Why adopting eReceipts is a ‘no brainer’ for retail

Having founded Emnos, a leading provider of customer centric services and decision-support tools and been CEO there for 10 years, Robert Diamond knows a thing or two about analytics.

Having worked with the likes of Waitrose, Boots and Morrisons, Diamond knows better than most the power of being able to analyse customer behavior through data.

In 2011 Diamond jumped at the chance to become a director of eReceipts, which he felt had the potential to change the face of retail. Here, Robert Diamond outlines why he feels eReceipts can be integral to retailers’ success.

A no brainer
“It’s very rare in any walk of life that you can solve a negative with an out and out positive. Normally it’s a case of improving upon the negative, but eReceipts has that very rare benefit of actually turning a negative on its head.

“Receiving a paper receipt is not only a hassle for customers but also an expense and missed opportunity for retailers. eReceipts takes away the hassle of paper receipts for customers while actually providing them with better value offers and potential cost savings.

“For retailers, replacing cumbersome paper receipts lowers their cost base and provides a new sales and marketing opportunity as well as the ability to harvest customer data, which if used correctly will lead to increased sales. It really is a win win situation and a no brainer for retailers.

What is eReceipts?
“In short it’s a data capture platform that uses digital receipts as the core customer communication mechanism. From here the modular and agile nature of the software means it can be adapted to suit any retailer’s environment.

“The technology allows retailers to facilitate customer loyalty schemes as well as providing real time analytics, which can be used to improve customer services and provide more targeted and effective offers and promotions to drive incremental sales.

How does it work?
“Because of the modular way the system has been developed the system is able to offer a low cost deployment without retailers having to sink in lots of development budget. Critically for retailers, setup, testing and roll out can happen in a very short space of time.

What information does it provide?
“eReceipts is the first solution that I’ve seen that allows retailers to see every transaction ringing through the tills. Most other systems provide data which is analysed at a later date. eReceipts provides data in real time.

“The beauty of this is that it allows retailers to engage on a far more personal level and therefore provide more relevant products and offers for their clients. This in turn can lead to incremental sales.

“As well as being able to provide targeted offers and price reductions, retailers can also share information with their suppliers which can increase efficiencies. This really does have the potential to change how retailers work with their suppliers.

Changing retail as we know it
“For me this is the reason why I got involved – eReceipts genuinely has the potential to transform the retail sector.

“Retailers want to understand customer behaviour across all of their channels. It’s not enough to work just with the online insight when often a retailer’s physical store sales account for 80% or more of its business. They want, or rather they need, to understand it all. From the customer’s perspective, they want offers that are relevant to them and this is where the data accumulated from eReceipts can change loyalty and rewards as we know it.”

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