GK Software, the provider of omni-channel retail solutions for 10 of the Top 50 retailers worldwide, today announced significant U.S. growth in 2018. Named the strongest current offering in the Q3 2018 Forrester Wave for point of service solutions, GK Software boasts a dominant market position in Europe and has quickly become a key player in the U.S. GK Software was also recognized by IHL Group as a leader in innovation, market strength and market share for POS Software and SaaS in the Total Retail, General Retail and Food, Drug and Convenience segments.
Throughout 2018, existing customers representing grocery, specialty retail, apparel, electronics/appliance, discount and restaurants continued to expand their investments in GK technologies, and the company also acquired 12 new direct U.S. customers, including:
- Hy-Vee, an employee-owned chain of more than 245 supermarkets located throughout the Midwestern United States, which selected GK OmniPOS, TransAction+ and Mobile Consumer Assistant to improve customer service across all channels;
- One of the largest thrift shop chains in the U.S., operating more than 300 stores nationwide, and one of the nation’s largest consumer electronics and appliance retailers;
- A nationwide restaurant group operating more than 200 full-service restaurants.
GK Software now serves a total of 41 U.S. customers – 30 retailers and 11 restaurant chains – representing more than 34,000 locations across the region, in addition to the tens of thousands of additional locations managed by partners.
Impressive Product Benefits
One of GK’s most powerful solutions, its Mobile Consumer Assistant (MCA) platform provides personalized offers, campaigns, mobile payment and scanning via consumers’ smartphones. The complete mobile solution seamlessly integrates into retailers’ mobile applications and store technology to manage loyalty, promotions, self-scanning and self-pay. In 2018, MCA boasted significant global success, including:
- 13,600 stores and 47,700 POS units now using MCA
- 1.9 million total registered users and 144,000 active users
- 168.5 million total retailer app launches
- 8.3 million total coupons redeemed
- 1.65 million total payment transactions and 10 million total loyalty transactions
GK also expanded its capabilities across multiple emerging technologies – including its cloud4retail service, the first fully managed service to provide enterprise-class omni-channel POS through the cloud, and the integration of AI capabilities after the Dec. 2017 majority stake acquisition of respected AI firm, prudsys AG.
Deployed in 34 countries, the prudsys platform enables advanced omni-channel personalization capabilities, provides more than a billion personalized recommendations each day (11,000 per second) and generates $24 million per day in revenue based on recommended items. It is also able to generate significant lift in other key areas of customer businesses, including:
- 3-5% lift in sales revenue and profit through personalized recommendations
- 20-25% increase in conversion rate through improved marketing automation
- 10% increase in sales revenue and 5% increase in profit through dynamic pricing
Personalized offers, dynamic pricing and price optimization also help deliver instances of significant value to individual customers, including examples in which:
- Total basket value increased 8%, with just 42.9% of all baskets receiving at least one coupon with a personalized discount
- Click rate improved 10%, conversion rate increased 18% and revenue grew by 26%
Financial Growth
The GK Software Retail core business has demonstrated strong growth throughout 2018, with Q3 revenue increasing by 22.7%. GK has invested strongly in this area in order to further increase the financial growth of the overall company, which saw revenue gains of 13.6%.
Additional information on GK Software’s Q3 2019 results and continued growth can be found here.
