CPG Receipt and FMCG support is now available for Veryfi Lens Partners. A powerful set of tools allowing companies to power the next generation of loyalty programs using Veryfi’s toolbox and enable highly targeted digital coupons, cash back, and loyalty program promotions.
The new feature allows your customers to capture long receipts in one snap, just like taking a panoramic photo yielding a single stitched photo of your CPG receipt in a breeze. Coupled with Veryfi’s real-time data extraction and data transformation capabilities, a toolkit that will empower and enable any retail loyalty programs in a breeze.
Any type of CPG receipt will work here. From Safeway, Tesco, Wegmans, Giant Eagle, Smart & Final, Five Below, Whole Foods Market, Coles, to other retailers. Even those crazy loooonnngggg receipts from CVS.
What is CPG & FMCG?
“Fast-moving consumer goods (FMCG), also known as consumer packaged goods (CPG), are products that are sold quickly and at a relatively low cost. Examples include non-durable household goods such as packaged foods, beverages, toiletries, candies, cosmetics, over-the-counter drugs, dry goods, and other consumables.” ~ Source: Wiki
Why does it matter?
CPG / FMCG consumer purchase data is mainly owned by retailers who control the POS (Point of Sale) systems. (Most of these system’s aren’t even online.) Some CPG companies have tried to combat this by creating mechanisms for the consumer to share their purchase data by uploading receipts with line-items. In return, the consumer receives a coupon, discount, cash back or some other incentive to encourage repeat purchase behavior.
Therefore, having access to clean data on consumer purchase behavior from receipts SKU (Stock Keeping Unit) line items is paramount in achieving these outcomes.
A technology like Veryf’s is capable of capturing these long CPG receipts with high definition and then extract all the spend behavior from the SKU line items identifying the products purchased and brand loyalty.
Consumer side: Loyalty program technologies will have their consumer spend countless minutes taking multiple photos of their long CPG receipt. It gets frustrating leading to drop in adoption.
Loyalty company side: On the technology side, trying to parse (OCR, ICR) a series of receipt photos for purchase spend insights is slow and painful. Often it will include humans to make sense of the mess that was captured.
In accounting, computer science and no doubt many industries there is a famous saying…