BIG DATA
BIG DATA
BIG DATA
In the Amazon.com Inc. era, retailers and other consumer-facing companies are increasingly doing their business online. Bluecore Inc. is using analytics to help them better target shoppers on the web.
More than 400 brands work with the New York-based startup, which on Wednesday announced that it has closed a $35 million funding round led by Norwest Venture Partners. The capital will finance the development of new features for Bluecore’s namesake “retail decisioning” platform. The offering, which makes extensive of machine learning, enables companies to personalize their marketing based on product and customer data.
There are many other tools out there for analyzing business information, but they tend to be fairly difficult to use. Bluecore said its platform lets marketers import data from their companies’ internal systems without asking for help from more technical-minded peers and perform analysis using straightforward controls.
To start, users can segment the consumers they’re looking to target based on factors such as how much they spend. The information may then be used to engage key subgroups across different channels. A company could target high-value customers with emails notifying them of price drops, while customizing its website to show products that have been shown to be popular among members of this group.
Bluecore also enables marketers to use the audience data for fine-tuning the promotions they display in other parts of the web such as social networks. The content can be tweaked for different stages of the customer lifecycle. After a user makes a purchase, for example, a company could change up the product recommendation bar on its site to show items related to the one they bought.
Bluecore claims to be tracking more than 120 million products for the brands that use its platform. Notable customers include Staples Inc., CVS Pharmacy and Sephora.
Bluecore has raised a total of $63 million to date from investors.
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