What is OCR (Optical Character Recognition)?

What is OCR (Optical Character Recognition)?

OCR (Optical Character Recognition) technology identifies letters and numbers within digital images (like PDFs, scanned documents, or photos) and "reads" the image to produce editable and searchable text. Its roots trace back over 100 years to telegraphy, and it has been widely used commercially for over two decades. This technology has continually improved in accuracy, capability, and speed. Companies leverage OCR to digitize documents, automate data entry, and enhance accessibility and readability.

Benefits of Using OCR

Using OCR to extract data from scanned sales receipts, invoices, and purchase orders minimizes the need for manual data entry or receipt processing. It captures data efficiently, reduces human error, and integrates seamlessly with other systems, providing valuable first-party data for analysis and personalization.

Why Use OCR for Receipt Recognition?

Receipt OCR is ideal for validating consumer promotions, incentives, and loyalty programs quickly and accurately. Here are some advantages:

• Efficient: Eliminates manual processing, saving time and costs while reducing human error.
• Data-Rich: Provides detailed shopper insights, such as quantities, favorite stores, and purchase times.
• Responsive: Validates purchases in real time, allowing immediate rewards and enhancing customer satisfaction.
• Accurate: Filters non-qualifying receipts, ensuring precise data capture and reducing manual checks.
• Safer: Detects fraud more effectively by identifying duplicates or altered receipts.

Capturing Valuable Receipt Data

Receipt OCR captures essential data like retailer location, purchase date and time, product choices, and quantities. This data can be analyzed for consumer insights, purchasing patterns, and preferences, aiding in personalization, segmentation, and retargeting.

How BuyerFyCheck OCR Improves on Regular OCR

Regular OCR transcribes exactly what’s printed on receipts, often resulting in hard-to-read, jumbled text. BuyerFyCheck enhances this process using machine learning and a proprietary taxonomy, transforming codes and abbreviations into clear, readable output. For example, instead of a cryptic code like "FL MRSHMW 003800014815 F," BuyerFyCheck translates it to "Froot Loops 003800014815 Kellogg's Froot Loops Cereal Marshmallow 17.7oz 4.981." This clarity makes data reporting intuitive and manageable.

Real-world Receipt OCR Examples using BuyerFyCheck

1. Duracell: Used BuyerFyCheck for a gift with purchase promotion, simplifying receipt validation and enhancing customer experience.
2. L’Oreal Mugler: Integrated receipt validation API into their loyalty platform, enabling seamless point additions upon receipt submission.
3. Van Houtte: Managed a sweepstakes program, utilizing receipt validation to reward purchases and gather data.
4. NestléNescafé: Conducted a bilingual instant win and sweepstakes promotion, using BuyerFyCheck for receipt validation and fraud prevention.
5. Nutrabolt C4 Energy: Encouraged consumers to upload receipts for rewards, using BuyerFyCheck to validate purchases instantly.
6. Tommy Hilfiger: Promoted sales frequency with receipt validation, providing immediate rewards and rich consumer data.
7. ONE Brands: Leveraged BuyerFyCheck for a seasonal gift with purchase program, offering subscriptions to fitness services upon receipt validation.

See BuyerFyCheck’s Capabilities for Yourself

BuyerFyCheck’s OCR technology simplifies purchase validation, delivers valuable shopper data, and reduces fraud. Contact us to learn more about our modular BuyerFy CARE (Customer Acquisition, Retention, and Engagement) Platform.

Contact Us

Take customer acquisition to the next level with BuyerFy CARE. Contact us to learn more.