Apparel.com reports, "Reflektion, a retail analytics firm, has raised $8 million in a Series B funding round led by Intel Capital and including NIKE, Inc. as well as several private investors. Reflektion provides a predictive analytics platform for retailers and brands through an easily deployable Software-as-a-Service (SaaS) model. The company plans to use the funding to support its customers — including Converse, Inc., which is currently piloting the technology, O'Neill, A.M. Leonard and RealTruck — and to launch broadly its ecommerce and business intelligence solutions in the market. The resources will also be used for additional product development, plus expanded sales and marketing activities."
The article continues, "Reflektion's platform detects trends and predicts in real-time what each customer is likely to buy next, enabling companies to drive significantly higher sales and customer engagement. Its cloud-based applications apply patented algorithms and technology that reduce computational overhead by hundreds of times. Its ecommerce solution enables immediate modeling at the individual level for real-time recommendations, visual site-search, responsive messaging, dynamic discounting and mobile optimization. As such, its ecommerce customers have achieved increases in sales conversion rates and customer acquisitions, especially with non-registered guests and anonymous visitors… Retailers and brands have a tremendous amount of data that they need to process and analyze. Reflektion's platform processes huge datasets and delivers a new type of business insight, using machine learning to discover and evaluate millions of attributes of customers, products and channels."
Image: Courtesy Reflektion