DynamicAction is gaining funds and a new ally to bring advanced analytics to the retail industry.
The analytics solution provider said Thursday that it received $15 million in its latest round of funding. It also established a new partnership with one of its lead investors, global services company Accenture.
As part of their alliance agreement, Accenture will become a reseller for DynamicAction’s solution. Accenture also has its own Insights Platform, a cloud-based, end-to-end analytics solution which provides insights to businesses. The partnership compliments Accenture’s own data needs while providing DynamicAction resources as well to survive in today’s unpredictable commerce market.
“The more challenging this market becomes, the more critical it will be for retailers to operate with the agility and speed of an industry leader like Amazon,” Accenture’s retail global managing director, Jill Standish, said. “DynamicAction’s solution focuses on the retailer’s most pressing needs, which are to increase full-price sales, improve margins, curb the discounting addiction and capitalize on demand.”
Last year, DynamicAction’s top five retail clients experienced 91 percent full-price sell through on average, increased profits at a 27 percent higher rate than their original revenues. The company’s revenue is growing 172 percent year-over-year. Many other investors are supporting DynamicAction’s innovations as well, including West Coast Capital, London-based Frog Capital, ePlanet Capital and WWP.
Today, DynamicAction provides analytics to many global retailers, including Brooks Brothers, Nine West and Tesco. It allows brands to tackle consumer demand with a data-structured approach. It currently has over 600 retail algorithms available to study.
“Global retail is going through incredible change, and where there is change, there is opportunity,” West Coast Capital founder Sir Tom Hunter, said. “Data analytics will be at the forefront of that change, and DynamicAction’s world class software will help retailers navigate a more profitable path in the face of heightened competition.”