Vancouver, BC – Venzee Technologies Inc. (TSX-V: VENZ) (the “Corporation” or “Venzee”), 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.”
To learn more about Venzee, visit https://venzee.com.
On Behalf of the Board,
Peter Mackay, President and CEO
Investor Relations, Kin Communications Inc.
Venzee is a data transformation platform that can seamlessly integrate the world’s largest retailers with their suppliers, bringing products to market faster than ever before. Our API replaces manual data entry, resulting in a digital supply chain that increases margins and accelerates revenue. Venzee is leveraging its technology to partner with established supply chain leaders to deliver a real time solution to a global audience.
Venzee operates as a Software as a Services (SaaS), allowing flexibility for enterprise customers of all sizes wishing to improve their digital supply chain solutions. To learn more about Venzee, visit https://venzee.com/
Investor Relations, Kin Communications 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 execution of the Company’s growth strategy. 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, 2017 and its latest annual information form filed August 29, 2018, 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 Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.