Veryfi Lens fuels global loyalty campaigns with instant purchase validation and cross-basket insights
SAN MATEO, Calif., May 16, 2023 – Veryfi, using artificial intelligence (AI) technology to instantly transform documents into structured data, today announced that in 2022 and early 2023 the company added to its roster of Fortune 500 CPG companies and agencies for loyalty marketing programs.
In an economic downturn, customer loyalty programs are critical to ensure CPG companies can retain and grow their wallet share. CPG companies and agencies are increasingly using receipt data capture for purchase validation and cross-basket insights to drive loyalty rewards and shopper behavior. According to a Global Customer Loyalty Report, 62% of respondents said loyalty programs have helped to keep customers engaged during the pandemic and that 80% of consumers are more likely to do business with companies that offer personalized experiences.
“As we navigate 2023 and continue facing economic headwinds, the companies that execute the most innovative and engaging customer loyalty programs will have the best chance at not only surviving, but capturing wallet share,” said Ernest Semerda, co-founder of Veryfi. “To grow revenue in 2023, Loyalty Marketing organizations need to do more than simply offering rewards; they also need to deliver an exceptional customer experience.”
In 2022 and early 2023, Veryfi added Fortune 500 CPG and agency customers to its roster of companies innovating in loyalty marketing. For example, the company’s technology is currently in use by multiple regional loyalty marketing teams at PepsiCo.
“PepsiCo is leading the CPG industry with innovations in customer loyalty programs and analytics,” said Edgar Reyes, director, PepsiCo. “With the Veryfi platform and Lens framework, we were able to add user-friendly receipt capture and data extraction to our JOY customer loyalty app, reducing our purchase validation time from 7 to 11 days to a few seconds, while unlocking unprecedented cross-basket customer data,” continued Reyes.
An important part of loyalty programs is validating customer purchases. It used to take PepsiCo between 7 and 11 days to do that in a manual process that relied on an outside clearing house. Now, with the Veryfi optical character recognition and artificial intelligence (AI) technology, it takes just a few seconds. Additionally, overall costs have been lowered significantly and fraud prevention has been improved. Most importantly, PepsiCo is starting to unlock “cross-basket” insights into their customer shopping behavior.
PepsiCo incorporated the Veryfi Lens mobile framework into its customer rewards loyalty app called JOY and launched the new version to users in just two weeks.
Veryfi Lens is used to capture receipt images with real-time computer vision capabilities such as automatic edge and document detection, stitching together long receipts into a single image, compression optimization, blur detection, automatically turning on the camera light – things that go a long way towards making image capture of receipts efficient and user-friendly, and then transforming those into valuable data.
Through data collected as part of customer loyalty programs, businesses are able to better understand their consumers and how they behave.
- Where and when their customers are purchasing products
- Brand affinities across the company’s product line as well as its competitors
- Price and special promotion sensitivity
- Share of wallet and repeat purchases
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.
Learn more about the value of a receipt using this Veryfi infographic.
About Veryfi
Veryfi eliminates manual data entry through its fast, accurate, and secure AI-driven data extraction platform that instantly transforms documents into valuable structured data. The company’s OCR API Platform and Veryfi Lens document capture SDK technology can increase user productivity, eliminate human error, grow customer loyalty and revenue, and unlock valuable business insights.
Veryfi technology delivers Day 1 Accuracy™ and immediate time-to-value for hundreds of companies globally. FinTech software providers incorporate the Veryfi OCR API Platform and Lens document capture SDK technology in their applications. Loyalty Marketing organizations at consumer packaged goods companies and agencies leverage Veryfi to turn receipts into valuable consumer insights. Enterprise Accounts Payable teams use Veryfi to gain efficiency and improve data entry accuracy as part of their intelligent automation workflows.
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