World’s iconic brands accelerate initiatives for increased loyalty and shopper insights
Veryfi, using artificial intelligence (AI) technology to instantly transform documents into structured data, announced that its technology has been selected by a global top three food and beverage company to enhance its customer loyalty applications.
“It’s this kind of instant cross-basket insight that brands need to increase revenue and loyalty. By analyzing data on receipts to understand buying patterns and shopping behaviors, brands are gaining unprecedented visibility into their customers and prospective buyers”
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This week, Veryfi examined receipts of 10 leading supermarkets in the U.S. for purchases that showed a line item of “taco”. Not surprisingly, cheese was the number one item bought alongside tacos. However, the data also showed Corona ranked below other popular beer brands among purchasers.
“It’s this kind of instant cross-basket insight that brands need to increase revenue and loyalty. By analyzing data on receipts to understand buying patterns and shopping behaviors, brands are gaining unprecedented visibility into their customers and prospective buyers,” said Ernest Semerda, co-founder and CEO, Veryfi. “Increasingly, we see brands turning to zero-party receipt data to drive their marketing and loyalty programs.”
Unlike most consumer surveys which 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.
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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.