Fobi AI Inc has announced the launch of the Fobi Data Exchange (FDX) with its first data monetization agreement and partner, In-Touch Group, a provider of consumer insights and digital marketing to retailers and consumers. In-Touch currently manages a data lake of point-of-sale transactions for approximately 6,000 convenience stores, which is projected to increase to approximately 10,000 stores by the end of 2021.
Fobi provides real-time data analytics through artificial intelligence (AI) to drive customer engagement. It plans to optimize and monetize FDX’s data by providing global consumer packaged goods (CPG) brands with insights, analytics and advanced audience segmentation capabilities into independent convenience stores never before thought possible.
“This partnership and data monetization agreement enables us to showcase the power and value of FDX, which will benefit brands immensely by gaining access to our insights, analytics and advanced audience segmentation capabilities,” CEO Rob Anson said in a statement.
“As data is the new gold, the value that the Fobi Data Exchange brings to the company and shareholders is very exciting as it provides a means to an entirely new path of revenue.”
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Fobi said In-Touch’s electronic point-of-sale (ePOS) integration provides the ability to source transaction level and basket level data for CPG categories within the convenience store channel. Through the partnership, it said it will have the ability to optimize the data, provide sought-after access to this channel and provide valuable insights into the fragmented sector, creating a huge opportunity for CPG companies to increase brand share and drive lucrative monetization opportunities for FDX.
FDX will provide powerful analytics, including drill-down access to valuable retail and transactional data for CPG brands and third parties to build customized segmented audiences to curate and activate personalized targeted promotions and campaigns.
"This new partnership is designed to show the power of data and the influence it can have in terms of increasing brand distribution and RoS (return on sales),” In-Touch MD Gerry Hooper said.
“Working with Fobi will enable, via their analytics capabilities, a broader reach for this rich vein of valuable transaction data and enable the partnership to deliver value back into the convenience sector, via digital campaigns for consumers and incremental revenue for retailers. A 'Win Win' for all parties involved.”
Contact the author at stephen.gunnion@proactiveinvestors.com