Nexite Closes $100M Funding for its Breakthrough, Connected Merchandise Platform Delivering eCommerce Level Intelligence for Physical Retail Stores
Debuted as retailers are increasing tech investments to digitize stores, Nexite offers in-store personalized and seamless customer experiences based on real-time data
TEL AVIV, Israel, May 11 2022 /PRNewswire/ -- Nexite, the pioneering data platform for real-time in-store intelligence and truly seamless retail shopping, today announces a $67 million Series C investment led by Pitango Growth and Saban Ventures with participation from existing investors Battery Ventures, Intel Capital, Pitango First and Vertex Ventures. This round brings the company's total funding to $100 million.
Founded by Anat and Lior Shakedd, Nexite has developed a data platform connecting physical merchandise to the cloud, enabling brands to increase in-store revenue with real-time sales funnel analytics traditionally used in eCommerce. With data aggregated from a product's location, availability and performance and aligned to customer journey behavior, Nexite provides actionable insights to help maximize store sales per square foot. The company's patented, first-of-its-kind, battery-free NanoBT (Bluetooth) tag is attached to merchandise delivering frictionless customer experiences including secure mobile self-checkout, seamless returns and seamless click-and-collect, driving omnichannel sales and enhancing the customer's in-store experience.
Forrester predicts physical stores will continue to drive the bulk of US retail sales for the foreseeable future, and retailers are looking to optimize physical locations to offer a next-generation customer experience, yet they still have limited visibility into the sales funnel and the customer's journey inside physical stores. This leads to an inability to understand what drives engagement and how to optimize merchandise performance. In addition, existing solutions for managing in-store inventory generally require a substantial amount of manual work by retail staff. Nexite provides retailers with item-level intelligence through the entire product lifecycle to optimize in-store assortment performance, track consumer engagement and automate traditional staff processes.
"We're providing complete transparency into the physical sales funnel and by doing so, we're creating a lexicon for in-store intelligence to optimize sales per square meter based on customer engagement data," said Anat Shakedd, co-founder and chief executive officer at Nexite. "We're introducing terms normally associated with eCommerce like abandonment, engagement and conversion into the physical realm. This type of data has never before been accessible and now it's paving the way for retailers to navigate digital together with brick-and-mortar commerce."
Isaac Hillel, Managing Partner at Pitango Growth commented, "The continuous flow of data from merchandise reinvents physical retailing into live digital solutions. Nexite's cutting-edge technology is gaining tremendous traction in the market. It's clear that Nexite is creating a new, well-needed category, and we are excited to continue from our initial investment with Pitango First through to this latest round."
"Continuous data flow from merchandise and the resultant analytics are transformational for retailers globally," adds Barak Pridor, Managing Partner at Saban Ventures, "Nexite's cutting-edge solution is driving significant commercial results that have never been achieved before in this space. We are very proud to be joining this incredible team on its journey."
Nexite's technology includes:
- Frictionless customer experiences that drive omnichannel sales
- Secure mobile self-checkout
- Contactless click and collect using the customer's phone
- Seamless returns require no staff
- Understanding into why customers are purchasing or abandoning merchandise, which sell well together, which shelves or places grab the most attention, how to optimize product placement
- Data analysis of the full sales funnel to optimize decisions and sales – awareness, engagement, conversion, abandonment and positioning
- Provides item-level anti-theft security controlled by the cloud enabling secure mobile customer experiences.
- Shelf awareness - receive notifications as soon as a shelf becomes empty
- Automated tracking of merchandise from the factory to the customer's closet, providing real-time inventory of physical stores with no manual scanning required
About Nexite
Nexite's pioneering connected merchandise platform delivers invaluable, first-of-its-kind real-time in-store sales intelligence aligned to customer behavior for sales optimization. Leveraging world class engineering expertise, Nexite's platform comprises battery-free, long-range communication technology that provides a continuous stream of data, automatically and in real-time. Nexite maximizes merchandise performance to drive store revenues for all physical retail markets, and enables completely frictionless shopping including seamless checkout and returns. Please visit Nexite.io for more info.
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