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.
The Nike brand is the most powerful asset portfolio of Nike Inc, accounting for some 85% of its total revenues. Nevertheless, the company’s other brands continue to increase their contribution to the ...
Sportswear giant Nike is rebuilding itself to cement its leadership of the global apparel market. It has sold off smaller brands Umbro and Cole Haan, to focus on the Nike brand as a tool for global ex...
adidas AG overtook Nike Inc in 2013 as the leading sportswear brand in the UAE in terms of retail value sales. Thus, with increasing competition from adidas and other leading sports brands set to inte...
Nike in Vietnam aims to strengthen its position as the top producer of Nike shoes. Cheap labour costs play the most important role, and the company is expected to control expenditure carefully to stay...
- Will Vietnam struggle with impending trade deals?
- The new age of disruption on apparel production
- Yuan devaluation impact mixed for garment firms
- Kurt Cavano on “the Uberfication of everything”
- China devaluation: what’s the big deal?
- US Q2 in brief: J Crew, Aeropostale, Bebe Stores
- Luen Thai to continue investment in Vietnam
- Adidas seeking to resolve shoe supplier dispute
- Adidas files trademark suit against Forever 21
- H&M offers $1m grant for sustainable innovations
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Ethiopia – the emerging textile and clothing industry
- Global market review of lingerie - forecasts to 2020
- Global market review of swimwear - forecasts to 2019