Point Roberts, Washington and Vancouver, British Columbia--(Newsfile Corp. - April 27, 2020) - Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) brings you today's special edition of the AI Eye, featuring an exclusive interview with the CEO of VSBLTY Groupe Technologies Corp. (CSE: VSBY) (5VS.F) (OTC PINK: VSBGF).
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According to Jay Hutton, Co-founder and CEO of VSBLTY Groupe Technologies Corp. (CSE:VSBY) (5VS.F) (OTC:VSBGF), the company's recently-announced global, multi-product strategic teaming agreement with leading digital transformation solutions company, UST Global, marks a significant milestone as the company's first integrator deal.
"We've done business relationships and business partnerships with companies that are also in the category as vendors - building products with which we connect to or components that we consume - but this is the first integrator we've done and frankly, we've started at the top," he said.
This agreement will see the two companies assimilate their solutions and services to meet the digital transformation needs of UST Global's worldwide customers and clientele. In the press release, UST Global's GM, Emerging Digital Retail Technology, Subhodip Bandyopadhyay, indicated that his company's retail clients in particular, "include 12 of the Top 20 Global Retailers." Hutton explained that UST Global's position, with respect to retail makes them especially suitable for digital transformation.
"They do a lot in retail, perhaps a third of their business is in retail, and where they're in it, they integrate point-of-sale systems, back office inventory systems, all the components you would imagine would drive retail from a digital point of view, they plug together."
Addressing the retail space more broadly, Hutton pointed out the gradual but undeniable trend toward digital.
"Retail has, for many years, been stuck behind," he said. "I think probably in the last two years we've certainly seen significant indicators that retailers are really embracing digital."
Hutton attributes these developments to gains made by the online experience, principally in the ability to monetize customer data.
"We're looking at something like 4-5 percent penetration of digital in retail in 2019, exploding to something like 80 percent by 2022," he said. "So that marketplace is rapidly exploding and is really buoyed, as much as anything, by the experience of the internet. The internet has, if nothing else, created the ability to create advertising impressions and the ability to monetize audiences, and that's exactly what we're doing in retail."
This evolution in the market is something VSBLTY is well-positioned to accommodate with their technologies. Hutton explained the demand for information in the retail space and VSBLTY's ability to deliver with products like its computer vision-powered DataCaptor™ software.
"From a retailer's perspective, what you're interested in is what's happening in your store," he said. "You want to know the footfall - the number of people that enter your store - the number of males, females, approximate age range of all your shoppers or consumers, and their movement within the store. We want to know all the components about movement of traffic within the store, including, by the way, because of the [Coronavirus], things like social distancing."
"All that capability is informed and delivered by VSBLTY's computer vision product DataCaptor," he said. "It teaches computers how to interpret, collate and report on the things that they see."
Beyond meeting the needs of the retailer, Hutton explained that brands themselves stand to benefit from the data captured by VSBLTY's technology.
"They deploy activations or digital messaging in the store, and they want to measure the performance of those activations," he said. "In part it's a return investment."
"In addition to all the things our systems do in terms of body count, gender, etc… we also measure sentiment. Are people reacting positively or negatively to digital display[s] or digital messaging in store?"
The agreement between VSBLTY and UST Global then appears to be in sync with observable trends in the market. Hutton expressed the inexorability of retail's going digital, even following the upset brought on by the global Coronavirus pandemic.
"[They're] rapid changes and they're coming to a store near you because this is a wave that cannot be held back despite the recent disruption in retail."
Podcast host: Sam Mowers, Investorideas.com
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54900