For the past two years, the team at Fetch has been hard at work building the world’s most powerful receipt-processing technology. Fetch sat down with Richard Collings of Axios to discuss the project and why it’s important to the future of the brand-consumer relationship.
From the piece:
Why it matters: While consumer packaged goods companies can track online purchases easily, they’re less adept at tracking in-store purchases with no unifying standard for what retailers put on a receipt.
What they’re saying: The app is a “next-generation computer vision and product intelligence engine that enhances all aspects of receipt understanding, product identification and app performance,” per the company.
- While companies can track online purchases easily, they’re less adept at tracking in-store purchases at local groceries or convenience stores.
- Retailers, for example, use different codes (some of which go back decades) on their receipts to refer to the same product.
Between the lines: Using Fetch’s rewards app, consumer packaged goods companies can gain insight into shopping behavior in legacy brick-and-mortar retailers such as Kroger and Walgreens.
The bottom line: This more accurate receipt-scanning technology translates to better targeting and greater efficiency for partner brands.
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