You might not instantly be familiar with the term Consumer Packaged Goods, but believe it or not, every single day all of us are using up and buying these types of products.
CPG goods cover a wealth of different products. From toothpaste, food and beverages to cosmetics and cleaning products. These products we buy, use and then immediately replace. Historically, fierce brand competition has been rampant, with only a few industry-leading brands securely holding customer loyalty.
Lack of access to point of sale (PoS) data and the nature of distribution has made it difficult for CPG brands to gather insight into consumer shopping preferences and leverage that data to foster engagement and loyalty.
However, by incorporating receipt scanning functionality into loyalty offerings, brands can foster engagement and loyalty with their core consumer demographics. Here are some of the benefits that OCR for checks can benefit CPG brands.
Enhance Increased Spend Potential
The capabilities of receipt scanning can give CPG brands with a competitive-edge in the marketplace. Data from the ICLP who specialise in consumer engagement and retail brand loyalty stated that the ability to send and receive OCR bills and receipts online or through email would encourage them to shop more often with a brand.
Indeed, 24% of customers stated that email receipts would directly influence their decision to stay loyal to a brand. It’s believe the ease of transaction recording directly affects how a customer feels about a brand.
Up-sell Campaigns Can be Achieved Easily
Combining product catalogue, inventory and receipt scanning OCR bills, CPG brands can find those customers that bring in the most amount of revenue for their business.
More importantly, CPG brands can see what those customers are purchasing. This data allows them to promote products effectively, designing effective campaigns to increase sales on specific products – rewarding customers for their business.
Encourage Increased Participation in Any Loyalty Programs
Loyalty programs are one of the most effective marketing tactics brands use to target customers, make them feel valued and increase spend incentive.
Brands without a direct point of sale (Pos) should allow customers to scan their product receipts. This way you can maximise participation in your loyalty programs by allowing your customers to collect points on each purchase which customers can then exchange for a reduction on prices.
Customers who have received points as a reward when paying for goods and keeping their OCR cheque or receipt are more likely to engage in your brand loyalty program. This is one of the more effective brand loyalty exercises undertaken by businesses.
Gather Customer Data
In 2017, more and more CPG brands are partnering with receipt scanning technology vendors to gather customer data. By building receipt scanning functionality into their brand marketing exercises – such as a loyalty program – CPG brands can find any necessary changes to product descriptions or stock.
When combined with engagement data, this gives brands an unprecedented insight into core customer demographics, including their behaviour and preferences.
Implementing OCR bills using receipt scanning technology, brands can also gain an insight into the retailer, location, and average amount spent by customers. This data can then be leveraged to design effective product or location-specific customer strategies.
It would be false to say that CPG brands who don’t have a direct relationship with consumers are not adopting commerce-driven loyalty programs that reward activities such as receipt scanning. The evidence is to the contrary. Using OCR cheques and bills receipt scanning technology, not only can brands better understand their customers, but they’re able to use loyalty programs as a means of driving sales.