Loop Insights Enters UK Market With Pilot Agreement For Leading UK Pharmacy Solutions Provider, Servicing 12,000 Pharmacies Across United Kingdom
VANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- 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.