Veryfi, using artificial intelligence (AI) technology to instantly transform documents into structured data, today launched Veryfi Insights, an analysis provided as an industry resource to understand consumer shopping trends.
Through the analysis of hundreds of millions of receipts, Veryfi identifies consumer trends, such as changes in gasoline prices in different regions over time, or relationships between different products when purchased together. Veryfi will share its findings and publish them as monthly Veryfi Insights.
“Gas price analysis is our first published insight to see how we would track against similar reports, and we found our data was highly correlated to those reports,” said Ernest Semerda, co-founder and CEO, Veryfi. “After five years of training on hundreds of millions of documents, our AI-driven technology delivers Day 1 Accuracy* with unprecedented insights. Offering those insights as a macro industry resource is a natural extension of our company values of transparency and trust.”
The next Insights installment will examine the top products purchased alongside Coca-Cola and Pepsi to look for commonality and differences of buyers of those two popular beverages.
Veryfi Insights serve as examples of what is possible when companies dig into the goldmine of information that can be found in unstructured documents. Brands can gain deeper insight into consumer behavior by analyzing the receipt data collected in loyalty programs.
“The ‘loyalty shake-up’ continues,” writes McKinsey, with 90 percent of consumers who have noticed higher prices, particularly in gas and groceries. Since 2020, 13% more US consumers reported shopping for a different brand recently.
Companies are responding to “the loyalty shakeup” by investing more in their own customer loyalty programs. Veryfi recently added to its growing roster of consumer packaged goods (CPG) customers with one of the world’s top three food and beverage companies that has adopted Veryfi’s AI platform to help power its mobile loyalty rewards app.
Unlike most consumer surveys which solicit feedback from a few thousand people, Veryfi Insights draws on data collected in the aggregate from millions of receipts extracted by the Veryfi OCR API Platform. In this way, Veryfi Insights offers an unprecedented real-world view into shopping trends. For the first time, CPG manufacturers, brands, retailers, rewards app providers, and the general public can gain insight into detailed consumer shopping behavior derived from the line item data extracted from receipts with industry-leading accuracy. To learn more about trending gas prices in the U.S, see the Veryfi Insights blog here.
By eliminating manual data entry, Veryfi enables organizations to accurately capture, extract and transform documents such as receipts, invoices, purchase orders, checks, credit cards, and W-9 forms into structured data, at scale. Veryfi uses advanced AI/ML technology, trained by hundreds of millions of documents over the past five years, to extract data and transform it into a structured format for 85 currencies, 39 languages, and over 110 defined fields such as vendor, total, bill to/ship to, purchase order and invoice numbers, any line item (product name, SKU, description), taxes, and more, which can then be accessed for a wide variety of business applications.