Loop Insights, a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement, and automated venue tracing to the brick-and-mortar space, announces the successful completion of initial 20-store pilot and will now roll out all 550 Your CBD Store retail locations.
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Loop to Generate Monthly Recurring Revenue From 550 Your CBD Store LocationsÂ
Your CBD Store represents the company’s second deal through Vend and its first franchise customer, as announced on August 12, 2020. Your CBD Store is the largest CBD brick-and-mortar retailer in the United States with over 550 locations across 41 states. The Your CBD Store expansion includes the implementation of Loop’s data insights platform across 170 new stores by the end of 2020 and an additional 380 stores in Q-2 of 2021.
Global Vend Sales Team Now Actively Selling Loop Platform to Its 25,000 Customers in 140 Countries
Loop will significantly benefit from Vend’s large global sales team pushing Loop’s products and services to its current 25,000 retail customer base. With Loop’s Insights and Analytics service gaining traction, Loop will now look to introduce its automated marketing service to the Vend sales channel, which will provide additional recurring revenue opportunities through monthly SAAS as well as potential revenue share opportunities.
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Loop CEO, Rob Anson, states, “channel reseller agreements, such as Vend, provide us with a stable path to revenue that can be replicated over and over again. Our current “Insights” pricing model is $50 per month per till, with an average of 4 tills per retail location. If we were to successfully onboard all 25,000 Vend customers, we would be looking at potential monthly recurring revenue of over $5,000,000. When you layer in our automated marketing “Engage” service and wallet pass loyalty application, these numbers quickly multiply by 5-10x, which provides the company with a very significant revenue stream.”
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