For the past two years, the team at Fetch has been hard at work building the world’s most powerful receipt-processing technology. David Berk, Group President, Product and Technology at 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, Berk says.
- 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, Walmart and Walgreens.
The bottom line: This more accurate receipt-scanning technology “translates to better targeting and greater efficiency for partner brands,” said David Sommer, Fetch’s chief customer officer, in a statement.
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