PYMNTS MonitorEdge May 2024

Slip Raises $3.2 Million to Grow Receipt Data Startup

British receipt data startup Slip has raised $3.2 million in seed funding. 

“Having launched the product last year and seeing great results so far, this capital allows us to accelerate our growth across the U.K., and internationally over the next few years,” Tash Grossman, Slip’s CEO, wrote on LinkedIn on Thursday (June 6).

“So for those who don’t know, what is Slip? Well, to start with, we love receipts,” she continued. “I know, it sounds weird. But we recognize them as the most underappreciated asset in the retail world. We’re on a mission to turn them from passive paper to one of the leading marketing channels that omnichannel retailers have access to.”

The company says it converts receipts “from static transaction records into an interactive media channel to determine a customer’s next best action.” 

It can integrate its technology with existing systems to give retailers insights and personalized marketing capabilities.

As PYMNTS wrote earlier this year, businesses hoping to cultivate repeat customers by offering the most efficient experience may want to look at receipt data, “at least if financial institutions and FinTechs have anything to say about it.”

Research by PYMNTS Intelligence shows that 46% of all firms surveyed said using receipt data can lead to more efficient customer experiences for transaction questions or disputes. 

Especially likely to mention this benefit were companies interested in employing this data to tailor loyalty and shopping offers and those interested in using it to monitor spending behavior. 

Effective use of this data can give businesses a competitive edge by letting them offer personalized loyalty programs and tailored shopping offers based on customers’ behavior. 

“You’re able to craft that consumer profile down to a very specific offer and deliver a relevant experience,” Jason Scoggins, senior director of loyalty and CRM at Chipotle, told PYMNTS in an interview last summer.

In addition, receipt data can offer insights into customer behavior, preferences and purchasing patterns to help businesses make informed decisions regarding inventory management, marketing strategies and product offerings.

Tory Marpe, vice president of loyalty and CRM at The Container Store, told PYMNTS in January that receipt- or item-level data serves as a crucial signal for where customers are interested in spending, and for The Container Store’s purposes, the projects they’re pursuing.

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