Fobi signs deal with S4S, one of Iceland’s largest retailers, to digitize traditional plastic gift cards

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Together with Leikbreytir, one of Iceland’s leading digital transformation agencies, the integration of Fobi’s Wallet pass platform was completed in one day to be launched in time for a massive advertising campaign.

VANCOUVER, British Columbia, Oct 08, 2021 (GLOBE NEWSWIRE) – Fobi AI Inc. (FOBI: TSXV FOBIF: OTCQB) (the “Company” or “FOBI”), a leader in real-time data analysis using artificial intelligence to improve operational efficiency and profitability, is pleased to announce the signing of a National Passcreator Wallet with S4S, Iceland’s largest shoe retailer. The deal involves the digitization of plastic gift cards and paper-based credit notes from S4S which will now be managed and redeemed using Fobi’s Passcreator Wallet pass. S4S is one of the largest retailers in Iceland, and Fobi hopes to generate immediate revenue through the licensing of Wallet pass licenses to S4S through Leikbreytir.

S4S, ONE OF THE BIGGEST NON-GROCERY RETAILERS IN ICELAND, FOCUSED ON THE ENVIRONMENT, COST REDUCTION, DATA AND CUSTOMER EXPERIENCE

S4S is Iceland’s largest non-grocery retail company with 14 stores, 4 online stores, carrying brands such as Ecco, Sketchers and Nike Air.

S4S also owns Ellingsen, Iceland’s most famous outdoor sports store and founded in 1906. S4S has been a pioneer in the field of plastic gift cards and also has a return policy which gives its customers a paper credit note that can be exchanged for shop.

S4S had 4 main reasons for wanting to digitize its plastic gift cards and paper credit notes.

  • To become even more respectful of the environment. Plastic gift cards are not good for the environment, so scanning them makes a quick, easy and big impact on reducing their environmental footprint.

  • Cost savings. Digital wallet passes cost less than physical gift cards to produce and manage. The integration of the Passcreator Wallet pass from Fobi has already made it possible to significantly reduce operating costs.

  • The third is the ability to turn unknown customers into known customers for premium marketing and engagement purposes. Customers who purchase gift cards loaded on Fobi’s Wallet pass provide S4S with the ability to track customer buying habits and brand preferences to optimize both marketing and internal operations.

  • The last and most important reason was to improve the experience of their customers and to ensure that they received the full value of their gift card purchases. Specifically, one of the main pitfalls of the physical gift card industry is the disproportionate amount of profit made by issuers on unused gift cards that are lost or forgotten. S4S’s mission is to make it easier for its customers to manage and redeem their gift cards, including sending messages through Fobi’s Wallet pass to customers with unused balances or store credits when they check out. can be found near an S4S store. This leads to significantly higher redemption rates and translates into significantly higher customer satisfaction.

Because of these 4 advantages, S4S believes that adopting Fobi’s Passcreator Wallet pass will give them a significant advantage in the highly competitive Icelandic gift card market, where businesses and government often offer gift cards to their employees. , generating a significant amount of revenue for retailers. S4S believes it can capture a larger share of this market by using digital gift cards based on Fobi’s Wallet pass.

Petur Thor Halldorsson, CEO from S4S said: “The Wallet pass gift card solution that Fobi and Leikbreytir have developed for us is truly revolutionary because it allows us to immediately become more environmentally friendly, reduce costs, increase profits and improve our experience. customer when it comes to managing and redeeming their gift cards. And their ability to deliver this solution so quickly to meet our very tight deadline for our ad campaign was incredibly agile and justified our decision to work with them.

