Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF), a provider of contact tracing and artificial intelligence to drive automated marketing, said that it will launch Artificial Intelligence-verified mobile video review platform UKLIPZ for consumers and brands in January 2021.
The Vancouver-based advanced technology company said the platform will allow consumers to create verified reviews using mobile video that can also be used, purchased or analyzed by brands and retailers to drive engagement and sales. Loop acquired UKLIPZ in September 2019.
In a statement, Loop CEO Rob Anson said: "The long-awaited integration of UKLIPZ into our product stack is a very important milestone for Loop due to the significant strength it adds to our offering and the disruption it creates in the massive but problematic consumer review industry.”
“We are in discussions with key brands and retailers and believe UKLIPZ will become both a significant new stream of revenue and valuable asset in 2021."
Bloomberg News reported that nearly 42% of 720 million Amazon reviews assessed by monitoring service Fakespot were unreliable, while around 36% of Walmart.com reviews assessed by Fakespot during the same period were fake.
Loop noted that customer reviews are the cornerstone of retail platforms because 63% of customers are likely to buy stuff from a site with user reviews. In 2019, Yelp Inc’s (NYSE:YELP) (FRA:Y9L) business review site clocked up $1.01 billion in revenue.
Loop said it has the ability to access 100% of all transactions, both instore and online, where the firm’s technology is used through either its IoT device Fobi or its POS integration partners such as Vend, Shopify, and others. “As a result of this transparency, Loop can validate the authenticity of consumer reviews posted on the UKLIPZ platform,” said the company.
UKLIPZ is set to disrupt the social, video marketing, and review industry expected to reach $52 billion by 2023, according to Statista.
For brands, UKLIPZ will simplify sourcing, creating, curating, and licensing authentic customer reviews. It can also provide brands with digital focus groups, product testing campaigns, and seek out reviews from specific audiences based on demographics and interests.
“Current review sites and solutions simply cannot provide this level of detail and engagement,” said the company.
For consumers, UKLIPZ opens the door to income from creating video reviews, product testing, and other opportunities. “The UKLIPZ platform enables consumers to create verified and direct connections with their favorite brands, and potentially turn them into income-generating brand influencers,” said Loop.
Revenues from UKLIPZ will be generated through these streams:
- Monthly SaaS fees from brands and retailers;
- Transaction fees when a consumer buys through the platform;
- Brands purchasing consumer video reviews; and
- Sponsored ads
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive