What is OCR?
Optical Character Recognition, or OCR, is technology that enables you to digitally convert different types of hard-copy documents into editable and searchable data. You can take printed documents, PDF files, or pictures, and using OCR software turn them into machine-readable texts forms that computers can process more easily. Now that U.S. smartphone penetration has surpassed 80%, utilizing OCR receipt validation technology is now more simple than ever — simply take a picture of the receipt on a smartphone and upload it to a mobile page.
How Businesses Utilize OCR Technology
Brands that choose to utilize receipt validation technology empower their customers to gain even more from their purchases. Instead of simply throwing their receipts in the trash, a brand’s customers can redeem their printed receipts for a variety of purposes depending on the brand business strategy. End goals for receipt redemption can include anything from redeeming for points within a loyalty program, to gaining an entry into a limited-time sweepstakes.
In addition to offering a wide range of uses, receipt validation is accurate, reliable, and fast. 95% of receipts submitted through the Brandmovers platform can be successfully processed within 5 minutes. Quick redemptions result in delivering rewards to the customer faster. These key features – speed and reliability – helps nurture loyalty in both returning and new customers, who will continually utilize a receipt validation platform if redeeming receipts is easy and worthwhile.
Using Receipt Validation Data
The data brands get from redeemed receipts can also help them further achieve their sales and business goals. The amount of redeemed receipts from a specific promotion can demonstrate whether or not the promotion was successful. If the promotion included specific products then the receipts can show which products were more desired by redeeming customers.
Furthermore, the data from redeemed receipts can also gather important information about consumer shopping trends. 40% of customers said they buy more from retailers that personalize their shopping experience. Brands can use insights from receipt validation gathering to target specific customers for unique, customized promotions or new product offerings. Brands can also use insights to cross-sell on specific items or shopping categories, further enabling a brand to stay relevant in their customers lives. Receipt validation is a useful tool for brands that seek build more personalized and significant shopping experiences for their loyal customers.
If you want to hear more about how Brandovers can help you implement a receipt validation program, please visit our contact page today!