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CHICAGO, April 22, 2020 /CNW/ - Venzee Technologies Inc. (TSX-V:VENZ) ("Venzee" or the "Company") a Software as a Service (SaaS) platform focused on the $30T USD retail supply chain market*, is pleased to announce it has begun integration with three new global channel partners.
Following completion of technical integration with Venzee through its advanced Application Programming Interface (API), these new channel partners expect to provide Venzee's AI distribution technology to select enterprise clients beginning in Q3. The Company will receive revenue-generating work orders as technical integration completes.
In 2019 Venzee announced a number of channel partnership agreements with leading Content Management Systems (CMS) - as identified by Gartner and Forrester research rankings.
CMS systems are used by brands, distributors, and manufacturers - with large, complex product lines - to create and organize consumer and supply chain content for the retail market. The Venzee platform provides CMS systems and their clients "drop-in" AI technology to enable distribution of brand content to any retail channel.
The Company has previously announced functional integration to more than 250 of the world's largest retail destinations as identified in Deloitte's annual retail ranking (Global Powers of Retailing, Deloitte Touche Tohmatsu Limited). A list of these retailers - and others - is available at www.venzee.com
Related to today's announcement, the Company reports three other - previously announced CMS partners - are now fully integrated with the Company's cloud-based content distribution platform. These channel partner integrations actively use Venzee's AI distribution to automate and distribute product information to selected retailers. Venzee channel partners actively promote the Company's services to brands and manufacturers who may benefit from the automation of broadly distributed and accurate product information to retailers.
These integrated channel partners have resulted in a material increase in revenue-generating work orders for retail connections which, once completed, generate monthly, compounding, recurring revenue in line with the Company's SaaS-model growth plan.
Venzee CEO John Abrams, said, "We are seeing increased demand from existing partners for revenue-generating retail connections. In addition, our new partners want to quickly expand the number of retail destinations they offer their client base".
As more consumers shop online, the need for more accurate product information is critical and helps reduce returns while building brand loyalty. Product information is any image, description, or measure of a product and is used by consumers, supply chain companies, logistics providers, and retailers to make it easier and less costly to sell a product.
According to Peter Montross, EVP Commercial Operations for Venzee, "Using our platform, a brand can move product information to a Venzee retail channel at the push of a button. Until now, that process could take months of manual effort from overwhelmed teams, resulting in inaccurate product information, limited retail distribution, delays to market, a high cost of returns, and unsatisfied customers".
Most consumers report they will not buy from a brand that failed to meet their expectations (SkyCreek Corporation published research). But statistics show approximately half of product information analyzed from 12 leading companies was incorrect (GS1 US, Inc.) resulting in more than a third of all products ordered online being returned. More than half of those returning a product did so because the product either looked different than what they expected or they simply received the wrong product (INVESP conversion research).
Venzee is a Supply Chain technology company and uses Artificial Intelligence (AI), Machine Learning (ML), and other relevant tools to connect Brands to Retailers. These modern technical tools are the core of the Venzee value proposition and are significant improvements to manual, paper-based processes long used in the global Supply Chain.
* According to research published by Statista, Inc.
We believe intelligent supply chain functionality is inevitable and will significantly benefit growers, makers, brands, sellers, regulators, and consumers.
At Venzee, we're building the foundation for a future where seamless, accurate, automated data flow simplifies process, removes friction, and creates value for all those that rely on the myriad of data and information surrounding any product, anywhere.
Venzee's mission is to unlock shareholder value by creating intelligent technology that removes friction from the global supply chain. Our products disrupt and displace inefficient manual processes in favor of integrated, machine-driven solutions.
To learn more about Venzee, visit https://venzee.com/
On Behalf of the Board,
John Sexton Abrams
President and CEO
Venzee Technologies, Inc.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's management's discussion and analysis for the year ended December 31, 2018 and the quarter ended August 29, 2019, which are available under the Company's SEDAR profile at www.sedar.com, and in other filings that the Company has made and may make with applicable securities authorities in the future.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Venzee Technologies Inc.