Sam Carter: Transforming Everyday Spending in Mexico

Born in London to an Indian father and an English mother, Sam Carter's journey has taken him from the tech industry in Mexico to the forefront of data analytics.

In an interview with Machinelab, the Co-founder and CEO of Moneo, an AI-driven data collection and analysis platform, shares insights into the company's innovative approach and its significant impact on consumer brands.

Moneo's platform addresses the pressing need for brands to collect and analyze consumer data in an era of digital advertising and e-commerce dominance. Sam emphasizes that most brands lack direct contact with their consumers, making it difficult to understand their buying behavior in the physical world. Moreover, with the decline of online data collection methods such as cookies and the rise of strict data privacy laws, the challenge of obtaining accurate consumer data has only intensified.

He explains; "Moneo captures and analyzes consumer data, enabling brands to identify their consumers, their purchasing habits, and even what other products they purchase. Our solution is quick, cost-effective, and offers both online and offline optimization for brands' marketing strategies."

The key to Moneo's success lies in their innovative rewards app and marketplace, which facilitates the collection of consumer data, even from shoppers who pay in cash. Users voluntarily share photos of their shopping receipts and answer surveys in exchange for real money rewards. Leveraging AI technology, Moneo extracts data from the receipts in real-time, providing an instant gratification experience for users.

"Our goal is to offer a fair exchange of value for consumers while making the process accessible to the maximum number of consumers, including those who pay in cash," he says.

Overcoming challenges has been an integral part of Moneo's journey. To ensure high levels of user retention and generate sustainable network effects, the company spent months refining the user experience and implementing gamification techniques. On the backend, developing a scalable data processing system that could accurately handle large quantities of receipts posed another hurdle. However, with their commitment to constant improvement, Moneo successfully fine-tuned their data extraction and structuring processes.

The company's platform provides valuable insights into consumer behavior at both an individual and group level. By creating profiles that encompass demographic information and purchase data, Moneo generates segments or "panels" that allow brands to understand consumer behavior more comprehensively. Whether delivering individual profiles or group reports, Moneo empowers brands to make informed decisions on product strategies and marketing activities.

When asked about Moneo's competitive edge, Sam highlights his focus on putting consumers first. The company offers an easy and fun way to earn real money rewards, a broad selection of offers from multiple brands and retailers, and accessibility to cash-paying consumers. Moneo's ability to deliver real-time mobile rewards distinguishes them from other services in Mexico.

Looking ahead, the CEO outlined his vision for Moneo's future. To ensure consumer engagement, the company plans to expand their offerings, allowing users to purchase essential services with their Moneo earnings.

“It is critical that once consumers try the service, they keep using it. So we will continue to make the app appealing and sticky - more stores, more offers and more ways to cash out,” he states. “We’re particularly interested in exploring how we can enable users to purchase essential services with their Moneo earnings, e.g, mobile airtime or micro insurance policies. With regard to brands, our goal is to identify insights that can help brand partners to optimize their marketing activities and make more informed decisions on product strategy. So we plan to lean heavily into AI solutions for data analysis and to develop more visual reporting tools.”

Fostering a culture of continuous learning and innovation is a priority for Sam. He remains deeply involved in staying up to date with the latest technology, marketing trends, and market research. By sharing carefully curated resources with the team, he encourages continuous growth and keeps Moneo at the forefront of AI and data analytics.

While Moneo's platform has had a positive impact on consumer brands across various sectors, food and drink brands, in particular, have shown high interest due to the competitive nature of the industry. By capturing valuable data, Moneo empowers these brands to stand out in a crowded market and gain a deeper understanding of their consumers.

In both life and work, the entrepreneur lives by a guiding principle of trying out new things and embracing new experiences. To decompress after a long day, he indulges in playing the piano, solving crossword puzzles, and even practices martial arts.

“Though I’d like to point out that I was doing it years before it became a cool thing for tech CEOs to do,” he jokes.

With Moneo galvanizing data collection and analysis for consumer brands, Sam and his team are spearheading a new era of understanding consumer behavior.

As technology advances and market needs progress rapidly, Moneo stands ready to adapt and provide invaluable insights to brands around the world.

‍

Photo courtesy of: Sam Carter