VANCOUVER, BC, May 5, 2020 – Loop Insights Inc. (TSX.V: MTRX) (the…
A Recap of Loop’s Attendance at NRF’s Retail Show
As we shared last month, Loop started off the year with an…
As we shared last month, Loop started off the year with an exciting launch of its latest tap technology innovation with ID TECH, Tap to Engage, at NRF – the largest retail show in the world.
It’s an important time for Loop, and brick & mortar retail technology. Our CSO, David Salisbury, described this year’s NRF show as a glimpse into “a new wave of innovation” – one that is not just about selling products, but acquiring customers. Customer experience is at the forefront.
Like the last piece of a puzzle, Loop seamlessly plugs into this story. Its Tap to Engage device is a direct response to these up-and-coming trends, situating Loop as a first mover in the industry. What exactly are these trends and where does Loop’s technology fit in? Read below a breakdown.
NRF Takeaways and Loop’s Positioning:
1. Over and above POS systems: For a long time, the point of sale (POS) was used for just that —the transaction— through an interaction between customer and merchant, and using conventional payment methods. People are now looking for value-added services to the POS system to offer a better customer experience.
NRF showcased many mobile and self-checkout solutions, combined with cameras and AI, to offer frictionless POS systems. These innovations not only enable a streamline transaction process, but also convenient loyalty program opt in, which encourages building longer, stronger relationships with customers.
Loop’s position: Loop can be understood as the glue between these VAS (value-added service) technologies, which together, enhance the point of sale. The Fobi device connects payment and printer systems with tap technology, beacons and GPS, mobile wallets, and real-time industry level data to enable these value-added services to flourish like never before in brick and mortar spaces.
Particularly, Loop’s first-to-market compatibility with Apple VAS and Google Pay makes it a front runner in NFC loyalty programs.2. End-to-end customer data collection and utilization: We keep hearing a similar product story: “360 degree end-to-end customer journey.” What is being heralded here is the newfound ability to build aggregated profiles of each customer, and use them to drive a personalized, frictionless, and trackable in-store shopping experience. This all starts with analytics and customer data platforms, which is why companies such as SAP, Oracle and Salesforce saw consistent foot traffic at their NRF booths. Once the in-store, online and IoT data is integrated, the promise of omnichannel becomes real.
Loop’s position: Like the companies cited above, Loop provides analytics and aggregated customer data in real time. But its ability to collect and connect shopper ID to the transaction elevates Loop from its competitors; unlocking true attribution is a feature currently unmatched in brick and mortar retail.
3. Changing perspectives on startups: Large retailers and brands are starting to embrace technology as the solution to driving competitive advantage. Brick & mortar retailers are willing to take more risks with startup partnerships; and big brands are pursuing acquirement agreements. David said this was quite clear with the crowd sizes in the Startup Zone, an immersive exhibit showcasing the latest in retail’s tech transformation.
Loop’s position: Startups like Loop are catching the attention of big brands, such as Amazon and Google. For example, Pointy was recently acquired by Google for 163 million dollars.
Loop’s technology surpasses Pointy:
- Links shopper ID with location and transaction, offering true attribution
- Offers 3rd party programmatic advertising
- Serves both retailers AND brands
- Aggregates data in real time
So what does that make Loop worth?
NRF was just the beginning:
Loop’s Tap to Engage device debuted at the perfect time. As these new trends surface to improve the customer experience, Loop comes prepared with a solution stack that actualizes these ideas in the brick and mortar space – something that has yet to be executed.
Fueled by NRF’s 2020 focuses, we are very excited to show off our Tap to Engage device at future conventions and shows! Keep your eyes peeled for more news as we make our way through the industry with our innovative solution stack.