Did you know that it would be five times more expensive to attract a new customer than to retain an already loyal customer?
According to a recent study, pampering a loyal customer is far more profitable than chasing new customers.
So the key is the loyalty program! Quite simply, it is reward customers based on their buying behavior. It’s fast for your customers, they just have to provide proof of purchase and wait for the reward. On the other hand, for you, it represents a lot of work. Once received, you must complete a series of steps to be able to deliver this reward.
Although it is hard work, be aware that a loyalty program allows you to gather valuable information about your customers. You will be able to refine your marketing strategy, understand the buying behavior of your customers … The field of possibilities opens up to you.
Find how automate the processing of your loyalty program documents through optical character recognition. Faster and easier, follow the explanations and take the plunge!
How does the loyalty program work?
Regardless of the form of your loyalty program, there will always be four common steps presented below.
- Your customer buys a product that is part of the campaign and sends it to you as agreed in the terms.
- Once received by you, the sales receipt or receipt must be read, the information extracted and verified. This step is called verifying the receipt.
- Next, you will use this data to update your database: email address and all important information.
- You are now able to determine and award the customer the reward.
Manually, this is unsustainable. Having to manually manage all receipts and proof of purchase for a campaign is a pain in the ass. Can you imagine how much work that would be manually check all receipts and see if the campaign requirements have been met?
You can’t keep a competitive pace if you have a few hundred or thousands of receipts to process. As soon as you offer a reward (points, a free purchased product, etc.), your customers are waiting for it quickly. So you owe them fast service.
What an automated loyalty program can do for you
While a loyalty program is attractive to your customers, it is just as, if not more, attractive to you. Yes, you will have the contact details of your customers but you can achieve so much more. Let’s take a look at these examples.
- Basket analysis it allows to make logical correlations and connections between the different purchases of private individuals. What products are usually purchased together with yours? You can, for example, combine promotional offers with other brands.
- Establish characters derives from the analysis of receipts and receipts. This analysis is a solid foundation for refining your marketing strategies based on what you learn from your customer.
- Analyze geographically prices and places of purchase make it possible to correlate purchasing behavior with geographical places. If a product is more expensive in one place or cheaper in another, it can affect the sale of your products.
To intelligently establish these three marketing analyzes, use a technological solution to automatically process receipts and receipts related to your loyalty campaign. By automatically classifying and classifying geographic and pricing information, you will be able to leverage this information more easily.
Discover the difference between manual processing and automated processingand opt for automation.
Manual processing or automatic scanning of receipts
An obstacle for all companies, the manual processing of the receipt represents a lot of challenges and challenges for you. The table below represents 3 of the major disadvantages of manual processing and their advantageous counterparts with automatic receipt and receipt processing.
|Manual processing of the receipt||Automatic scanning of receipts|
Validating and manually extracting information from receipts takes a long time.
Thanks to OCR, an automated solution scans, reads and extracts all predefined information in 3-5 seconds.
Each manually processed receipt costs you a significant amount of money. In fact, it’s time for your teams not to engage in value-added tasks.
|70% cost reduction
Software receipt processing is much less expensive. The software frees your employees from repetitive tasks and allows them to focus on higher-value tasks that are more important to your business.
|Prone to mistakes
Eye strain, distraction, and fatigue from your teams are all contributing factors to data entry errors.
The scanning software extracts and processes the data with greater than 95% accuracy.
Integrate a automated solution for receipt processing it therefore allows you to gain efficiency, reduce costs and also offer a much more reliable service. Now that you know some of the main benefits, find out how it works step by step.
Simple operation: 4 steps and that’s it
Based on OCR, automating your receipt processing it’s fast and accurate. Optical Character Recognition is a technology that transforms text from any medium into digital text.
Just use a device that supports OCR features to scan the document to be processed. To do this, you can, for example, use your smartphone.
- Sending the receipt to the OCR: your customer makes the purchase. To receive the reward, he must send you the receipt. Use your smartphone and your brand app and scan your receipt.
- Once received by the application, all product lines and other information are extracted in 3-5 seconds with an accuracy rate greater than 90%.
- The software performs a thorough check. Among the products purchased by the customer, which is included in the promotion? Is the purchase date within the campaign deadlines? Is the receipt sent a duplicate or has it been altered? Here are all the checks the software can perform.
- Is everything in order? The information is extracted correctly, the purchases respect the rules of the campaign. The software is ready to pay the premium after validation by a member of your teams.
In a minute, here’s a video that explains these steps in a more visual way.
Automate the receipt processing process for your loyalty program gives you the opportunity to gain speed, save time and money. All in all, you gain efficiency and free your teams from an easily automatable redundant activity.
Look for a efficient OCR software provider adapted to financial documents and initiate this digital transformation.