Reflektion, a predictive analytics startup that helps retailers such as O’Neill improve customer conversion rates, has raised $8 million in Series B funding led by Intel Capital and Nike. The startup plans to use this additional funding in beefing up sales, marketing and also launch its e-commerce and business intelligence products.
Predicting what customers plan to buy has been the Holy Grail of retailers over past many years. The frenzy to get inside the minds of shoppers and push products accordingly has reached a point where Amazon has started working on a solution that will ship orders even before you’ve bought it. Now, niche startups such as Reflektion too are offering solutions that can tell what each customer is likely to buy next.
“What we wanted was the ability to treat each online customer like an individual as we do in our stores, but we were really limited in what we could do,” said O’Neill CEO Daniel Neukomm.
O’Neill’s conversion rates improved by 50%, the companies said in a statement.
“This is like the game-changing “Moneyball” story of advanced analytics being brought to retail,” Reflektion CEO Sean Moran said in a statement. The startup offers real-time inputs about customers’ next purchases by analyzing different data-sets.
Reflektion was founded by Google-veteran Amar Chokhawala who was among early engineers to work on Google Books and Gmail.