Loop Insights Inc, a provider of artificial intelligence solutions to brick and mortar retailers, announced on April 14 that it had signed a Memorandum of Understanding (MOU), and will enter into a joint venture partnership, with Frontier Technology to gain access to the growing Indonesian retail market.
Loop’s technology aggregates online and on-premise data to enable real-time, data-driven marketing decisions to enhance customer experience. The company works directly with brands, agencies, and data partners to arm advertisers and marketers with real-time, actionable insights that build personalized customer experiences and loyalty. It also helps retailers and enterprises discover, analyze and influence their customers, creating highly personalized marketing offers designed to increase basket size and repeat business.
By partnering with Frontier Technology, a division of Indonesian research and consulting firm, Frontier Consulting Group, expects to gain access to a large network of clients operating in several large-scale industries in Indonesia, including healthcare, convenience and retail chains, restaurant and hospitality chains, and smart city projects.
Loop is betting on Indonesia’s expanding population of nearly 256 million, to drive high engagement through the rapidly growing domestic mobile market. The company should benefit from a particularly favorable and dynamic environment, as COVID-19 will accelerate the demand for digital solutions in the country. IDC (International Data Corporation) Indonesia projects that digital expenditures will greatly increase in 2020, as digital transformation is becoming central to businesses’ strategies. Indeed, it is expected that IT spending (excluding communications), will reach USD 11.9 billion this year in Indonesia.
(Source: Loop Insights)