Retail marketing technology company Bluecore has a $1 billion valuation now, following the close of a Series D round, giving the company $125 million.
The company intends to use the new funding to boost its eCommerce product development and also invest more in artificial intelligence (AI) and analytics.
Bluecore services help prioritize mission-critical commerce key performance indicators (KPIs) which can help retail growth. That comes with increased purchasing frequency and customer lifetime values.
The current atmosphere in the retail world has seen more and more of a shift to digital. Before the past two years, 85 percent of transactions were done in person, but that has given way to more of a 50/50 split between online and offline buying activity.
Now, more than three-fourths of transactions are expected to start digitally, though customers may end up finishing it through an in-person interaction.
Bluecore’s product can allow for merging three traditionally disconnected data sets to give a more unified view of certain data like shopper identity, shopper behavior and product engagement. With the extra visibility, Bluecore customers get access to more informed product and shopping decisions.
“We’re in an era of Personal Commerce, where retailers are no longer competing solely with other brands; they’re competing with every other digital experience, too. As a result, shoppers expect the same level of 1:1 curation from retail brands that they’re getting from platforms like Netflix, Spotify and other exceptional experiences,” said Fayez Mohamood, CEO and founder of Bluecore. “We’ve spent the past eight years building for this inevitable moment where all retailers are driving growth through eCommerce. Our role will always be to predict the industry’s shifts so we can guide [retailers] through ongoing transformation.”
eCommerce platform Fabric also recently raised $100 million in a funding round, which it plans to use for more global expansion plans.