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itim Group plc (LON:ITIM) provided the company with an update on the work done for its existing and new client base.
Since the Company announced its results in September, itim has completed a number of major projects and expanded the depth of offering to its significant list of retail clients.
The Group is pleased to share some of these initiatives and the details of the projects, which the Directors believe demonstrate the depth of software applications the Group already has in its portfolio:
itim products that support customer revenue growth
1. Shop local – this initiative allows the customer to switch from shopping in the “web warehouse” to shopping in their “local store” on the website based on real-time availability.
2. Rich customer database – this provides a unified view of the customer across all channels. Executives believe it is the richest customer database in retail that is operationally visible in-store, on the website, in the call center and connected to mobile applications. For example: a customer registers in the store, gets automatic login to the website and can automatically download a mobile app that shows their entire engagement with the retailer.
3. A single sales platform across e-commerce, store and mobile – it makes the customer experience much better by giving the “retail” customer a single view of the “retailer”. itim’s new sales platform now includes e-commerce and is fully cross-channel, fulfilling the omni-channel dream. itim is one of the few technology providers to do this.
4. Selling product bundles on the website – potential to increase the average market value.
5. Subscriptions – launching subscriptions related to “product sets” which has the potential to guarantee regular income. One customer sells about 30,000 a year.
6. Membership – a unique offer in e-commerce and stores. One retailer signed up 400,000 new customers in one year, adding revenue of £40m a year.
7. Promotions engine – enabling seamless cross-channel promotions versus having to try to reconcile physical and digital channels.
8. Vouchers – providing not only the distribution of vouchers through channels, but also ensuring the tracking of these vouchers, avoiding fraud. A good example of how this can increase revenue is giving out vouchers for in-store redemption, which drives traffic back to stores.
9. Electronic gift cards – increasing the use of universal gift cards, both to support customer service failures, but also to promote sales.
10. Account customer – The Retail Package (“TRS”) now supports retailers who have account customers who buy “on account”, receive invoices and send statements. With customers with an account, we already support customer-specific pricing. Think of them as B2B customers or even a Buy Now Pay Later (“BNPL”) proposition.
11. Microsites – because of our “headless” e-commerce capabilities, we believe we can very quickly and cheaply launch microsites to support specific sales channels. Examples could be clearance sites, B2B sites, supplier collaborations. This idea can also be used to create a store within a store on the main website.
12. Custom Mobile App – because of our unified sales platform, we can provide retailers with a consumer-centric mobile app at what we consider to be a very low price.
13. In-Store Customer Relationship Management (“CRM”) – essentially makes all sales, whether online, mobile or in-store, attributed to the store based on the customer’s zip code. Providing CRM capabilities to stores so they can engage with customers in their community.
14. Personal in-store shopping services – itim customers tell us that their VIP customers (typically 10% of the customer database) in most brands account for 40% of sales. itim’s solution is linked to the mobile app or website, which allows users to chat, book appointments and receive curated ranges for them, which can be managed by the marketing team or generated through advanced AI techniques.
Itim products that support increasing customer margins
1. Integrated goods planning – Entering “Line Cards” and Weekly Sales, Stock and Receipts (“WSSI”) into TRS, not as separate applications, but as an integrated application working with data in the itim database.
2. Optimization of prices and promotions – (Profimetrics) with 27 clients using this we are considered world experts which has the potential to improve margin by 1-3%.
3. Stock optimization – (Profimetrics) this allows customers to better manage inventory based on sensible inventory policies.
4. Cost optimization – (Profimetrics) this captures funding and vendor deals so Itim can use them to improve the profitability of promotions.
5. Digital collaboration with suppliers and markets – itim is about to launch the itim hub. Based on our EDI capabilities and successes, this is a series of supplier collaboration applications that would enable any retailer to become more of a marketplace. Enable new business models such as “consignment stock” and “vendor-driven inventory management”, “self-invoicing, etc.”
6. Improved invoice matching and vendor payment monetization – itim’s Didos app is in 30 major UK retailers. The company is now looking at how customers can earn the money they can recover from suppliers on the back of payments and discounting invoices.
Ali Attar, CEO of itim Group plc, commented: “We are pleased with the significant scope of the offer we provide to our customers. Our full suite of omnichannel products serve to enhance revenue opportunities and optimize retail potential for the customer. We will update the market on the progress we have made in our January trading update.”
itim Group was established in 1993 by its founder and current CEO, Ali Attar. itim was originally established as a consulting business, helping retailers achieve operational improvement. From 1999, the company began to expand into the provision of proprietary software solutions and by 2004, the company focused exclusively on digital technologies. itim grew both organically and through a series of acquisitions of small, legacy retail software systems and related applications, which itim reengineered to create a fully integrated end-to-end Omni-channel platform.
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