Loop Insights Inc (CVE:MTRX) (OTCQBRACMF) said it has launched a pilot agreement with Maplin Electronics, the UK’s leading online electronics retailer, to implement its real-time artificial intelligence (AI) analytics platform.
The provider of AI-powered, automated marketing, contact tracing, and contactless solutions said the agreement with Maplin represents the continued expansion into the UK’s retail industry. Under the deal, Loop will deploy its insights platform, consisting of its web-based portal, analytics dashboard, and AI-driven retail insights, while Maplin will also provide Loop with access to web traffic data from its e-commerce platform, allowing the company to create a unified picture of Maplin’s retail business in the digital world, which it said will establish “new opportunities for increased revenues, consumer engagement, and data monetization”.
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The nature of the agreement does not include tills. As such, Loop said it expects to generate revenue through ongoing software-as-a-service (SaaS) and ARPU (average revenue per user) fees, in addition to data analysis, that will provide both Maplin and its suppliers with an improved understanding of consumer trends. Also, Loop said when its automated marketing Engage service and wallet pass loyalty applications are layered in, these numbers will “quickly multiply by 5-10x and provide the company with an even more significant potential revenue stream”.
Following successful completion of the pilot, Loop said both parties intend to implement its AI-drive analytics platform for both Maplin and its suppliers, which include electronics brands such as Sony, Panasonic, and Samsung.
Loop added that alongside Maplin, it also plans to pursue additional monetization opportunities on a revenue-sharing basis, using its brand segmentation capabilities. It said the two firms expect to also generate revenues through combined data sharing opportunities with Maplin suppliers and brands seeking retail insights data that can be leveraged for targeted omnichannel advertising. Under the Maplin model, these targeted marketing opportunities are expected to drive sales of niche and seasonal goods, based on the optimization of trends and consumer data, Loop said.
The company also said the Maplin deal marked the “continued success” of its referral partnership with SG-retail, which was signed in October last year.
“This opportunity with Maplin represents our first enterprise eCommerce retailer, providing Loop with a tremendous opportunity to demonstrate the power of our real-time, artificial intelligence-driven engagement to online customers,” Loop Insights chief executive Rob Anson said in a statement.
“Loop will deliver operational efficiencies for Maplin by providing real-time intelligence focused on supply chain and demand analysis, as well as inventory and fulfillment analytics, enabling us to showcase our AI forecasting tools. I have every reason to believe the pilot will be a great success for Maplin and open up the door to further lucrative global enterprise eCommerce opportunities”, the CEO added.
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