Harnessing the Data-Mining Potential in Receipt Processing
Every day, millions of businesses give away an absolute goldmine in customer data without even realizing it – one tiny paper strip at a time. Customer receipts are abundant, frequently ignored, and often discarded before the customer has even left the store. Yet with the right receipt processing system, you can take advantage of this data to get deep insights into customer purchase habits involving your brand.
If you haven’t looked into the potential for collecting customer data via receipt processing and making use of the information collected, you might be surprised at just how much actionable intelligence is on those little white slips.
All the Data You Can Pull Off a Receipt
Receipts may vary somewhat depending on the retailer, but generally, all this and more can be collected:
- Specific retail location information
- Dates and times
- Quantities purchased
- Minimum and maximum spends
- Product purchase counts
- Repeat purchases (by geography, quantity, or spend)
- Brand specific purchase patterns
That’s a lot of raw data! Of course, that’s just the tip of the iceberg when it comes to drawing more data out through analysis. From there, you can easily derive even more hard data, such as:
- Most common dates and times for shopping
- Products commonly purchased together
- Mean and median spends
- Per-store sales tracking
- Most popular vs most profitable retail outlets
- Broad geographic purchasing data
- Your share of their cart vs other brands
In turn, this can be translated into pure actionable intelligence, allowing you to improve your marketing, outreach, and retailer-specific policies. For example, you could:
- Push cross-promotion for frequently-paired purchases. (I.e., “Ice cream tastes best with Acme chocolate syrup!”)
- Create better-targeted regional promotions, based on local buying habits.
- Arrange retailer-specific deals or support.
- Better understand your competitive landscape and strategize accordingly.
- Create timed offers centered around most popular purchase times.
- Target product R&D based on derived customer preferences.
Best of all, a receipt processing program can often be paired with customer loyalty programs. You get more data, while increasing customer loyalty and brand awareness as well. It’s a win-win scenario.
Brandmovers Brings You the Data You Need
We are one of the industry’s top choices for customer loyalty programs and data capturing systems, allowing you to quickly and easily amass massive amounts of hard data on your customers’ behavior. Contact us today to learn more about what Brandmovers can do for you!