PredictSpring, a mobile commerce gateway startup, is promising to help retailers knit a tighter sieve for capturing sales from the ever-increasing mobile window shopping user base.
With about 60 percent of retail browsing happening over mobile devices, mobile retail sales should idealistically be a significant source of sales. However, they are not. According to a comScore report, only 15 percent of retail dollars come from mobile shoppers.
The wide lurking gap is what PredictSpring’s gateway and mobile platform aims to monetize.
The startup’s mobile arm powers an app development platform, which helps businesses develop shopping apps without having to worry about managing the tech specs, like coding.
Some of the retailers using the platform as a sleeve for their apps are Eddie Bauer, Woodcraft, Bluefly and Cole Haan, according to the company’s website.
“For the past 15 years, brands and retailers have focused on ad formats to promote products, but these strategies were designed for desktop and have largely failed on mobile,” said PredictSpring CEO Nitin Mangtani. “We have arrived at a time when every form of mobile content will be ‘shoppable’ — whether via a retailer’s own app, social media platforms or publisher apps. PredictSpring is in the business of providing that gateway to commerce.”
The startup, which was founded by Mangtani, a former Google product executive, is currently being backed by Beanstalk Ventures, a retail technology-focused seed fund launched by Bluefly Founder Ken Seiff, according to a company press release.
The company’s latest product offering includes a one-touch buy button, which works much like the ones being launched by social commerce websites. Cole Haan is one such retailer, which is now letting its customers buy directly from the Instagram feed in the Cole Haan app, using PredictSpring’s mobile platform.
“Today, mobile commerce is hindered by pages that take 6–8 seconds to load and a checkout process that requires filling in complex forms for shipping and billing information,” said Seiff.
“PredictSpring’s mobile platform solves both of those problems by providing split-second page loads and one-click checkout with Apple Pay. It’s the future of mobile shopping. Just swipe and buy.”