OMNIQ WINS CONTRACT TO UPGRADE 450 STORES FOR A MAJOR U.S. SPORTING GOODS CHAIN
OMNIQ Corp. receives a significant purchase order to upgrade IoT devices in 450 stores of a major US-based sporting goods retail chain. The project includes a three-year service agreement and features Office 365 and a chat application for real-time communication, enhancing operational efficiency and customer experience.
The recent purchase order received by OMNIQ Corp. for upgrading IoT devices across a major US-based sporting goods retail chain represents a significant investment in retail technology. This move underscores the trend where retailers are increasingly adopting advanced technologies to improve customer experience and operational efficiency. By transitioning from a Windows-based system to a more versatile Android-based system, the retailer is positioning itself to leverage the flexibility and scalability of modern apps and services, such as Office 365 and real-time communication platforms.
From a business perspective, the upgrade can potentially lead to improved inventory management, better customer service through enhanced communication and the ability to quickly adapt to new retail trends. The three-year service agreement indicates a commitment to maintaining and updating this infrastructure, suggesting a focus on long-term operational stability. While this is a positive development, it's important to monitor how these upgrades translate to actual performance metrics such as sales growth, customer satisfaction scores and inventory turnover rates.
OMNIQ's announcement of a substantial purchase order may have a positive impact on investor sentiment, as it reflects the company's ability to secure large-scale deals within the competitive retail technology space. The collaboration with a prominent sporting goods retailer could be seen as a validation of OMNIQ's AI-based solutions and its market position. Furthermore, the long-term service agreement provides a predictable revenue stream over the next three years, enhancing the company's financial stability.
Investors should consider the potential increase in operational costs associated with the deployment and maintenance of the new IoT systems. However, if the technology leads to cost savings and efficiency gains for the retailer, it might result in an increase in future orders for OMNIQ, thereby boosting its market share and financial performance. It's important to evaluate the company's capacity to scale up operations to meet the demands of such a large-scale rollout without compromising quality or timelines.
The retail sector is undergoing a digital transformation, with IoT being a critical component. The partnership between OMNIQ and the sporting goods retailer reflects a broader industry trend where businesses are seeking to enhance in-store experiences to compete with online alternatives. The use of IoT devices for real-time communication and access to applications like Office 365 indicates a shift towards a more connected and responsive retail environment.
Market analysis should track the adoption rate of similar technologies by competitors and the response from consumers. If the upgraded technology proves to be successful, it could set a benchmark in the industry, prompting other retailers to follow suit. This could lead to a ripple effect, increasing the demand for IoT upgrades and services. Understanding consumer and competitor reactions will be essential in assessing the long-term impact of such technological investments on the retail landscape.
03/20/2024 - 08:45 AM
The upgrade initiative enhances in-store customer experiences and operational efficiency through advanced IoT technology. The enhanced IoT devices will provide a new Android-based system from an older Windows-based unit that allows the customer to add new and updated applications. This upgrade is part of a long-term service agreement between the companies. SALT LAKE CITY, March 20, 2024 (GLOBE NEWSWIRE) -- OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a leading provider of Artificial Intelligence (AI)-based solutions, is excited to announce the receipt of a significant purchase order for the upgrade of IoT devices across 450 stores of a major US-based sporting goods retail chain. This initiative marks a substantial step forward in enhancing operational efficiency and customer experience within the retail sector.
The project includes upgrading IoT devices across 450 stores including a three-year service agreement managed by OMNIQ. This is part of a long-term relationship between the two companies. The upgrade will feature Office 365 and a chat application that will allow users in the stores to communicate with their support desk and others in real-time.
"We are thrilled to partner with this esteemed sporting goods retailer to upgrade their IoT infrastructure," said Shai Lustgarten, CEO at OMNIQ. "This project is a testament to our ability to provide cutting-edge technological solutions that meet the dynamic needs of the retail industry. We look forward to seeing the positive impact on the chain's operational efficiency and customer engagement."
This collaboration with a leading sporting goods retailer highlights OMNIQ's role in driving digital transformation in the retail sector and showcases our dedication to supporting retailers in adapting to the rapidly evolving technological landscape.
About OMNIQ Corp.
OMNIQ Corp. excels in providing state-of-the-art computerized and machine vision image processing technologies, anchored in its proprietary and patented artificial intelligence innovations. The Company's extensive range of services spans advanced data collection systems, real-time surveillance, and monitoring capabilities catered to various sectors, including supply chain management, homeland security, public safety, as well as traffic and parking management. These innovative solutions are strategically designed to secure and optimize the movement of individuals, assets, and information across essential infrastructures such as airports, warehouses, and national borders.
The Company serves a broad spectrum of clients, including government agencies and esteemed Fortune 500 corporations across several industries—manufacturing, retail, healthcare, distribution, transportation, logistics, food and beverage, and the oil, gas, and chemical sectors. By adopting OMNIQ Corp.'s advanced solutions, these organizations are better equipped to manage the intricacies of their domains, thereby enhancing their operational effectiveness.
OMNIQ Corp. has established a significant footprint in rapidly expanding markets. This includes the Global Safe City sector, predicted to reach $67.1 billion by 2028, the smart parking industry, expected to escalate to $16.4 billion by 2030, and the fast-casual restaurant market, projected to hit $209 billion by 2027. These engagements reflect the Company's strategic alignment with industries that are witnessing a growing need for cutting-edge AI (Artificial Intelligence) technology solutions. For additional information, please visit www.OMNIQ.com
Information about forward-looking statements
This press release includes forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, specifically under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements, which address expected future events, economic performance, and financial outcomes, are not historical facts but predictions based on current expectations and projections.
Such forward-looking statements, identifiable by terms like "anticipate," "expect," "may," "believe," and similar expressions, should not be seen as guarantees of future results.
They are based on the information available at the time of making and reflect management's current expectations about future events. These statements are subject to various risks and uncertainties that could cause actual results to differ significantly from those projected or implied. Some of these risks include fluctuations in product demand, the introduction of new offerings, maintaining customer and strategic relationships, competitive pressures, market growth, financial liquidity, debt management, and the ability to integrate new acquisitions effectively.
Specific forward-looking statements in this release include expectations regarding financial strategies, revenue growth, and operational improvements. For a detailed discussion of risks and uncertainties that could affect OMNIQ Corp.'s future performance, please refer to our recent filings with the Securities and Exchange Commission at https://www.sec.gov
Contact Info: IR@omniq.com
The purchase order is significant as it involves upgrading IoT devices in 450 stores of a major US-based sporting goods retail chain, showcasing OMNIQ's ability to provide cutting-edge technological solutions.
The upgrade project includes a three-year service agreement and features Office 365 and a chat application for real-time communication within the stores.
Shai Lustgarten is the CEO of OMNIQ Corp.
The goal of the upgrade initiative is to enhance operational efficiency and customer experience within the retail sector.
