Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc said its platform Qples by Fobi is set to more than double its customer base and revenue output as several national retailers and brands prepare to roll out the 8112 universal digital coupon standard.
The company said the new 8112 universal standard, being championed by The Coupon Bureau, offers several benefits to both brands and retailers, including reduced fraud, better attribution of coupon redemptions, and the ability to stack coupons, which will reduce the time customers currently spend redeeming at the register.
It also highlighted 8112’s ability to allow users to finally redeem their coupons from their mobile phones, compared to the inefficient printing and/or cutting out of paper coupons.
READ: Fobi AI signs LOI to acquire intellectual property and assets related to retail price comparison app and data intelligence platform Basket
The company noted that the timing of 8112 is perfect as inflation rises to levels not seen in the last 40 years, driving consumer demand for coupons.
“As a result of record price increases across the entire retail spectrum, the average US family is now spending an additional $4,000 per year and will be forced to reduce spending unless retailers and brands are able to provide agile discounts through coupons that only 8112 can achieve,” Fobi said.
With The Coupon Bureau expecting three to four national retailers and 8,000 plus mid-tier and independent grocers to have implemented 8112 by the end of 2022, Fobi has commenced negotiations with multiple brands around 8112, with deals expected to be signed as soon as the first retailer implementations begin.
Fobi CEO Rob Anson said the company’s decision to first carry out the necessary integration work has allowed it to maximize the value regarding the timing and launch of 8112.
“Our decision is now looking to pay dividends long term for the company and shaping the company’s future as a result of the anticipated and significant impact that 8112 will now have on our company’s growth trajectory,” Anson said.
The Coupon Bureau CEO Brandi Johnson added that Qples by Fobi is extremely well-positioned between brands and retailers to provide the 8112 digital coupon platform that would help propel the industry into the 21st century.
“Consumer packaged goods brands have been waiting for this day for such a long time, and they are very excited that soon their customers will be able to redeem their coupons anywhere and that they will have so much greater visibility into how their coupons are being used,” Johnson said.
Fobi AI is a cutting-edge data intelligence company that helps its clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits.
Contact Emily at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie