Veryfi Lens fuels international loyalty campaigns with instantaneous buy validation and cross-basket insights

SAN MATEO, Calif., Could 15, 2023 – Veryfi, utilizing synthetic intelligence (AI) know-how to immediately rework paperwork into structured information, at the moment introduced that in 2022 and early 2023 the corporate added to its roster of Fortune 500 CPG corporations and companies for loyalty advertising applications.

In an financial downturn, buyer loyalty applications are crucial to make sure CPG corporations can retain and develop their pockets share. CPG corporations and companies are more and more utilizing receipt information seize for buy validation and cross-basket insights to drive loyalty rewards and shopper conduct. In keeping with a World Buyer Loyalty Report, 62% of respondents stated loyalty applications have helped to maintain clients engaged through the pandemic and that 80% of shoppers usually tend to do enterprise with corporations that provide customized experiences.

“As we navigate 2023 and proceed dealing with financial headwinds, the businesses that execute essentially the most progressive and interesting buyer loyalty applications may have the very best probability at not solely surviving, however capturing pockets share,” stated Ernest Semerda, co-founder of Veryfi. “To develop income in 2023, Loyalty Advertising and marketing organizations have to do greater than merely providing rewards; in addition they have to ship an distinctive buyer expertise.”

In 2022 and early 2023, Veryfi added Fortune 500 CPG and company clients to its roster of corporations innovating in loyalty advertising. For instance, the corporate’s know-how is at present in use by a number of regional loyalty advertising groups at PepsiCo.

“PepsiCo is main the CPG business with improvements in buyer loyalty applications and analytics,” stated Edgar Reyes, director, PepsiCo. “With the Veryfi platform and Lens framework, we had been ready so as to add user-friendly receipt seize and information extraction to our JOY buyer loyalty app, lowering our buy validation time from 7 to 11 days to a couple seconds, whereas unlocking unprecedented cross-basket buyer information,” continued Reyes.

An vital a part of loyalty applications is validating buyer purchases. It used to take PepsiCo between 7 and 11 days to try this in a guide course of that relied on an out of doors clearing home. Now, with the Veryfi optical character recognition and synthetic intelligence (AI) know-how, it takes only a few seconds. Moreover, general prices have been lowered considerably and fraud prevention has been improved. Most significantly, PepsiCo is beginning to unlock “cross-basket” insights into their buyer purchasing conduct.

PepsiCo integrated the Veryfi Lens cellular framework into its buyer rewards loyalty app known as JOY and launched the brand new model to customers in simply two weeks.

Veryfi Lens is used to seize receipt photos with real-time pc imaginative and prescient capabilities corresponding to computerized edge and doc detection, stitching collectively lengthy receipts right into a single picture, compression optimization, blur detection, routinely turning on the digicam gentle – issues that go a good distance in the direction of making picture seize of receipts environment friendly and user-friendly, after which remodeling these into priceless information.

By way of information collected as a part of buyer loyalty applications, companies are in a position to higher perceive their shoppers and the way they behave.

• The place and when their clients are buying merchandise
• Model affinities throughout the corporate’s product line in addition to its opponents
• Value and particular promotion sensitivity
• Share of pockets and repeat purchases

By eliminating guide information entry, Veryfi permits organizations to precisely seize, extract and rework paperwork corresponding to receipts, invoices, buy orders, checks, bank cards, and W-9 varieties into structured information, at scale. Veryfi makes use of superior AI/ML know-how, skilled by a whole bunch of tens of millions of paperwork over the previous 5 years, to extract information and rework it right into a structured format for 85 currencies, 39 languages, and over 110 outlined fields corresponding to vendor, whole, invoice to/ship to, buy order and bill numbers, any line merchandise (product title, SKU, description), taxes, and extra, which might then be accessed for all kinds of enterprise functions.

Be taught extra concerning the worth of a receipt with this Veryfi infographic.

About Veryfi

Veryfi eliminates guide information entry by way of its quick, correct, and safe AI-driven information extraction platform that immediately transforms paperwork into priceless structured information. The corporate’s OCR API Platform and Veryfi Lens doc seize SDK know-how can enhance consumer productiveness, get rid of human error, develop buyer loyalty and income, and unlock priceless enterprise insights.

Veryfi know-how delivers Day 1 Accuracy™ and instant time-to-value for a whole bunch of corporations globally. FinTech software program suppliers incorporate the Veryfi OCR API Platform and Lens doc seize SDK know-how of their functions. Loyalty Advertising and marketing organizations at client packaged items corporations and companies leverage Veryfi to show receipts into priceless client insights. Enterprise Accounts Payable groups use Veryfi to achieve effectivity and enhance information entry accuracy as a part of their clever automation workflows. Be taught extra at www.veryfi.com.