Consumer Packaged Goods Leaders are Gaining New Consumer Insights and Bolstering Loyalty Programs With Purchase Receipts

Veryfi - OCR API for Invoice & Receipt Data Extraction

Artificial Intelligence emerges as consumer receipt capture technology of choice

Veryfi, using artificial intelligence (AI) technology to transform documents into structured data in just seconds, has added marquee customers in the consumer packaged goods (CPG)/Loyalty solution market – including a large retail property management company and a leading consumer rewards marketplace – as the leading receipt capture technology for customer loyalty programs.

Veryfi Lens is the world’s only mobile receipt technology that includes camera AI for receipt detection and long receipt stitching, along with line item extraction. For this reason, leading retail, CPG, and marketing organizations have selected Veryfi for their customer loyalty and consumer insights programs.

“After so many exciting conversations at the recent RICE22 event, we’re seeing tremendous interest in capturing SKU-level receipt data to increase loyalty program participation and drive valuable consumer insights,” said Ernest Semerda, co-founder and CEO of Veryfi. “For many CPG brands and retailers, ‘do nothing’ is the status quo for making receipt data actionable, and we’re providing a new path towards greater customer and brand loyalty. I’m looking forward to continuing these conversations at our upcoming webinar.”

“For many CPG brands and retailers, ‘do nothing’ is the status quo for making receipt data actionable, and we’re providing a new path towards greater customer and brand loyalty. I’m looking forward to continuing these conversations at our upcoming webinar.”

The AI-driven Veryfi OCR API platform provides industry-leading accuracy on day one to capture, extract, and transform receipt data into valuable consumer insights. Veryfi Lens includes the unique ability to stitch long receipts into a single image, dramatically improving image quality and the accuracy of SKU-level data extraction. By providing a mobile software development kit (SDK) and Receipts OCR API, Veryfi provides innovative capabilities that unlock new opportunities for consumer marketing and insights. Retail and CPG organizations can leverage Veryfi technology to enhance personalization and increase customer loyalty in their Direct-To-Consumer (DTC) marketing campaigns and apps.

A leading home improvement company is using Veryfi to capture SKU-level data across its own and competitors’ stores to gain greater insights into shoppers’ behavior and price elasticity.

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One of the largest global retail property management organizations is using Veryfi to support loyalty programs, encouraging shoppers to return to physical stores as the world transitions out of the pandemic.

An industry-leading loyalty marketing agency is using Veryfi receipt capture technology to enhance customer experience and increase loyalty program membership for a large food and beverage franchise.

Several consumer-facing payments and rewards companies in South America have adopted Veryfi for in-store and post-purchase loyalty and rewards programs.

“As specialists in loyalty program education and consulting for over 15 years, I know from seeing Veryfi’s technology in action that it is an excellent addition to the loyalty marketer’s portfolio for building practical applications that can be successfully deployed in the marketplace,” said Bill Hanifin, CEO, Wise Marketer Group, owners of the Loyalty Academy.

In the first quarter of 2022, Veryfi won globally-recognized customers including the largest retail property group in the southern hemisphere with $22 billion in retail assets under management, the largest home improvement retailer in the U.S., and one of the largest market research and consumer insight organizations.

Eliminating manual data entry, Veryfi enables organizations to accurately capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-2s into structured data, at scale. Veryfi uses advanced AI/ML technology, trained by millions of documents over the past four years, to extract data and transform it into a structured format for 85 currencies, 39 languages, and 90 defined fields such as total, tax, VAT, SKU, vendor, invoice number, which can then be accessed for a wide variety of business applications.

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