Nexite, an Israeli startup that offers a platform to help brick and mortar stores achieve the level of sales accuracy and tech as online retailers have raised $67 million in a Series C investment led by Pitango Growth and Saban Ventures. This brings the company’s total investment to date to $100 million.
Brick and mortar stores – the old fashioned type of retailers where people actually need to travel to in order to do their shopping – have been in trouble ever since the Internet began to offer online sales. Companies like Amazon continue to take away market share from such stores and certain retail chains have chosen to close their physical outlets in favor of conducting business solely online.
And that was all before the Covid crisis even hit. Then stores were shuttered the world over for extended lengths of time and many businesses could not weather the storm, and shut down entirely. Those that are struggling today to stay alive can surely benefit from what Nexite has to offer.
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Founded in 2017 by Anat and Lior Shakedd, Nexite developed a data platform connecting physical merchandise to the cloud, which it says enables 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 boasts that it provides actionable insights to help maximize store sales per square foot.
So, imagine if as the owner of a small business you could actually find ways to compete with behemoths like Amazon. Imagine if you could handle all of your own sales and no longer need to work with a middleman like Amazon or eBay.
Nexite’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.
“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.”