FOBI, ​​IN COLLABORATION WITH LEIKBREYTIR, WAS ABLE TO DELIVER A NEW WALLET PASS INTEGRATION FOR S4S IN ONE DAY

S4S and Leikbreytir were originally working with another Wallet pass provider to try and deliver the solution in time for an upcoming massive advertising campaign for their new digital gift card program. Unfortunately, this solution was not robust enough for their needs, so they turned to Fobi to help them deliver the complete solution. The first email arrived at Fobi on a Friday evening and the solution was delivered on Monday, taking only a day of development to integrate Fobi’s Wallet pass platform into the existing S4S environment that Leikbreytir had developed. The new S4S Wallet pass digital gift card program was successfully launched just 4 days later, along with a major advertising campaign that matched the national elections.

Rob Anson, CEO of Fobi said: “The solution for S4S is a perfect example of a win-win deal for Fobi’s Wallet pass solution. Helping businesses in their digital transformation is our raison d’être and replacing plastic gift cards with digital Wallet pass gift cards makes perfect sense. Wallet packages are also a green and eco-friendly alternative to traditional plastic gift cards. By working with Leikbreytir, we were able to provide a customized solution for S4S that solved their issue in a remarkably fast time frame, further supporting the innovation and agility that the Fobi team brings to every project on which we work.

To that end, Fobi and S4S have entered into discussions about expanding their relationship through the integration of capabilities from Fobi’s Loyalty Program.

THE FAST GROWING GIFT CARD MARKET IS EXPECTED TO GROW EVEN FASTER AND PRESENTS THE PERFECT USE CASE FOR FOBI WALLET PASSES

According to a Persistence Market Research report, during the period 2016 – 2020, the gift card market grew at a CAGR of 8.3% – but is expected to grow even faster from 2021 to 2031 due to the advent of digital gift cards creating a paradigm shift in the sector. Fobi is uniquely positioned to take advantage of this growing market with our wallet pass technology delivering analytics, marketing and engagement benefits far beyond our competitors’ simple digital gift card solutions. .

This press release is available on the Fobi website and the FOBI verified forum on AGORACOM For discussion with shareholders and management’s commitment.

About S4S
S4S is one of Iceland’s largest retail companies with 14 stores and 4 online stores. They are one of the leading shoe retailers in Iceland and carry brands such as Ecco, Sketchers and Nike Air. They also own a famous outdoor sports shop in Iceland called Ellingsen, which was founded in 1906.

About Leikbreytir
Leikbreytir, which means ‘game changer’ in Icelandic, has decades of experience in digital development and IT services. We help businesses provide their customers with a great service experience. To this end, we use all available technology and knowledge and maximize the efficiency of the service. We believe that selling is service and that great service increases sales. We want to use technology and knowledge to achieve the business goals of companies with increased sales, improved service and increased efficiency.

About Fobi
Fobi is a leading data intelligence company that helps our clients transform real-time data into actionable insights and personalized customer engagement to drive increased profits. Fobi’s unique IoT device has the ability to seamlessly integrate into existing infrastructure to enable data connectivity between online and on-premises platforms, creating highly scalable solutions for our global customers. Fobi partners with some of the largest companies in the world to provide the best solutions and operates globally in the retail, telecommunications, sports and entertainment, casino games and entertainment industries. hospitality and tourism.

For more information please contact:

Fobi AI Inc.

Fobi website: www.fobi.ai

Rob Anson, CEO

Facebook: @ Fobiinc

T: +1 877-754-5336 Ext. 3

Twitter: @ Fobi_inc

E: [email protected]

LinkedIn: @ Fobiinc

Forward-looking statements / information:
This press release contains certain statements that constitute forward-looking statements or information. These forward-looking statements are subject to many risks and uncertainties, some of which are beyond the control of the Company, including the impact of general economic conditions, industry conditions and competition from other industry players, stock market volatility. and the ability to access sufficient capital. from internal and external sources. Although the Company believes that the expectations contained in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be incorrect. These factors and assumptions are based on information currently available. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in them. forward-looking statements. As such, readers are cautioned not to place undue reliance on forward-looking statements, as no assurance can be given as to future plans, operations and results, levels of activity or achievements. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. included. whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. There can be no assurance that the Company will be able to achieve any or all of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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