We live in a customer-centric world where businesses compete to provide the best products and experiences to the right consumers. Loyalty schemes served this purpose for decades, providing insight into consumer purchasing patterns and preferences, which merchants would leverage to get returning customers.
Yet, the traditional channels for customer engagement are now becoming increasingly saturated. The sector depicts great fragmentation, with no current loyalty scheme provider being able to capture a relevant portion of the market. To stress this frustration further, according to Salesforce, 54% of customers think companies should also change the way they interact with them.
The emergence of the experience economy is emphasising this gap even further. Usability, customer service and status have created a new source of customer value and are driving brands’ perceived quality. We see this trend penetrating all sectors, with personalisation services becoming more commonplace, from luxury items to high street brands. Personalisation lies at the root of the new experience economy and leverages on the ultimate level of data granularity.
In order to provide exceptional customer experience, merchants must perfect their micro-targeting and advertising techniques and leverage the habits of their potential and current audiences. This requires an enormous amount of data about consumers in the market, and no centralised data bank provides this information. For businesses, who only have access to their own customers’ data, it is difficult, expensive, and time consuming to try to expand their insight into their potential customers. In order to achieve better understanding of consumers’ needs and wants, businesses must first understand how consumers spend and interact with brands.
This is what we are shaping at MyO, a universal platform revolutionising customer experience through receipt data. We are creating a world where every customer is surrounded by an orbit of data insight enhancing in-store customer experience. By turning receipts into assets, we unlock the power of purchasing information by serving end-users real-time, seamless, automatic digital receipts. Digital receipts become the connecting point for in-store interactions: merchants take advantage from the increased visibility and customer engagement channels to perfect micro-targeting, while their customers enjoy tailor-made immersive experiences.