US: Nike backs online retail analytics platform
Sporting goods giant Nike Inc has invested in a new online predictive analytics platform for retailers and brands, which is being piloted by the company's Converse unit as well as beach clothing specialist O'Neill.
The minority stake in Silicon Valley start-up Reflektion was revealed as part of the California-based firm's Series B round funding, which was led by Intel Capital and has raised $8m.
Using a Software-as-a-Service (SaaS) model, Reflektion plans to use the funding to support the wider launch of its ecommerce and business intelligence solutions, along with product development, sales and marketing.
Reflektion's platform applies patented algorithms to calculate trends and predict in real-time what each customer is likely to buy next, helping companies to build higher sales and customer engagement.
Retailer O'Neill began working with Reflektion in July 2013 and has increased revenue per visit, average order size and page views compared to traffic not going through Reflektion's platform - with conversion rates up by 50%, according to the company.
"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 Daniel Neukomm, CEO of O'Neill.
The new platform enables the company to offer each visitor an individualised product assortment, along with greater insight into customers and product trends.
Nike is focused on achieving long term revenue growth by developing its line of “must-have” brands in the US, where it is the established branded leader in both footwear and the wider apparel market. ...
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