Loop Insights Inc. 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 is pleased to announce the January 2021 launch of UKLIPZ, the first-ever platform that enables consumers to create verified reviews using mobile video that can also be used, purchased or analyzed by brands and retailers to drive further engagement and sales. UKLIPZ was acquired by Loop on September 16th, 2019.
Loop Insights CEO, Rob Anson, stated, “The long-awaited integration of UKLIPZ into our product stack is a very important milestone for Loop due to the significant strength it adds to our offering and the disruption it creates in the massive but problematic consumer review industry. We have already begun discussions with key brands and retailers and believe UKLIPZ will become both a very significant new stream of revenue and valuable asset in 2021.”
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The Problem – Amazon and Walmart Flooded With Fake Reviews During Pandemic
On October 19th, Bloomberg News reported that approximately 42% of 720 million Amazon reviews assessed by monitoring service Fakespot were unreliable, while approximately 36% of Walmart.com reviews assessed by Fakespot during the same period were fake.
The Solution – Loop Access to Transactions Authenticates Consumer Reviews
Customer reviews have become the cornerstone of every retail and e-commerce platform because 63% of customers are more likely to purchase from a site with user reviews. In 2019, YELP, the business review site, generated over $USD 1.01 Billion in revenue.
Loop has the ability to access 100% of all transactions both in-store and online, where our technology is deployed through either our IoT device Fobi (i.e., TELUS IoT marketplace customers) or our POS integration partners such as Vend, Shopify, and others.
As a result of this transparency, Loop can validate the authenticity of consumer reviews posted on the UKLIPZ platform. This unique ability provides a strong differentiator regarding any other deemed competitive platforms in the marketplace today.
UKLIPZ is set to disrupt the social, video marketing, and review industry, which is expected to reach $52B USD by 2023, according to Statista.
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The Advantages for Brands and Consumers
For brands, UKLIPZ will simplify the process of sourcing, creating, curating, and licensing authentic customer reviews. Furthermore, UKLIPZ offers brands real-time measurable attribution for hyper-local, regional, and national campaign performance metrics. Moreover, it can provide brands with digital focus groups and product testing campaigns, as well as target and seek out reviews from specific audiences based on demographics and interests.
Current review sites and solutions simply cannot provide this level of detail and engagement.
For consumers, UKLIPZ provides them with an ability to create a verified and direct connection with their favorite brands, which opens the door to generating income from creating further video reviews, participating in product testing, and other opportunities.
For consumers, curated content created by them is arguably the most powerful influencer of brand and product sales today. The UKLIPZ platform enables consumers to create authenticated video reviews, create verified and direct connections with their favorite brands, and potentially turn them into income-generating brand influencers and ambassadors.
Monetization and Further Strengthening the Loop Insights Offering
The launch of the UKLIPZ platform is another important strategic move by providing our partners and customers with another immediate complimentary plug-in to expand and significantly strengthen the current Loop solution offering.
Revenues from UKLIPZ will be generated through multiple streams as follows:
- Monthly SaaS fees from Brands and Retailers;
- Transaction fees when a consumer purchases through the platform
- Brands purchasing use of consumer video reviews;
- Sponsored ads
User-generated content drives a 74% increase in click-through rates, while 45% of marketers surveyed by Forrester agree that user-generated content improves social media advertising and influencer campaigns. UKLIPZ provides brands with an easy way to incentivize and empower customers, employees, and influencers to engage and promote the products they love. This is especially true given that word-of-mouth advertising remains the richest path to authenticity, new customers, and ROI.
As a result of the Covid -19 pandemic, the global retail market faces its largest challenge in decades. According to Forrester.com, the latest forecast on global retail sales deficit will mass more than $2.1 Trillion in 2020. The strong shining light is the emergence and rise in mobile commerce. With an expected increase of 25.6%, Mobile is the growth engine of digital commerce. As a result of Covid-19, consumers have been forced to educate themselves and to embrace mobile and e-commerce, and rely on online retailers for their purchase. As a result of the rapid digital transformation, consumer authentic and trusted reviews have never been more important to consumers, brands, and retailers. The company is confident that it will greatly benefit from strong revenue growth from the built-in mobile commerce within UKLIPZ.
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Rob Anson added, “Every brand on the planet is looking for two things, direct access to their consumer and to understand their behavior across all channels including e-commerce, mobile commerce, and in-store commerce. UKLIPZ will deliver the sought-after data intelligence through our Artificial Intelligence platform and facilitate direct brand to consumer access and connection.”
