Londonderry software company invests in growth
Lucid Interactive Limited, a Derry city-based specialist in multi-channel retail systems, is investing almost £250,000 in a new business plan to expand sales in export markets. The expansion is being assisted by Invest Northern Ireland.
The new investment, which will provide five new jobs for software professionals, was announced today by Brendan Doherty, Lucid Interactive Managing Director, and welcomed by Mary Gormley, Invest NI’s North West Regional Office Manager. The company currently employs five software developers.
Outlining the expansion, Mr Doherty said: “The retail landscape has evolved dramatically in the last few years. As the large supermarket chains expand into new product sectors and the online retailing boom continues, many retailers face increasingly competitive conditions.
“This emerging retail environment presents simultaneous threats and opportunities for retailers. Our software product ‘Sellernet’ allows retailers to take advantages of these new opportunities whilst providing the business intelligence tools to successfully overcome new challenges.
Sellernet is the only system on the market that enables retailers to manage and sell their products in marketplaces such as eBay, Amazon and Play.com as well as their own websites and has the added advantage of a comprehensive retail system to manage customers’ traditional bricks and mortar retail outlets.
“These marketplaces and customers’ own websites provide retailers with a much needed boost in unit sales, whilst our unique intelligent pricing component automatically compares our customers’ product prices with competitors’ prices in multiple marketplaces and re-prices products to ensure the highest sales levels at the optimal margin.
“As the internet has continued to offer increasing retail opportunities, many manufacturers, wholesalers and distributors have started to sell direct to consumers on-line. In response to these new retailers, Lucid has recently added a sophisticated warehouse management and order fulfillment component to Sellernet. This new component opens a new and exciting target market for Lucid and our product,” he added.
“Invest NI’s support for our marketing and new product development activities has been immensely beneficial.
“Thanks to the support from Invest NI, we will also be launching a retail kiosk for the music, DVD and game retail sectors in the next four weeks. This new kiosk acts a purchasing enhancement tool allowing customers to browse over 1.7 million products and listen to over 1.5 million MP3 samples and helps retailers increase sales of physical products in their stores,” he added.
The kiosk will be launched at London Calling 2007 in Earl’s Court, London, one of Europe’s largest music and DVD expos.
“Over the last seven years, Lucid has built an impressive portfolio of clients and strong testimonials which we will continue to build upon to attract new sales. This investment will help Lucid to achieve our mission of becoming the leading multi-channel software provider in the UK and Ireland,” he concluded.
Mrs Gormley, commenting on the investment by Lucid Interactive, said: “This is an entrepreneurial business with a high level of experience and expertise in the market sector. It has a proven product that has been developed in conjunction with key customers. As a result, Lucid has a strong relationship with customers and a good reputation in the marketplace.
“Our support is geared to help the company to achieve a significant increase in both turnover and profits over the next two years, including sales outside Northern Ireland.
“Lucid recognises the importance of continuous product development and innovation and is currently finalising software that will enable it to widen its market potential by targeting major retailers,” she added.