The Ultimate Guide to E-Receipt Data 2021
What is E-Receipt Data?
E-receipt data is purchase transaction data most commonly collected from email receipts. ‘E-receipt’ stands for electronic receipt. Data from receipts is an accurate manner of tracking consumer purchase behavior, basket composition, inventory levels, and retail revenue. E-receipt databases vary in terms of panel sizes. Some e-receipt datasets are often smaller than general consumer purchase databases as the collection relies on opted-in users and rewards programmes.
How is E-Receipt Data collected?
The data from electronic receipts is often collected via an email software the end-user has installed. An automated scraper searches the end-users’ inbox for e-receipts, and is coded to draw only data from business receipts, avoiding all personal emails. This information is then aggregated so as to remove PII, and sometimes it undergoes e-receipt data analysis to structure the data into relevant categories. These categories can include the SKU of the product(s) purchased, the time and date of the transaction, where the transaction took place (either a brick-and-mortar store or online ecommerce domain) and anonymized information about the consumer, including the country the transaction took place in and the payment method used.
How do E-Receipts capture transactions?
E-receipts capture every detail of a transaction. Generally, customers would need to provide their email addresses alongside their name and other important contact information. The e-receipt would capture the customer’s name, the name of the seller, company or store, the product or service that has been paid for, the number of products purchased (in cases where there are more than one), the amount that was paid, the payment channel used, the date the transaction was made, the time of transaction and the transaction ID in most cases.
Businesses shop for data because all of this information is necessary to improve their customer service and product offering.
What are the advantages of E-Receipts?
The use of e-receipts is the most seamless and easy method of giving proof of payments to customers. Some other advantages include, digitizing record keeping and making the process paperless. E-receipts can be retrieved on any device where the customer has access to their email account. As well, e-receipts are a source of information which can be used for re-marketing, cross-selling products and in cases where it is a subscribed service, reminder emails can be sent to customers subsequently. Lastly, from an environmental perspective, switching to e-receipts means that brick-and-mortar stores reduce the amount of paper they use.
How to Use E-Receipt Data?
One of the most common use cases of e-receipt data relates to tracking and predicting retail sales performance. Hedge-funds and investors can also utilize e-receipt data for cross-referencing quarterly revenue fluctuations with receipt data to identify profitable investment opportunities.
Who uses E-Receipt data?
Every retail business can use e-receipt data, however, e-receipt datasets are most frequently bought by CPG and B2C companies. These are companies who sell to consumers and individuals as opposed to organizations. The information that can be sourced from e-receipts is very valuable and proves useful to online stores, physical stores, airlines, supermarkets, and startups. Businesses of all sizes can utilize commerce intelligence from e-receipt data, and an increasing number of companies, from startup retailers to ecommerce giants, are buying e-receipt data from data marketplaces to boost their sales via strategic marketing campaigns. Any company that is interested in growing sales, improving communication with customers, building a brand, promoting their services, learning about a market, increasing traffic and getting better sales results can benefit from the insights in e-receipt databases.
How does E-Receipt Data help in-store retailers?
Getting customer information and having the opportunity to reach them again through emails becomes easier with an e-receipt system in place. Logistically, returns and refunds are easier with e-receipts, which leads to a higher level of customer service, and in turn, consumer satisfaction. In-store retailers also need to study customer buying habits and e-receipts makes collection of data easier for this purpose. With this historical data, they can find out which products are fast-selling, when is the best time to stock a particular product, and when to discontinue sales of a product.
Through the email addresses contained in an e-receipt database, in-store retailers can market products to customers, send them information about promotions and discounts, and let them know what products are in stock and when to expect new arrivals.
What is basket composition?
Stores sell multiple products through their channel, and so will have customers with different types of items in their shopping cart or basket. What their basket or cart is made up of is referred to as basket composition. In-store retailers as well as online retailers with multiple products in stock will notice that some products are usually bought alongside another product.
Taking note of the customer’s basket composition allows retailers to know which products to stock, and how to place them in a store or on a website strategically in order to encourage sales.
One way to track basket composition is by purchasing e-receipt data: e-receipts allow retailers to identify popular basket compositions to roll out marketing campaigns e.g. ‘Frequently Bought Together’ style re-targeting initiatives.
How is E-Receipt Data used in forecasting?
E-receipts sent to individuals after the purchase of products plays a crucial role for companies and brands trying to understand a market. Simply put, e-receipts can help a company understand buyer behavior. It helps them know how consumer respond to different products in the market, the times that sales peak, and the price that people are buying products for. With proper data analysis, it can be used to analyze the market to detect buying patterns of various consumers. E-receipt data can help retailers predict the amount of sales one can make from new products, forecast demand, forecast the expected revenue, and identify profitable investment opportunities.
Who are the best E-Receipt Data providers?
Finding the right E-Receipt Data provider for you really depends on your unique use case and data requirements, including budget and geographical coverage. Popular E-Receipt Data providers that you might want to buy E-Receipt Data from are Edison Trends, Ibotta Audiences, Rippll, 7Park Data, and ACTIO Analytics.
Where can I buy E-Receipt Data?
Data providers and vendors listed on Datarade sell E-Receipt Data products and samples. Popular E-Receipt Data products and datasets available on our platform are Edison Trends CPG - Transaction Data from E-Receipts for USA, UK, Canada, Australia, India & Singapore by Edison Trends, QueXopa Email Receipt Data (Brazil) - SKU/Product Level Data on Brazil’s Top E-Commerce Companies by QueXopa, and Edison Trends Travel - Transaction Data from E-Receipts for USA, UK, Canada, Australia, India & Singapore by Edison Trends.
How can I get E-Receipt Data?
You can get E-Receipt Data via a range of delivery methods - the right one for you depends on your use case. For example, historical E-Receipt Data is usually available to download in bulk and delivered using an S3 bucket. On the other hand, if your use case is time-critical, you can buy real-time E-Receipt Data APIs, feeds and streams to download the most up-to-date intelligence.