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Vancouver, BC - October 16, 2018 - Venzee Technologies Inc. (TSX-V:VENZ) (“Venzee” or the “Company”) is pleased announce it has introduced a pay-per SKU submission based revenue model providing Small and Medium Sized Businesses (“SMB’s") with more flexible pricing solutions for its entry-level product content distribution products.
As retailers work to expand product selection with “drop ship”, “endless aisle”, and other consumer-relevant growth strategies, Venzee is uniquely positioned to satisfy these high-growth retail initiatives with product content delivered efficiently from a broad range of Brands, Growers, Makers, and Artisans. Venzee’s distribution products allow every retail supplier – regardless of size – to access sophisticated content distribution workflow tools. Venzee’s new Pay-Per-SKU pricing model supports and furthers our appeal to the widest range of global suppliers.
The model is pre-paid by clients and based on a per-SKU, per-upload, per-retailer fee. For example, if a client has 100 SKU’s and submits 2 times per year to 5 retailers, the client will need to pre-pay for 1,000 SKU submissions. The Pay-Per-SKU fee scales starting at 50 submissions for low usage and up to 100,000 submissions for larger companies.
According to Goodmasters Research, Inc., a global retail research agency, 25 minutes per SKU per year is spent on manual item data work which would take only 4 minutes with automatic synchronization. In other words, approximately 25 man months per 10,000 SKU submissions.
According to Scrapehero.com Amazon has 562,382,292 products online as of January 2018, many of which do not integrate with PIM systems to upload their product content. Venzee’s Pay-Per-SKU-Submission model was structured based from the feedback of its targeted clients, opening a larger addressable market capturing SMB’s that upload their SKUs one or two times per year, but still want the benefits of automating the process with an immediate ROI.
Peter Mackay, President and CEO states, “While this is still early stage, we are encouraged by the results. We have already closed several deals since the launch of this pricing model, generating more customer deposits than all of Q1 and Q2 combined. It is measurable service when compared to the man hours it takes to make these SKU submissions manually. With millions of SKU’s in the world looking to ensure relevant, accurate real-time content information, we are targeting an enormous addressable market.”