New Startup Helps Small eTailers Out-Amazon, Amazon

Money Bag feature
What's Next In Payments®
7:00 AM EST July 15th, 2014

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.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

 

Comments
Also by This Author
What's Hot
Alternative Financial Services
Silk Road Collaborator Sentenced To Two Years
Merchant Innovation
Rent-The-Runway Raises $60M, Eyes Real-World Commerce
Merchant Innovation
Target Restructures to Boost Business Intelligence
Europe
UK Payments Council: Let’s Add More Data To Electronic Payments
View All Articles ››
You May Also Like
Karen Webster
What Payments Will Look Like In 2015
Alternative Financial Services
Silk Road Collaborator Sentenced To Two Years
Merchant Innovation
Rent-The-Runway Raises $60M, Eyes Real-World Commerce
Financial Inclusion
Giving Goes Mobile
View All Articles ››