As a merchant you have to, by law, offer receipts in Finland. The law aims to tackle black market business, but results in a lot of waste. Paper is cluttering our wallets. And when we do need receipts to return something, they are usually lost.
Paper receipts are yesterday, but what’s the alternative? Brands are actually underestimating how many of their customers would want an e-receipt from their purchase. According to a study carried out by YouGov for Bronto Software, 45% of UK consumers would like to receive a digital version of their receipt from an in-store purchase. A third said they often receive an e-receipt, but 41 percent reported they ‘never’ or ‘rarely’ receive one.
What should provoke a merchant’s interest is that nearly two-thirds of consumers do not mind seeing additional marketing via e-receipts. The percentage goes a lot higher with 18-24 year-olds, to 73. Millennials are a brand-loyal generation, but they don’t like ads. It is then interesting that they are open to e-receipt marketing.
Open rate for email marketing newsletters is usually 20 to 30 percent. Of course, the conversion rate depends on the content, but safe to say it could be better in many cases. Another challenge is unsubscription. Most common reason for unsubscribing is “irrelevant content”. Compared to email marketing, e-receipt gets a better open rate.
Retailers need to craft contextual, personalised content rather than something that makes their customers hit the spam button. The information most desired by UK consumers as part of their e-receipt is notification of upcoming sales. People also want possibilities for engagement in social media and customer service. E-receipt is by nature personal and relevant. It forms a link between offline and online shopping, between newsletter subscriptions and loyalty cards. E-receipts help to create a kind of omnichannel shopping experience people are looking for.
The study refers to e-receipts as digital versions of a paper receipt. In practise, this means email receipts. To take it one huge leap further, ReceiptHero sends receipts to applications people use, like their mobile bank. We think email receipt is just a phase.
Do you use Verifone Payment solutions? Merchants with Verifone Payment Solutions can now offer ReceiptHero e-receipts without additional costs. You can now supercharge your customer experience and e-receipt usage in months! Learn more: www.getreceipthero.com