Fun Fact #1: According toMaritz Motivation, nearly three-quarters (73%) of smartphone users want to interact with their loyalty programs via mobile device.
Receipt scanning is how to get customers to spend more
With receipt scanning technology, brands can convert customer receipts into data. This data can be analyzed to provide actionable consumer insights, and automatically uploaded to a rewards platform database.
Stamp Me Co-Founder Alan Donaldson said having access to this data is extremely powerful for brands, as it allows them to identify what else is in the customer’s basket.
“This provides incredible opportunities for up-selling and cross-selling, which ultimately leads to an uplift in sales,” he added.
It starts with a traditional loyalty program offer – “Buy 6 & Get 1 Free”, for example, or another kind of deal that suits your specific business model and product offering.
Once customers are uploading their receipts into the brand’s loyalty database, the brand can segment its customers into groups, such as:
customers that only buy this specific product from the brand
customers that tend to purchase X, Y and Z along with the brand’s products
people who tend to shop online vs. in-store
customers that tend to buy all the necessary accessories and add-ons for certain items
customers that often add a particular category of recommended products to their basket
a myriad of other groups
By segmenting your customers into these separate categories, you can then send targeted communications to each group, tailored to directly appeal to those customers.
This facilitates automated upselling and cross-selling opportunities, such as these examples below:
“Hi Jane, we noticed you like to shop with us online. Enjoy free express shipping next time you spend more than $50 in a single transaction!”
“Like our ketchup? We’ve got a saucy deal for you! Use this code to treat yourself to a free bottle of our all-new spicy barbecue sauce with your next purchase of ketchup.”
Higher spending, increased engagement and stronger brand loyalty
Some offers will instantly appeal to individual customers, and some won’t. Either way, your rewards platform is constantly working to personalize each customer’s experience with your brand, based on the data collected from their receipts.
The communications (sent directly to customers’ devices via text, email and push notification) become increasingly personalized with every transaction. As a result, each customer’s average basket-size goes up.
Fun Fact #2: Customers who are engaged by a brand make purchases 90% more often, and spend 60% more per transaction than customers who aren’t engaged (Rosetta Consulting).
As the database continues to track and analyze consumer behaviour, it segments customers in another way as well – VIP vs. frequent vs. infrequent vs. lapsed vs. seasonal, and so on.
This segmentation allows the brand to directly engage with its highest-spending customers, while motivating other customers to move up the value chain towards VIP.
Lapsed Customer: VIP Customer:
Receipt scanning technology allows brands to increase basket-size and frequency of visit
In addition to upsizing the average customer’s basket-size, this technology also strives to increase frequency of visit, through enticing offers sent at strategic times based on when a particular customer tends to shop with your brand.
Fun Fact #3: 80% of consumers say they’re more likely to give their business to a brand if it uses their customer data to provide them with a personalized customer experience (Edelman).
Because receipt scanning is done through a mobile app, this solution is remarkably quick and easy for brands to roll out across numerous distribution channels and multiple locations.
Considering using unique QR codes to boost customer spending instead? Check out our other article, where we compare these two validation methods.
Stamp Me can help brands identify up-selling and cross-selling opportunities with our award-winning receipt scanning loyalty technology. Our solution provides brands with valuable insight into what else is in your customers’ baskets.
Stamp Me is a straightforward and intuitive loyalty platform trusted by merchants globally. We've blended the classic "Buy X, Get Y" loyalty cards with a modern mobile app to elevate customer loyalty experiences.