Loop Insights Inc. (CVE:MTRX) (OTCQB:RACMF), a provider of contactless solutions and artificial intelligence for the brick and mortar space, has announced a new Proof of Concept (PoC) with Suresite Group which will see selected of the company's UK forecourt or gas station convenience store locations take advantage of Loop’s IoT Fobi device and Insights platform.
Loop said this latest agreement with Suresite represents its entry into the UK’s retail energy sectors, as part of wider business development efforts in the UK. According to KPMG, the UK’s forecourt or gas station convenience store sector generates approximately £4.5 billion in annual revenue.
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Suresite’s UK data of card payment transactions and spend show that in the last 12 months, there has been less demand for fuel with people unable to travel due to local and national lockdowns. Yet these travel restrictions have also led to a growth in non-fuel retail with customers choosing to carry out their grocery shopping locally at nearby fuel stations, looking to fulfil multiple purposes in a single trip with an increased appetite for cashless transactions. With the constantly changing trends and challenges brought by the pandemic, data insights are now more important for forecourt retail than ever.
Loop’s Fobi is an IoT device working with an AI-powered retail analytics platform that allows retailers unprecedented access to real-time transaction data from any point-of-sale (POS) - online, in-store, and across multiple properties.
During the PoC, Loop Insights will implement its Fobi device and Insights AI-powered analytics platform across numerous Suresite client locations. This will provide Suresite, and more importantly, its clients who operate leading fuel and convenience brands, with powerful, actionable data capabilities needed to deliver informed loyalty experience and drive operational efficiencies. Suresite’s forecourt client market currently includes major brands such as Harvest Energy, Gulf, Jet, and others.
“Through services such as our real-time, data-driven fuel monitoring solution, Suresite understands that retailers need data to be delivered in real-time to be able to maximise revenue and wallet-share. For the retailer, it’s about understanding the shopping basket breakdown item by item, who made the purchase, and how. Or having the ability to see how a special promotion is performing in real-time so adjustments can be made if needed. This is why Suresite has partnered with Loop Insights, to help our clients improve their business decisions based on real-time, actionable insights,” said Eva Jones, head of Product Development and Innovation at Suresite.
Additional proof of Fobi device need
Loop Insights CEO Rob Anson added: “Our latest Proof of Concept agreement with Suresite is additional proof that our Fobi device combined with our AI-powered Insights platform serves an immediate, data-driven need in the convenience and fuel sectors. Recent announcements with Sobeys in grocery, and now Suresite in convenience and fuel – two of the largest retail sectors in the world – serve notice that Loop and its solutions are fit-for-purpose in today’s data-first world. We anticipate this PoC will be another massive success for both Loop and Suresite as we continue to demonstrate the power of Loop’s Insights platform no matter the industry or country.”
Suresite CEO Steve Hoban added: “We understand the power of insight to help our clients improve their offer, sales and profit. We are excited to partner with Loop and are looking forward to the results of our trials. Our aim is to continue to add value to our clients and be able to enrich our data to provide them with insights that help them grow.”
Established over 25 years ago, Suresite Group provides a range of business-critical operational services for Fuel and Convenience Retailers. The company's market-leading payment and data solutions, Wetstock management, Training and Health & Safety compliance help over 3,000 stores across the UK run businesses more effectively. Suresite Group customers and partners include Barclays, Worldpay, Timico, Feefo, American Express, Sponge, Greenergy, Cost Cutter, Jet, and others.
Loop Insights is a Vancouver-based Internet of Things (IoT) technology company that delivers transformative artificial intelligence (AI), automated marketing, venue tracing, and contactless solutions to the brick and mortar space.
The company's unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries.
Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia. Loop’s products and services are backed by Amazon’s Partner Network.
Contact the author at jon.hopkins@proactiveinvestors.com