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Loop Insights makes key executive hire to help forge path in the multibillion dollar consumer electronics industry

Published: 10:54 01 Apr 2020 EDT

Loop Insights Inc. -
The global consumer electronics market is estimated to be worth nearly US$839 billion by the end of 2020

Loop Insights Inc (CVE:MTRX) made a new executive hire to support its bid to become a key player in the multibillion-dollar consumer electronics space.

The Vancouver-based company announced Wednesday that it has hired industry veteran Terry Burns as its new director of sales to help build the firm’s portfolio of clients and obtain new partnerships.

Burns is the former owner of western Canada’s McKays Home Theatre retail chain, which was acquired in 2018.

READ: Loop Insights Inc launches new webinar-based initiative to help retailers through coronavirus crisis

“Loop’s products act as a powerful springboard for brick and mortar retail to compete with online giants such as Amazon,” Burns said in a statement. “I am extremely confident that Loop’s solutions will quickly transcend the consumer electronics industry.”

Loop looks to bridge the gap between physical retail stores and the ecommerce sector using artificial intelligence.

“With our technology, Loop’s mission is to future proof brick and mortar retail,” CEO Rob Anson told shareholders in a statement.

“We want to ensure sustainability and viability in this ever-changing industry. With the addition of Mr Burns to the Loop team, we are positioned to very quickly become a major contributor and influencer in the overall growth of the consumer electronics industry in 2020.”

According to data from Grand View Research, the global consumer electronics market is estimated to be worth nearly US$839 billion by the end of 2020. Revenue is expected to grow between 6% to 7.3% annually.

Loop told shareholders that the industry is “hungry for innovative technologies” to provide companies with direct access to customers. The firm's technology gives companies detailed customer analytics, including streamlined inventory and supply chain processes, personalized automated marketing to customers, and full attribution on physical transactions.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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