capture accuracy to 97% or higher.||Veryfi’s out-of-the-box data extraction solution for Intelligent Document Processing completely removes humans and human error from the loop. Veryfi automatically captures, extracts and transforms unstructured data (plain text contained in documents such as receipts) into structured data (which computers can turn into business intelligence in seconds) to provide actionable insights.||Automated data extraction accelerates efficiency and reduces costs in the procurement lifecycle of requisitioning, purchasing and payment. For large enterprises, intelligent automation of back-office processes is essential to gaining timely, actionable insights while controlling the budget.|
To learn how Veryfi’s secure and highly accurate CPG/FMCG data extraction can benefit your company, sign up for a free trial.
“The Hard Truth About Acquisition Costs (and How Your Customers Can Save You),” Hubspot
“State of the Connected Customer” report, Salesforce