The future of AI: How Fetch’s receipt-reading technology powers its personalization
By Team Fetch
January 4, 2024
- Brands are exploring how artificial intelligence and machine learning can help understand and attract consumers.
- Fetch made their own industry-leading receipt-reading technology and language learning model, which deciphers and converts large amounts of data to create consumer insights for brands.
- By knowing how consumers spend across different retailers, brands can enhance personalization and relationships with their consumers.
Right now, you can’t talk about adtech without mentioning Artificial intelligence (AI) and machine learning (ML). Generative AI is all the rage, but it’s not all groundbreaking technology. Most of it is a few years old, and in many cases, improved UI and tool accessibility are the only truly “new” additions to the technology.
What brands should be talking about and asking themselves is this: What kind of technology helps me make stronger connections with consumers – and how do I leverage it today?
At Fetch, we developed one of the most innovative AI and ML technologies, and our users engage with it every time they use the app. Below, I’ll delve into the revolutionary receipt-reading technology and language learning models we created – and how they fuel the invaluable user engagement and consumer insights our brand partners can access.
How Fetch’s became a leader in AI and machine learning
Fetch is a consumer engagement platform that powers brands’ performance marketing with AI and machine learning. In developing the world’s most advanced receipt-reading technology for real-time and large-scale consumer insights, the platform has established itself as a leader in AI and ML. Our next-gen technology powers brand activations within the app, allowing us to serve personalized incentives to shift purchase behavior.
But our technology does more than scan pieces of paper – it’s trained to understand the intricate language of receipts. These documents are notoriously complex because they don’t have standardized product abbreviations or formatting. To teach the AI model effectively, the team at Fetch manually cataloged product codes by purchasing items from various stores. The result gave the AI a deep understanding of nearly every product and receipt code imaginable.
Today, the platform’s technology accurately identifies items on various receipts, including in-store, online and digital payment transactions, making it the world’s leading solution.
Harnessing retail-agnostic data for deeper insights
The platform’s power lies in its ability to decode verified omnichannel purchase data, making Fetch among the most comprehensive sources of consumer insights available. Our receipt-reading technology provides the mechanism that digests and translates what used to be an inconsumable amount of data.
With over 12 million weekly active users, Fetch has insight into purchase behavior across the places they shop – including online and in-store purchases. This zero-party data is consistently shared by a hyper-engaged user base, making it incredibly accurate and never more than three hours old. The app’s technology provides insight into everything from the grocery store down the block to someone’s favorite online shop.
This holistic view transcends the limitations of conventional retail media networks, positioning our app as a next-generation retail-agnostic media platform. Unlike traditional retail media networks, which primarily focus on what happens within an individual retailer’s four walls, Fetch’s technology delves into purchases made across various retailers and touchpoints.
All that receipt data enables us to share consumer insights with our brand partners that they can feel confident acting on. The ability to decipher these complex documents across every kind of retailer is a unique advantage.
Consumer habits, preferences and emerging shopping trends are all part of how Fetch can optimize ad targeting and enhance personalization for brands. This comprehensive data canvas allows for more nuanced and precise targeting, enabling brands to influence consumer behavior more effectively.
Fetch isn’t just ahead of the game when it comes to AI and ML. We’re pushing what’s possible in our respective fields. We saw the need for this technology, and we built it ourselves. As brands ask for more from their adtech partners, Fetch is more than capable of meeting the demand.
Ready for a more in-depth tutorial for how our technology can provide your brand with more valuable consumer insights? Reach out to our Fetch for Business team today.
The latest from Team Fetch.