Fobi AI Inc a leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, today announced a strategic two year agreement with Vericast, a leading marketing solutions company, to provide the backend infrastructure for Vericast’s Universal Coupon solution. Universal Coupons launch digitally and are based on the new AI (8112) Universal Coupon standard developed by The Coupon Bureau. Fobi will generate revenue from this agreement from an initial setup and annual licensing as well as per campaign and per coupon fees.
Vericast is the first marketing solutions company to launch a Universal Coupon solution with store-level redemption insights, precise consumer targeting, and scalable reach. This unmatched combination of capabilities creates new, diverse promotional strategies and distribution opportunities for brands and retailers through Vericast’s national digital and print media solutions. This is another concrete example of Fobi’s digital transformation strategy paying off by helping to drive the shift from paper coupons to digital coupons in the retail space. Fobi is very well positioned to be first to market in delivering 8112 digital coupons at scale, and with 8112 coupons we also expect there to be increased spend from CPGs given the additional security and reduced fraud with 8112 coupons.
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Vericast has a broad and diverse portfolio of print and digital marketing solutions. The company works with thousands of brands and businesses including some of the largest global retail and consumer packaged goods (CPG) companies in the world. Vericast’s early adoption and participation in shaping the Universal Coupon standard last year allows consumer packaged goods (CPG) companies to begin testing campaigns in Q2 this year in alignment with retailer acceptance.
Universal Digital Coupons issued by brands and redeemable on consumers’ mobile phones across participating retailers will be delivered through Vericast’s extensive digital marketing portfolio including display and video advertising, dynamic mobile, connected TV, and other solutions. Vericast’s integrated store-level coupon redemption data supports real-time adjustment of Universal Coupon media for optimized performance. Digital coupons also enable more targeted and personalized offers, which means a potentially higher volume of coupons and possible additional revenues for Fobi.
“We are excited about the opportunity for this combination of our technologies to lead the way with a new digital coupon that drives revenue and sales for our customers,” said Michelle Engle, Chief Product Officer at Vericast. “As a leading coupon distributor and processor, Vericast has the scale and reach to expand the omnichannel marketing power of digital offers with the new Universal Coupon standard, while enhancing the customer experience and reducing fraud.”
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Brandi Johnson, CEO of the Coupon Bureau stated, “The Coupon Bureau is thrilled to see these two world class providers coming together to support and deliver the new Universal Coupons. With Fobi’s cutting edge technology coupled with Vericast’s media products and legacy reach- this partnership will be monumental in advancing the new coupon format adoption with retailers and CPGs.”
This agreement validates Fobi’s strategy to acquire Qples and Passcreator to build a digital coupon and promotion ecosystem that will benefit CPGs and retailers and generate revenue from both parties. Fobi is currently the only company that can create 8112 coupons and deliver them across multiple touchpoints such as Fobi’s Wallet pass platform for mobile phones, in Apps such as the Grocery Coupon Network (GCN), and for print at home. Vericast will now be able to execute Universal Digital Coupon campaigns, improving the customer experience and reducing coupon fraud, which costs retailers and CPGs between $300-$600 million annually.
“Working with a leading global company of the size and stature of Vericast is not only a great honour but comes along with tremendous third-party validation as well, validating Fobi’s vision and strategic positioning. We have positioned ourselves as a transformative gateway between the traditional models and practices of how the CPG and Retail industries operate today and enabling a seamless shift towards the next evolution of 8112 and digital transformation,” said Rob Anson, Fobi CEO.
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