The 2023 report "Meeting the Need for Item-Level Receipt Data: Next Steps in Receipt Data Adoption", produced by PYMNTS in collaboration with Banyan, demonstrated that 88% of firms believe the most important impact data can have is on personalisation - specifically tailored offers and rewards.
GLOA loyal customer base undoubtedly contributes to the success and satisfaction ratings of a business.
With an abundance of data in the operating environment, financial instituions, FinTechs and merchants are all leveraging technological advancements to access unprecedented opportunities from the payment occasion, esepcially around item-level receipt data.
The 2023 report “Meeting the Need for Item-Level Receipt Data: Next Steps in Receipt Data Adoption”, produced by PYMNTS in collaboration with Banyan, demonstrated that 88% of firms believe the most important impact data can have is on personalisation – specifically tailored offers and rewards.
Moreover, exploiting item-level receipt data has become essential for creaitng more personalized rewards and stronger customer relations, according to most companies. About 80% of firms surveyed by PYMNTs see the potetntial in using this data to track spending behaviour, while 78% note its value in combating fraud. Among businesses keen on using receipt data to customize loyalty and shopping incentives, 90% acknowledge the significant influence of technical infrastructure.
The data alos highlights that financial institutions and FinTechs capable of delivering personalised digital experiences can enhance customer engagement. Similarly, merchants utilizing item-level receipt data can streamline the purchasing process and generate additional sales revenue.
Source: PYMNTS
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