PUMA sees 52% increase in search-led conversions on e-commerce site
With $12 million in Series A funding, the company will expand global business and product offering to bring big tech to retailers
Klevu, the leading provider of AI-powered search technology for retail e-commerce sites, today announced the launch of Discovery Suite, an end-to-end discovery solution that captures online shoppers' intent to drive conversion, average order value and loyalty. Klevu's best-in-class discovery tool learns from shoppers at every point as they navigate an online store, not just when they type keywords into the search box, then leverages AI to provide highly relevant, personalized search and discovery experiences that lead to increases in conversion of up to 52%.
The company also announced that it has secured $12 million in Series A funding, led by Alfvén Didrikson, with participation from initial investors EVLI Growth Partners, Jerry Pruttz Holding and Jonas Dromberg. Klevu will use the funds to accelerate its global expansion and further develop innovative products that leverage machine learning and natural language processing to drive data-driven business success for online retailers.
"Search and discovery remains the most overlooked aspect of the e-commerce experience and more than 30% of online shoppers will 'bounce,' or leave a site quickly, if they can't find what they want," said Nilay Oza, CEO and Co-founder of Klevu. "But search isn't limited to just the search box; it encompasses every part of an online shopper's experience, from using filters and navigation tools to receiving product recommendations and even chat-all of those touchpoints are part of search. Our Discovery Suite is a holistic solution that enables brands to personalize the entire search and discovery experience to drive sales and relevancy, while also gaining data insights that can inform merchandising and product development decisions."
"Puma has seen a 52% average increase in search-led conversion since integrating Klevu's solution," said Heike Zenkel, Senior Team Head Content Management Global E-Commerce, Puma. Klevu works with Puma's regional teams globally to optimize product discovery and increase use of search. With Klevu's Smart Search and Category Merchandising, all of Puma's ecommerce web vitals have improved as a result.
AI Is No Longer the Secret to Success for Only a Handful of Retail Giants
Average online conversion rates range from just 1%-3%, but shoppers are three to five times more likely to convert when they can find relevant products quickly. Klevu's Discovery Suite helps online retailers of all sizes maximize conversion by seamlessly connecting consumers with the products they want. The end-to-end search solution optimizes relevancy across all search functions and integrates quickly and easily with all other digital and e-commerce platforms, including Shopify, Magento and BigCommerce, in just hours to weeks.
Klevu's Discovery Suite also enables brands to customize the look, feel and experience of search and discovery to maintain control of their unique identity on their online stores, a crucial factor given the increasingly crowded e-commerce space and the pandemic-fueled increase in e-commerce shopping.
Besides Puma, more than 3,000 other leading global brands are now using Klevu's proprietary technology to provide more personalized shopping and discovery experiences, including Toys "R" Us/Babies "R" Us, Yamaha, Callaway, Made.com, Sunspel, and ColourPop Cosmetics. These brands are able to gather data insights from their customers' search and discovery journeys that they can use to identify demand for new category extensions and product improvements as well as to inform merchandising, catalog and promotional decisions. Brands can integrate this data with their ERP systems, email marketing systems and POS systems, enabling a more seamless omnichannel shopping and discovery experience and even empowering in-store associates with insights that allow them to offer a more personalized experience for each customer they serve.
ABOUT KLEVU
Klevu captures e-commerce shoppers' intent and then leverages AI to provide highly relevant, personalized online search and discovery experiences that go well beyond keywords typed into the search box. The company's Discovery Suite technology provides a seamless, fast search online experience that drives traffic, conversion and loyalty, while reducing bounce rates. The end-to-end discovery and search solution is easy to configure, optimize and maintain and fully integrates with major shopping platforms' technology in just hours. Klevu's proprietary technology is driving traffic, conversion and loyalty for more than 3,000 leading global brands, including Puma, Yamaha, Callaway, Toys "R" Us, Made.com and Jack Daniel's.
Founded in Finland in 2013, Klevu has offices in the UK, the US, India, Finland and Sweden. For more information, please visit Klevu.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210407006015/en/
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Michael McMullan/Lori Rhodes
Berns Communications Group
mmcmullan@bcg-pr.com/lrhodes@bcg-pr.com
