Loop Insights Inc (CVE:MTRX) (OCTMKTS:VRZPF) said it is set to launch its latest product “Loop Cloud,” an application programming interface cloud software product.
In addition to delivering all the traditional benefits of Loop’s Fobi hardware device, the Vancouver-based technology company said Loop Cloud offers remote onboarding and monitoring capabilities as well as scheduled maintenance and service.
“Brick and mortar retailers struggle to make sense of their data and Loop solves this problem” said Loop chief strategy officer David Salisbury in a statement. “Not only that, we provide an automated tool that creates actionable strategies for curating a better shopper experience and increasing operational efficiencies.”
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The company said the addition of Loop Cloud will deliver a high margin revenue-generating component to Loop’s current Software-as-a-Service (SaaS) revenue model. It will also allow for fast scalability.
“We plan to leverage our latest capabilities to attract best of breed traditional Point of Sale companies such as Vend and Lightspeed, or online-to-offline commerce platforms such as Shopify,” said CEO Rob Anson. “As a value-added service, Loop Cloud lays a solid foundation with our channel reseller network. This will greatly streamline our execution goals of global scale.”
Loop noted that the product is being released strategically as businesses and governments reopen after coronavirus (COVID-19) shutdowns. It continues to attract large-scale venues and business operators searching for turnkey solutions.
Loop provides transformative artificial intelligence solutions to level the playing field between brick-and-mortar retailers and their online competition. Its technology aggregates online and on-premise data to enable real-time, data-driven marketing decisions.
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