Receipt Data May Be Key to More Efficient Customer Experiences

Businesses looking to keep consumers coming back by offering the most efficient customer experience may want to look to receipt data, at least if financial institutions and FinTechs have anything to say about it.

By the Numbers

The 2023 PYMNTS Intelligence study “Meeting the Need for Item-Level Receipt Data: Why Data Infrastructure Is Key to a Better Customer Experience,” drew from a survey of 351 executives representing financial institutions with at least $5 billion in assets and FinTechs with at least 1 million active monthly users to explore the importance of incorporating receipt data into operations throughout the next few years.

The results revealed that 46% of all firms said using receipt data can lead to more efficient customer experiences for transaction questions or disputes. Especially likely to cite this benefit are firms interested in using this data to tailor loyalty and shopping offers and firms interested in using it to track spending behavior.

The Data in Context

Using receipt data effectively can give businesses a competitive edge by enabling them to offer personalized loyalty programs and tailored shopping offers based on customers’ spending behavior. This tailored approach can attract more customers and encourage repeat purchases.

“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 over the summer.

Plus, receipt data provides valuable insights into customer behavior, preferences and purchasing patterns. By incorporating receipt data into their operations, businesses can 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 key indicator — a signal — as to where customers are interested in spending their money, and for The Container Store’s purposes, the projects they’re pursuing.

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