As with most series A of this size, the funding will allow Nosto to keep up with it progressive international expansion, which has already plugged the company with over 1200 online retailers in over 30 countries, including bigger customers such as Bauhaus, Philips and LUSH. According to Nosto, the company’s revenues have grown over 500% since its launch less than year ago in October 2013.
A retailer considering whether to jump the Nosto train will find it much less of a financial commitment to make than they might’ve initially thought: Nosto is completely free to implement. That is, the only payment is a percentual cut that is based on the revenue the automation tool is bringing in! Nosto keeps track of any purchases completed through the features it generates so that the origins of revenues don’t get mixed up and the shares are clear.
The tool itself gets busy making customer experiences more unique by offering personalized recommendations based on customer behaviour analysis. That means more relevant search results, automated cross selling (showing products other customers have purchased) and simple yet, from a customer’s point of view, noteworthy stuff like shopping history retention. Additionally, the service sends cheesy (but apparently effective) invitation emails to customers who’ve abandoned their carts or who simply haven’t visited the online store in a while.
Nosto prides itself as being easy to implement on nearly any e-commerce platform and guarantees the integration should take no longer that a few moments of programming.
Since its seed funding round in April 2013, launching its self service solution, and following the hire of Matti Rönkkö, former Global Venture Development Director at Rocket Internet to lead the global expansion, Nosto has tripled the size of its team with new recruits from Google, Amazon and other global e-commerce players.