TIDMITIM
itim Group PLC
30 November 2022
REACH
30 November 2022
itim Group plc
("itim" or "the Company" and together with its subsidiaries "the
Group")
Company Update
itim is pleased to provide a Company update on work undertaken
for its existing and new client base.
Since the Company announced its results in September, itim has
delivered a number of core projects and expanded its depth of
offering to its considerable list of retail clients.
The Group is pleased to share some of these initiatives and the
details of the projects which the Directors believe show the depth
of the software applications the Group now has in its
portfolio:
itim products that support customer revenue growth
1. Shop local - this initiative allows a customer to pivot from
shopping the 'web warehouse' to shopping his 'local store' on the
website based on real-time stock.
2. Rich customer database - this provides a single view of
customer across all channels. The Directors consider this to be the
richest customer database in retail, which is operationally visible
in-store, on the website, in the call-centre and linked to mobile
apps. For example: A customer signs up in store, receives an
automatic sign-on on to the website and can automatically download
a mobile app showing all his engagement with the retailer.
3. A single sales platform across e-commerce, store and mobile -
this makes the customer experience much better by giving the
'retail' customer a single view of the 'retailer'. itim's new sales
platform now includes e-commerce and is completely cross-channel,
fulfilling the omni-channel dream. itim is one of the few
technology vendors to do so.
4. Selling of Product Sets on the website - potential to increase average shopping value.
5. Subscriptions - launching subscriptions linked to 'product
sets', which has the potential to guarantee regular revenues. One
customer sells about 30,000 a year.
6. Membership - a unique offering across e-commerce and stores.
One retailer signed up 400,000 new customers in a year adding
revenue of GBP40m per annum.
7. Promotions engine - allowing seamless cross channel
promotions compared to having to try to align physical and digital
channels.
8. Vouchers - providing not only distribution of vouchers across
channels, but guaranteeing tracking of those vouchers, avoiding
fraud. A good example of how this can drive revenue is distributing
vouchers for redemption in store, bringing traffic back to
stores.
9. E-gift cards - increasing use of omni-channel gift cards,
both in support of customer service failures, but also to promote
sales.
10. Account customer - The Retail Suite ("TRS") now supports
retailers having account customers, who buy 'on account', get
invoiced and sent statements. With account customers we now support
customer specific pricing. Think of these as B2B customers or even
a Buy Now Pay Later ("BNPL") proposition.
11. Micro-sites - because of our 'headless' e-commerce
capability we believe we can launch very quickly and cheaply
micro-sites to support specific sales channels. Examples could be
clearance sites, B2B sites, collaborations with suppliers. This
idea can also be used to create a shop within a shop on the main
website.
12. Consumer mobile app - because of our single sales platform,
we can give retailers a consumer facing mobile app, at what we
consider to be very low cost.
13. Customer Relationship Management ("CRM") in store -
essentially making all sales whether online, mobile or in-store,
attributed to the store based on the postcode of the customer.
Giving stores CRM capabilities so that they can engage with the
customers in their community.
14. Personal shopping services in store - itim's customers tell
us that their VIP customers (usually 10% of the customer database)
in most retail brands represent 40% of sales. itim's solution is
linked to the mobile app or website, allowing consumers to chat,
book appointments and get curated ranges for them which can be
driven by the marketing team or generated through advanced AI
techniques.
Itim products that support customer margin enhancement
1. Integrated Merchandise Planning - Introducing 'line cards'
and Weekly Sales, Stock and Intake's ("WSSI") in TRS, not as
separate applications but as an integrated application working with
data in the itim database.
2. Price and Promotions Optimisation - (Profimetrics) with 27
customers using this, we consider ourselves world experts, which
has the potential to improve margin by 1-3%.
3. Stock Optimisation - (Profimetrics) this allows customers to
better manage stock based on sensible stock policies.
4. Cost Optimisation - (Profimetrics) this captures supplier
funding and deals, so Itim can use them for improving profitability
of promotions.
5. Digital Supplier Collaboration & Marketplaces - itim is
about to launch the itim hub. Building on our EDI capabilities and
successes, this is a series of supplier collaboration applications,
which would allow any retailer to become more of a marketplace.
Allowing for new business models like 'consignment stock' and
'vendor managed inventory management', 'self-billing etc'.
6. Improved Invoice Matching and Earning Income from Supplier
Payments - itim's Didos application is in 30 major retailers in the
UK. The Company is now looking on how customers can cash in on the
money they can recoup from suppliers on the back of payments and
invoice discounting.
Ali Athar, Chief Executive, commented : "We are delighted by the
considerable breadth of offering that we provide our customers. Our
full suite of omnichannel products serves to improve revenue
opportunities and optimise the retail potential for the client. We
will update the market on the progress we have made in our January
trading update."
Enquiries:
Ali Athar, CEO
itim Group plc Ian Hayes CFO 0207 598 7700
Katy Mitchell
WH Ireland (NOMAD & Harry Ansell
Broker) Darshan Patel 0207 220 1666
Graham Herring
IFC Advisory Florence Chandler 0207 3934 6630
ABOUT ITIM
itim was established in 1993 by its founder, and current Chief
Executive Officer, Ali Athar. itim was initially formed as a
consulting business, helping retailers effect operational
improvement. From 1999 the Company began to expand into the
provision of proprietary software solutions and by 2004 the Company
was focused exclusively on digital technology. itim has grown both
organically and through a series of acquisitions of small, legacy
retail software systems and associated applications which itim has
redeveloped to create a fully integrated end to end Omni-channel
platform.
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