Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF), a provider of contact tracing and artificial intelligence to drive automated marketing, revealed on Thursday that it had signed a pilot agreement with PharmAssist Solutions (Pharmassist) to implement Loop’s analytics platform in multiple independent pharmacy affiliated locations.
Pharmassist is an independent pharmacy solutions provider that serves 12,000 independent pharmacies representing 15% of the UK market. On successful completion of the pilot, both parties intend to implement Loop’s AI-driven analytics platform across 12,000 pharmacies in the UK.
In a statement, Pharmassist founder and Managing Director Amar Randhawa said: “Loop Insights data analytics solution is a game-changer for independent pharmacies here in the UK. PharmAssist has been integral to the success of the independent chain, and adding Loop’s ability to understand transaction details, shopping behaviors and habits, trends, and other powerful pieces of information once thought lost, will provide a massive benefit to each individual pharmacy.”
“Understanding what products have been sold and prescribed, gives these independents the ability to offer personal, relevant, and adjacent over-the-counter products to consumers, increasing sales, and delivering a more personal experience in-store. We are excited to be the first solutions provider in the UK market to offer this, and expect great uptake of the solution to our growing customer base.”
On November 4, 2020, Loop said it completed a similar pilot at 20 stores and was rolling out its AI-driven analytics platform to all 550 retail locations of Your CBD Store. The company's “Insights” pricing model estimated making US$50 per month per till, with an average of four tills per retail location, which would equate to potential monthly recurring revenue of US$2.4 million or US$28.8 million.
In addition, Loop said that when its automated marketing "Engage" service and wallet pass loyalty applications are layered in, the numbers “quickly multiply by 5-10x” and provide the company with an “even more significant potential revenue stream.”
“Signing this pilot with Pharmassist in the very early days of 2021 serves as a strong indication of Loop’s anticipated penetration into the UK and European markets,” said Loop Insights CEO Rob Anson.
“Coupled with our recently announced LOI to acquire Passcreator and take control of our technology in anticipation of major business developments in 2021, I can unequivocally say that Loop is heading into a major growth phase.”
Loop chalked up the pilot deal to the signing of a referral agreement in October last year with retail industry guru Steve Gray’s UK-based SG-retail to expand Loop's services and products into the UK and Europe. The Vancouver, British Columbia-based advanced tech company has gained traction in the US by signing a slew of deals, and Gray will tap the momentum to roll Loop’s products and services into the €3.55 trillion European market.
Significantly, Loop is now on SG-retail's coveted technology partner list. SG-retail is also introducing and reselling Loop's services to clients that include Virgin Megastores, Tesco PLC (LON:TSCO) (OTCMKTS:TSCDY) (FRA:TCO), Kroger Co (NYSE:KR) (FRA:KOG), Sephora, J Sainsbury PLC (LON:SBRY) (OTCMKTS:JSNSF) (FRA:SUY1), Asda, Morrisons, John Lewis, Waitrose, Boots, Woolworths, Coles, Petrovich, Esprit, and Net-a-Porter.
“Today’s announcement represents the first deal through SG-retail,” noted the company.
Steve Gray, Managing Director of SG-retail, said: "Rob and his team have built the type of innovative solution that our retail and brand clients across Europe have been desperately searching for.”
As Loop has demonstated in previous retail deployments with Telus and Your CBD Store, Loop’s Fobi device provides valuable real-time data applications that enables retailers to improve on operational efficiencies with automated supply chain and inventory management tools.
Contact the author Uttara Choudhury at email@example.com
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