New Startup Helps Small eTailers Out-Amazon, Amazon
With Amazon in the business of selling everything, Alibaba advancing on Amerian shores and Walmart rapidly gaining ground as an eCommerce force of nature, it can seem that small eTailers not packing millions in their marketing budget can be at a disadvantage too severe to overcomes.
It is in this space that Nosto, a customer recommendation marketing engine, hopes to enter on the side of the little guy—by helping them improve their online stores with more tailored product recommendations and customer outreach.
The Finnish start-up has closed a $5.5 million Series A funding round, led by European VC firm Wellington Partners. This follows a $2.8 million round in April 2013.
The engine analyzes consumer behavior to spit back recommendations on how to tailor an experience such that said consumer is more likely to actually complete a transaction. Currently, 1,200 online retailers use Nosto—some of whom are taking a free ride. Still the company claims revenue has grown 500 percent since its launch in October of last year.
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