Although consumers increasingly like to shop online, over 90% of
purchases made today still occur offline, in physical stores. Even so, the growing field of targeted digital marketing is primarily focused only on driving online
purchases -- completely ignoring a big part of the industry's shopping activity.
flexReceipts is a company launching out of our current batch that bridges this divide,
helping retailers understand who their offline customers are and effectively target them
online to drive engagement and repeat sales -- all by leveraging the data rooted in good old fashioned receipts and bringing it up to modern times.
Ken Yeung at VentureBeat wrote about flexReceipt's very clever solution in a recent article:
"At a time when everything is being made 'smarter,' the time has come for a smart receipt. That note you receive in paper format or electronically after making a purchase hasn’t really evolved for decades, and merchants are losing out on a potentially valuable touch point. FlexReceipts enables retailers to exploit this proof of purchase with targeted offers based on data they know about the customer.
This Y Combinator startup provides a marketing platform that captures a customer’s email address at the point of sale and combines that with any known information to engage them through the electronic receipt. The company leverages the data gleaned to embed custom promotions, product recommendations, videos, surveys, and more, all with a focus on growing loyalty. So if you happen to buy a shirt from Macy’s, for example, and then enter in your email address to receive an electronic receipt, FlexReceipts may include a coupon toward your next purchase or notify you of other clothing that goes with the shirt you just bought.
'On a website, retailers know who you are and can tailor the experience for you. FlexReceipts is very similar to that but with receipts. We know who you are, what you’ve purchased in the past, and can better pinpoint you with the right targeted promotions, discounts, and more,' cofounder Jay Patel told VentureBeat in an interview."
Read the full story about how flexReceipt works in VentureBeat here.