What if we tell you that you can actually get cash back from your grocery receipts?
That’s not us pitching you a new idea for a startup. That’s us telling you there’s already an existing startup that allows you to do so: Snapcart!
For those of you who aren’t familiar with it, Snapcart is basically a mobile application that gives rewards and cash back to shoppers in exchange for a photo of their grocery receipts. You can even earn more rewards by participating in bonus features within the app, including fill in surveys and watch videos.
What’s even greater is that it could also benefit your brand. Snapcart can collect every photo of customer’s grocery receipt and turn them into data gold mines. That way, brands are able to get insight into their customer’s behaviour and utilize them to create well-targeted marketing strategies.
It’s a win-win solution. What customer doesn’t like free stuff? And what brand isn’t willing to pay up to get fresh insights into their customers?
Turning discarded receipts into data gold mines for brands
The concept is simple, really. For brands that know little about their customers and their shopping habits, they usually learn about it from survey-based data or just simply estimate it from research firms like Nielsen. Meanwhile, the precious information is contained within a small piece of paper that customers usually toss away after shopping: their receipts.
Here’s where Snapcart comes in. By using Snapcart’s mobile app, customers can snap receipts from any retailer to get cash back while Snapcart will extract useful data from their receipts. This kind of data will be analyzed to see the customers’ behaviour, then the data will be shared with brand partners where brands can see who buys their brand or product, what products customers are often buying, where they shop, and other interesting insights to be explored.
From that analytical data, brands can segment their customers and engage them through various in-app activities such as filling in surveys, taking selfies with brands and/or products, or just simply watching videos. Customers who complete these activities can earn more cash back, which will further engage them with your brand in future.
But how does Snapcart capture data?
It turns out that Snapcart’s mobile app has one of the highest retention and engagement rates. This allows them to collect much more information than traditional consumer panels. When customers take a photo of their receipts, Snapcart will extract every item on it, including SKU names, prices, volumes, discounts, payment methods, branch location, store name, total value, promotions, and time of purchase.
But the process of collecting data doesn’t stop there. Customers will be required to fill in Targeted Audience-based Survey and Questionnaires (TASQ). This survey will combine different data sources such as purchase history, demographic profile, device data, and GPS location to provide behaviour-based and accurate targeting capability. This can reduce bias caused by just “claims-based” information.
With this additional data, Snapcard is able to accurately profile brand’s customers even more. Customers will also receive more targeted surveys asking relevant questions at the right time, giving Snapcard more valuable insights to give to your brands.
An analytics tool to help brand process the data furthermore
When we said that Snapcart provides your brand with valuable data from customers, they don’t just throw it out at you. But Snapcart also offers a dashboard with easily customizable reports for your specific business needs. This dashboard tool is equipped with advanced features that will help you make the right strategic decisions and execute them properly to get the highest return on investment.
For instance, by using this dashboard, you can perform price tracking and promotion tracking to see if there’s any gain/loss based on the base price change, discounts, and mix. You can even measure your KPIs for each chain based on values share frequency of visit, basket type, and other categories. You will also be provided with sample reports for each metric:
- Price & promotion tracking – see if your promotion is competitive enough, which of your promotion is the most effective, and how your brand can optimize it.
- Promotion effectiveness – see if your pricing in the trade is aligned with the pricing strategy.
- Channel & chain performance – find out how each retailer is performing and decide what actions to take to help drive the retailers’ growth.
- Store switching & loyalty – find out who the customers are and how loyal they are to each chain.
- Brand growth analytics – understand how your brand is performing compared to the competition.
- Consumption & penetration – find out if your share growth/decline is driven by penetration or consumption, and to see what other products customers usually bought with your brand.
All thanks to Snapcart’s data scientists
With all the explanation above, we think it’s not an exaggeration to say that Snapcart has played a role as a big data machine for brands. But behind Snapcart’s advanced technology there are data scientists who are responsible for shaping and refining the wide range and variety of data gathered from customers into actionable insights. These scientists help steer the direction of the company’s products.
But in order to do so, they don’t work alone. According to Snapcart’s official website, their data scientists work together with the tech team to develop the best in class technology in the areas of Advanced Machine Learning, Artificial Intelligence-based Optical Character Recognition (OCR) technology, Image Recognition Capabilities, and Fraud Analytics. On the data side of things, they helped developed marketing analytics that is taking customers understanding to a new level.
As you can see, data plays a crucial role in the business world. It helps you come up with strategic decisions, whether it’s for marketing strategies or other matters. But, unfortunately, it’s not always easy to get accurate, real-time data—especially directly from your customers.
In today’s digital era, some of the challenges in the market research industry is to answer business problems related to data visualization, pattern recognition, image processing, machine learning, customers profiling, etc, but tech startups such as Snapcart and Sonar are here to help your brand grow by providing insightful data directly from your customers, whether its’ from their grocery receipts or personal rants on Social Media.