With the changing of consumer trends and the emergence of new technology, traditional customer loyalty programs are not enough to pique and maintain customer interest.
It’s still not uncommon for brands to build customer loyalty simply by offering points towards future savings, but have we reached a stage where this is no longer a viable marketing option?
Brands are increasingly expanding their customer loyalty programs to include a wealth of functions and metrics. As technology evolves to with innovations like bill OCR becoming mainstream, companies can achieve much more from their loyalty programs by aggregating consumer data.
So, what are the benefits to brands aggregating receipt data?
Easy Rewards Attract New Customers
The modern consumer has become wise to the traditional points-for-purchase customer loyalty model. Today, many are less-inclined than they have been before to jump at the chance to shop with a brand just because they offer point rewards.
However, did you know that 15% more customers join loyalty programs that allow them to submit their OCR bills in exchange for points? Brands can incentivize customers to join their loyalty program just by submitting their receipt.
Know Your Customers
It’s no secret that loyalty programs are extremely valuable data collection tools. Moreover, using receipt OCR aggregation, brands can expand this even further by adding data from third-party purchases. This enables brands to become more aware of their customer demographics.
Why is this so important? With expansive data, brands can segment marketing campaigns to target customers with maximum efficiency.
For instance, let’s say that the data shows that brand’s customers routinely purchase from a favoured third-party retailer. It’s then easy to create an ad campaign that’s specifically geared to that specific customer demographic.
Increase the Value of Your Offers
Third-party receipt data provides valuable information about what attracts consumers to your products. Leading brands may discover that their products sell equally well, or even better on third-party sites than on their own. Having access to this data can prove invaluable.
Why? Knowing how a product is sold is just as valuable as knowing why a product sells well – and to whom. Is it being sold in a different way for a different price? Can your customers use bill OCR bills data to access better offers?
Incorporating third-party aggregation helps you to learn the best estimate of product popularity. Once you have clearly identified what it is that your customers want, you are better equipped to make your most popular products more accessible to customers. You can also target those customers for specific offers and promotions.
Lastly and perhaps most importantly, research has found that businesses that offer aggregators as part of their customer loyalty program experienced an increase in customer spend and shopping frequency.
This should really be the defining factor when considering whether to aggregate receipt data. It’s insights such as these that drive intelligent businesses forward – allowing them to leapfrog competitors and appeal to a larger demographic, therefore building a successful ongoing commercial enterprise.
So, there you have it. Have you considered how aggregating receipt data gleaned from bill OCR and customer loyalty programs can help your business thrive? If not, it may well be worth investigating further!
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