Fobi Data Exchange Launches With First Partner, In-Touch Group, A Leading UK Platform Managing Data From 6,000 Independent Convenience Stores
In-Touch group will optimize Data With Fobi AI Driven Analytics And Monetize Through Global CPG Brands. Fobi Data Exchange (FDX) Delivers Analytics For Both Convenience Stores and CPG Brands Previously Thought Unattainable
Fobi AI Inc., a global leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, is pleased to announce 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.
Through FDX, Fobi will optimize and monetize this data by providing Global CPG brands with insights, analytics and advanced audience segmentation capabilities into independent convenience stores never before thought possible.
FOBI AND IN-TOUCH SOLVE MAJOR PAIN POINT BY PROVIDING BRANDS WITH GREATER VISIBILITY INTO FRAGMENTED INDEPENDENT CONVENIENCE STORE SECTOR
The unsolved challenge for market research companies has always been the convenience and independent retail marketplace. Access to data in these channels is extremely valuable and this partnership with In-Touch will solve the pain point of limited visibility and access to category and brand insights across these markets. With FDX, brands will now be able to enhance category management effectiveness and retail execution in a very fragmented but very large and competitive market.
Richard Lee, SVP, Strategy and Corporate Development at Fobi stated: “These independent convenience stores represent a large proportion of branded goods sales in the UK, but a small proportion of actionable insights due to the fragmented nature of their collective data. Through FDX we will apply our industry leading AI analytics to create visualization, forecasting, insights and predictive analytics data for CPG companies that simply wasn’t previously possible.”
FOBI DATA EXCHANGE CREATES NEW REVENUE STREAM BY PROVIDING GLOBAL CPG BRANDS AND DATA AGGREGATORS WITH UNPARALLELED DATA
In-Touch’s ePOS integration provides the ability to source transaction level and basket level data for CPG categories within the convenience store channel. Through this partnership, Fobi 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.
Rob Anson, Fobi CEO stated: “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. 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.”
Gerry Hooper, MD of In-Touch stated: “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. 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.”