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A world leading manufacturer of artificial turf with installations that include CenturyLink field, home to the Seattle Seahawks, has joined Venzee Technologies Inc.'s growing roster of Fortune 500 customers.
Using artificial intelligence, Venzee automatically turns product information from vendors into compatible data feeds that deliver enriched, error-free product information to retailers. It eliminates human error and resources while increasing margins for both suppliers and retailers.
"The majority of retailers and their supply chain still rely on spreadsheets as a method of data exchange which creates a labour-intensive, costly step in their workflow and delays revenue for both parties," said Peter Mackay, chief executive officer at Venzee. "We're starting to see vendor adoption from a myriad of different industries which demonstrates the scale of the problem and Venzee's ability to adapt and transform varying data formats."
A recent case study with a Fortune 500 customer using Venzee showed a 65-per-cent increase in data transmission speed, a 100-per-cent reduction in human errors and a 74-per-cent increase in overall data quality.
"Our pricing model is designed to get customers embedded on our platform. Venzee becomes a very sticky product, and once customers are on-boarded and experience the benefits of automated product information distribution, the Venzee solution begins to quickly benefit their supply chain," added Mr. Mackay.
Venzee operates a SaaS (software-as-a-service) business model with pricing designed to accommodate the budgets of smaller retailers, with pricing for paying members from $49 (U.S.) for its starter pack, to $199 (U.S.) for premium, in addition to offering higher-value, custom contracts to vendors through to Tier 1 enterprise clients.
According to Statista, in 2016, the global e-commerce industry achieved an estimated $1.8-trillion (U.S.) in sales, and is expected to grow to $4.5-trillion (U.S.) by 2021. As e-commerce sales continue to grow at staggering rates, the need for better delivery of product information for businesses is now solved with the Venzee software solution.