Receipt line item data analysis shows while Coke leads Pepsi in cola war, Pepsi snacks and sports drinks rule
SAN MATEO, Calif., October 13, 2022 – Veryfi, using artificial intelligence (AI) technology to instantly transform documents into structured data, analyzed the receipts of Coke and Pepsi buyers to discern consumer shopping patterns showing that Coke buyers are loading up their shopping carts with PepsiCo’s snack food brands, and also favoring Pepsi’s Gatorade over Coke’s Powerade.
This latest installment of Veryfi Insights analyzes data spanning more than 20 U.S. grocers nationwide to examine brand affinities and relationships that are impacting two of the world’s iconic consumer product goods (CPG) companies and highlighting potential opportunities for brand family promotions.
“Coca-Cola Co. fashions itself as a ‘total beverage company’ and doesn’t offer snack foods, but shouldn’t it pursue opportunities to link up with other snack providers to cut into PepsiCo’s share of wallet? Conversely, should PepsiCo more aggressively promote cola sales to buyers of its potato chips, tortilla chips, and corn puffs products?,” asked Ernest Semerda, co-founder and CEO, Veryfi. “It’s this kind of instant cross-basket insight that brands need to increase revenue and loyalty. By analyzing line item data on receipts to understand buying patterns and shopping behaviors, brands can gain unprecedented visibility into their customers and prospective buyers.”
Among the findings: grocery shoppers nearly always include water in their baskets – that’s the most often additional purchase that Coke buyers make, followed by other Coke-brand beverages and the affiliated Sprite brand.
But, when buyers of Pepsi are shopping, their top additional purchases are Coke-brand drinks! Most likely, decisions to buy competing soda brands reflect different preferences within consumers’ families.
Coke buyers appear more loyal to the brand, as Pepsi is only the #11th-ranked product in their baskets. But PepsiCo’s wide array of snack foods prominently show up in Coke-buyer carts.
Unlike most consumer surveys that solicit feedback from a few thousand people, Veryfi draws its insights on data collected in the aggregate from hundreds of millions of receipts extracted by the Veryfi OCR API Platform. In this way, Veryfi’s technology offers an unprecedented real-world view into shopping trends. Users can gain insights into consumer behavior through analysis of ‘cross basket’ purchases, that is, by examining all line items on a purchase receipt.
Veryfi provides the only mobile receipt capture technology that includes AI computer vision for receipt detection and image enhancement, as well as a long receipt capture mode. It helps transform unstructured documents into structured data – tapping into data that was previously unavailable for analysis.
By eliminating manual data entry, Veryfi enables organizations to accurately capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-9 forms into structured data, at scale. Veryfi uses advanced AI/ML technology, trained by hundreds of millions of documents over the past five years, to extract data and transform it into a structured format for 85 currencies, 39 languages, and over 110 defined fields such as vendor, total, bill to/ship to, purchase order and invoice numbers, any line item (product name, SKU, description), taxes, and more, which can then be accessed for a wide variety of business applications.
For more on Coke vs. Pepsi go to www.veryfi.com/insights/coke-vs-pepsi.
Go here to learn more about turning receipts into valuable consumer insights: info.veryfi.com/value-of-receipt-infographic.
Veryfi empowers organizations to capture, extract and transform unstructured documents including receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data at scale. The company’s technology reduces or eliminates manual data entry and unlocks valuable business intelligence in seconds. Trusted by enterprises and software companies alike, Veryfi’s AI-driven platform delivers fast, accurate, and secure data to hundreds of companies globally.
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Joseph Eckert for Veryfi