Vancouver, BC – Venzee Technologies Inc. (TSX-V: VENZ) (the “Corporation” or “Venzee”), a provider of data transformation to the US$23 trillion retail industry, is pleased to announce that a world leading manufacturer of artificial turf with installations that include CenturyLink field, home to the Seattle Seahawks, has joined the Company’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 labor intensive, costly step in their workflow and delays revenue for both parties” said Peter Mackay, CEO 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% increase in data transmission speed, a 100% reduction in human errors and a 74% 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 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 US$49 for its starter pack, to US$199 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 Ecommerce industry achieved an estimated US$1.8 trillion dollars in sales, and is expected to grow to US$4.5 trillion 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.
Venzee is a SaaS company that launched in 2014 to help ecommerce vendors and retailers easily share product information. Traditionally, this was done using spreadsheets which created a labor-intensive process that delayed products from reaching the marketplace. Venzee’s technology, leveraging artificial intelligence to streamline product information management, allows thousands of vendors and retailers to seamlessly share information, avoiding delays and getting products to market faster than ever. The Company graduated from notable startup accelerator program 500 Startups and is already powering some of the biggest brands in the world.
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