Sensibill launches the barcode report, shares insights from SKU-level data
The inaugural report looks at how food spending changed during the pandemic
TORONTO, ON (March 4, 2021) —
Sensibill, the leading provider of everyday financial tools and SKU-level insights, delivers its first in a series of reports, entitled The Barcode Report, leveraging item-level receipt data to deliver the world’s deepest and most relevant insights on everyday consumer spending.
The Barcode Report transforms the SKU-level data derived from digital receipts, such as item names & prices, taxes & tips, off-card spend, return & warranty information, into consumable and actionable facts. This data goes beyond the transaction-level data (i.e., date, amount, and merchant name) that tells organizations “how much was spent and where” to provide a true look at what consumers and small businesses are spending their money on. In this report, Sensibill has accumulated receipt data from millions of users across its network of banks, credit unions, and technology partners in North America and the U.K. to focus on how food spending compares to pre-pandemic behavior.
- Although spending overall at restaurants slowed, fast food restaurants increased their volumes by 83% in 2020 when compared to the year prior.
- There was an initial surge in grocery trips and spending, with the average grocery bill rising by 76% in Spring 2020.
- After that surge in spending, grocery trips dropped in summer months, and consumers spent 40% less with each grocery trip and tracked fewer trips than pre-pandemic.
“A single receipt – let alone the receipts of millions – is rich with data to power insights relevant to any organization,” said Izabella Gabowicz, Chief Operating Officer of Sensibill. “Our goal with these reports is to deliver transparent and accessible insights on everyday spend to which organizations wouldn’t typically have access, for them to better understand their customers. Consumer behaviors are changing at a rapid pace, which is why it’s never been more important to make informed decisions and develop strategies based on fresh and relevant data.”
The Barcode Report will publish new findings every six weeks. To subscribe, please visit The Barcode.
Sensibill provides everyday financial tools that make SKU-level data actionable, equipping financial institutions with personalized insights to help their customers build healthier financial habits.The AI-powered platform enables end-users to easily track spending and manage their finances while unlocking unprecedented insights for the institution. Sensibill has rolled out its solutions to over 60 million users across North America and the U.K. Visit getsensibill.com to learn more.