- Announced the signing of a Pilot Agreement with PharmAssist Solutions to implement Loop’s analytics platform into multiple independent pharmacy affiliated locations.
- Pharmassist is an independent pharmacy solutions provider that serves 15% of the UK market with 12,000 independent pharmacies.
- Upon successful completion of the Pilot, it is the intention of both parties to implement Loop’s artificial intelligence-driven analytics platform across all 12,000 pharmacies in the United Kingdom.
VANCOUVER, British Columbia, Jan. 14, 2021 — Loop Insights Inc. (MTRX:TSXV)(RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement, and automated contact tracing to the brick and mortar space, is pleased to announce the signing of a Pilot Agreement with PharmAssist Solutions (“ Pharmassist ”) to implement Loop’s analytics platform into multiple independent pharmacy affiliated locations.
OPPORTUNITY FOR FULL IMPLEMENTATION ACROSS 12,000 LOCATIONS
Pharmassist is an independent pharmacy solutions provider that serves 15% of the UK market with 12,000 independent pharmacies. Upon successful completion of the Pilot, it is the intention of both parties to implement Loop’s artificial intelligence-driven analytics platform across all 12,000 pharmacies in the United Kingdom.
Pharmassist Managing Director Amar Randhawa stated, “Loop Insights data analytics solution is a game-changer for independent pharmacies here in the UK. PharmAssist Solutions 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.”
INSIGHTS REVENUE MODEL PROVIDES POTENTIAL FOR $USD 28.8 MILLION IN ANNUAL REVENUES UPON SUCCESSFUL COMPLETION OF PILOT
On November 4, 2020 , Loop announced it successfully completed a similar Pilot at 20 stores and was rolling out to all 550 retail locations of Your CBD Store . In that press release, the Company provided details with respect to its “Insights” pricing model including $USD 50 per month per till, with an average of 4 tills per retail location, which would equate to potential monthly recurring revenue of $USD 2,400,000 or $USD 28,800,000.
In addition, when the Company’s automated marketing “Engage” service and wallet pass loyalty applications are layered in, these numbers quickly multiply by 5-10x and provide the company with an even more significant potential revenue stream.
Loop Insights CEO Rob Anson stated, “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. 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 as promised in our letter to shareholders at the end of 2020.”
Read More: https://agoracom.com/ir/LoopInsights/forums/discussion/topics/752999-loop-insights-enters-uk-market-with-pilot-agreement-for-leading-uk-pharmacy-solutions-provider-servicing-12-000-pharmacies-across-united-kingdom/messages/2297830#message
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