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Marketing tech firm wins US$56 million in VC funding

Thor Olavsrud | Feb. 1, 2016
Even as investors get more selective about where they put their money in the hot but increasingly fragmented marketing technology industry, big data marketing applications specialist BloomReach has won their confidence.

Kaufman notes that investors are responding to BloomReach's fundamentals, especially its strong growth rate and customer retention.

"We're selling into a big market that generates a lot of GDP," she says. "We have good fundamentals and we've always run the company very responsibly from a cash perspective. And we customers that have been committed for years."

What BloomReach does

BloomReach focuses on a single personalization platform that includes its applications for organic search and personalized site search and navigation, along with marketing and merchandizing analytics. It breaks its products down into two families:

  • BloomReach Commerce. Commerce includes BloomReach's Organic Search and SNAP (site search, navigation and personalization) applications. BloomReach says it drives 10 to 40 percent lift by algorithmically optimizing site experience.
  • BloomReach Compass. Compass's role-specific analytics provide machine intelligence insights, KPI management and action-tracking for marketers and merchandizers. BloomReach says it leads to an average $8,000 in monthly revenue for each action taken.

Taken together, the BloomReach's platform uses a combination of Web-wide and social data, natural language processing and machine learning to provide dynamic categories and results that are unique and individual to users.

For instance, a user might search for "green floral dresses" and dynamically receive a set of results of green dresses with floral prints, even though the retailer's website was not set up with those categories. In addition, past transaction results might indicate that a user has a preference for sleeveless dresses, allowing the system to present sleeveless green dresses with floral prints as the top results.

BloomReach's capabilities in cross-channel optimization are also a significant draw. Shoppers are increasingly turning to the mobile channel for research and comparison shopping as part of the in-store experience. But mobile tends not to be a direct channel. Instead, shoppers frequently complete transactions at home on a PC. Cross-channel optimization identifies anonymous, individual user profiles and determines if customers are likely the same person using multiple devices without customer authentication.

BloomReach's BloomReach Mobile solution can then use these insights to create dynamic categories based on the shopper's on-site web and mobile activity, in addition to presenting the most relevant products and search suggestions.

"At PacSun, we understand that our customers are not only diverse in their affinities for different styles, brands and preferences, but also vary significantly in the ways the connect with our digital channels," Nathan Liu, vice president for eCommerce at BloomReach customer PacSun, said in a statement Friday. "We have thousands of products and 2 million pages on the PacSun website, and it can be a challenge for shoppers to find exactly what they want. With all of the technology options available, it makes better business sense to take a platform approach that works across data silos. We turned to BloomReach's Personalization Platform to help connect each and every shopper with the perfect products."

 

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