Boston-based B2B and B2C eCommerce platform Zoovu has raised $169 million in a Series C funding round, according to a Wednesday (June 15) press release. The round was led by FTV Capital.
The money will go toward building the company’s go-to-market strategy and team, especially in the U.S., and strengthening its artificial intelligence (AI)-powered platform, which is used by companies such as Amazon, Microsoft and 3M to engage and convert customers, the release stated.
“Over the past few years, as shopping has rapidly shifted from in-store to online, many brands and retailers have continued to struggle with successfully guiding consumers along a seamless journey from discovery to purchase,” according to the release. “Customer confusion leads to a reduction in conversion rates, lower customer satisfaction and a higher number of returns on online purchases.”
Despite this eCommerce revolution and rising demand for digital solutions, Zoovu said in the release that there are major gaps in the areas of product content and customer experience, leaving room for companies that want to recreate the in-store experience in a digital space.
“As the global eCommerce market continues to accelerate with more activity migrating online, the stakes have never been higher for all brands to deliver better digital experiences,” said FTV Capital Managing Partner Brad Bernstein in the release. “When we first met the Zoovu team several years ago, we were immediately drawn to the way the company sits at the intersection of customer experience, digital transformation and eCommerce.”
Last month, PYMNTS looked at another way AI can ease friction in the world of eCommerce in an interview with Jason Paguandas, vice president of fraud mitigation and strategy at Canadian payment and value exchange service provider Interac.
Read more: AI, Passive Authentication Are ‘Game Changers’ for Frictionless Commerce
AI can help with the authentication methods used to determine that people are who they say they are, simplifying those interactions and making payments intuitive.
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