Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) has announced it is among a group of seven companies that have launched one of the most expansive pilot programs for 8112 universal digital coupons.
Vancouver-based Fobi, a leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement, is joined in the pilot by Wells Enterprises makers of Blue Bunny Ice Cream, IT Retail, Lagree's Food Stores, nData Services, SMS Promotions, and The Coupon Bureau (TCB).
8112 digital single-use coupons are an industry standard, validated in real-time via virtually any medium.
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The pilot provides several key benefits, the first of which allows consumers to redeem coupons from their mobile phones, with no need to print or clip coupons that they may forget at home, according to Fobi.
Fobi said the second advantage is that consumer packaged goods (CPG) brands are able to tell in real-time how their campaigns are performing and make changes immediately.
CPG brands also have real-time validation of the coupons by TCB to reduce fraud. They will also be able to create coupons for higher-value items without worrying about increased loss as a result of fraud.
Plus, according to Fobi, retailers will enjoy rapid reconciliation and payment of the digital offers.
The program provides the first digital clearance and real-time reconciliation of the 8112 standard of coupons, according to Fobi.
The pilot—initially organized by nData Services, IT Retail, SMS Promotions and Qples by Fobi—is being conducted at three LaGrees Food Stores in Colorado. Customers of the LaGrees stores are sent coupons for Blue Bunny ice cream that have been created in the Qples by Fobi platform to their mobile phones.
Alternatively, customers can also use the Qples QR code on the in-store signs provided by SMS Promotions to download the coupon directly to their phone. When the customer purchases Blue Bunny ice cream at the checkout counter, they can show the coupon on their mobile phone, have it scanned and The Coupon Bureau validates in real-time, thanks to the integration provided by IT Retail.
Once TCB validates the coupon and the customer receives their discount, it is sent to nData Services, which reconciles the coupon, ensuring LaGrees is paid for the coupon much more rapidly than legacy coupon programs. Finally, Qples by Fobi provides attribution data through its online portal, helping Wells Enterprises understand how the campaign is performing in real-time, and allowing them to make changes to optimize the campaign mid-flight, Fobi said.
Megan LaGree, co-owner of LaGrees, said her company is excited to bring innovations to Colorado, by forming the partnership with Wells Enterprises and the other providers.
"LaGrees Food Stores is a second-generation family-owned business that is proud to have been serving Colorado families for over 30 years. Founded by the LaGree family, the chain has a history of innovation, being one of the first grocers to adopt scanning technology in Colorado in the 1980s,” LaGree said in a statement.
TCB chief integrations officer Jeff Hudson said: "It has been incredible to see these seven different companies come together to make this 8112 universal coupon pilot launch successful. This pilot shows that the new 8112 industry standard works flawlessly and that there are significant benefits for all the players involved. We look forward to seeing widespread implementation of the 8112 Universal Coupon standard in the marketplace shortly."
IT Retail product manager Richard Sutton said there is a coupon fraud problem in the US.
“Prior to 8112 by TCB, the point of sale systems had little means to validate coupons with the fragmented data sources for family codes and lack of conformance with the 8110 standards to ensure properly coded coupons with no method to prevent duplication of CPG offers. The abuse of 8110 coupons resulted in significant losses to both retailers and CPGs, so we are excited to see this come to an end," Sutton said.
Fobi CEO Rob Anson said the ease of coupon creation and distribution, plus the attribution data for brands and retailers are both key parts of this project.
“The other key element is that Fobi is the only company that enables brands to be able to deliver coupons via a website, an app, our mobile wallet passes and now in-store, making it even easier for customers to redeem their coupons," Anson said.
Fobi noted that additional consumer product manufacturers plan to provide more 8112 offerings for the pilot by the end of September.
Contact the author at susie@proactiveinvestors.com