Located right out Washington, D.C., the Arlington, VA-based Revmetrix announced this morning that it has secured $2.2 million in seed funding to launch its retail intelligence platform. The new (and apparently first ever, the company claims) omnichannel data platform allows retailers to leverage their own customer data for understanding customer behavior across different channels and devices. The seed round raised by the company was co-led by Philadelphia, PA-based Genacast Ventures and Boston, MA-based .406 Ventures.
“Our technology helps retailers create better/smarter customer engagement throughout the customer journey. Sounds simple enough, right?” said Revmetrix cofounder and CEO Hemang Gadhia. “Yet 99.99 percent of retailers cannot get this complete understanding of what their customers are doing across all channels and all devices. It’s common for today’s shoppers to browse a product on their smartphone, read reviews on their iPad, and then complete a purchase in-store. But when a retailer looks at the data for that customer, they don’t see a single customer across three channels, they see three different customers. This is a huge issue.”
Revmetrix's omnichannel platform gives retailers a complete overview of every customer engagement – cataloging every consumer's interaction with a retailer, whether that's in-store, online, or on a mobile device. By doing so, Gadhia says that retailers are provided with a 360-degree view of all customer interactions, which can give them a better understanding of which of those channels work best when trying to engage with current and future customers.
The company's platform builds complex queries across all the aggregated collected data – from customer profiles and interactions, to the locations of interactions and the products on which they interact. Such data analysis ensures that Revmetrix offers retailers with a much fuller profile on the behavior of their shoppers. It also gives them the ability to create highly-targeted initiatives based on customer engagement, as well as to translate these discoveries into improving their marketing efforts.
“This funding gives us the ability to do more things quicker. There is a huge market opportunity and this round allows us to attack that opportunity and establish ourselves in the market in a more aggressive way.”
According to Gadhia, this kind data analytics platform is something that retailers have wanted but haven't yet been introduced to. He told me that they're currently working with some big-name retailers that are looking to use Revmetrix's omnichannel retail analytics platform.