Many major retail companies now have the ability to deliver 100 million post-purchase experiences each month to their customers.
Post-purchase experience platform Narvar secured $22 million in Series B financing to help bolster its growth, which has already tripled, bringing on new customers like Bass Pro Shops, NET-A-PORTER and Neiman Marcus.
“Recognizing that post-purchase—including functions like tracking, shipping, delivery and returns—is the new competitive battleground for commerce, more than 300 of the most admired retail brands have turned to us since we launched just two years ago to engage their customers beyond the moment they buy,” Narvar CEO Amit Sharma said. “This new investment will allow us to double down on sales and marketing, accelerate new product development and solidify customer success efforts as we work to be the industry standard for leading retail brands.”
Analysts expect that consumers will spend roughly $3.5 trillion by 2020 and retailers are establishing post-purchase experiences as a new strategy to stay strong in today’s competitive market.
Although a customer may be satisfied when they make a purchase on their computer or phone, there is still a missing connection from the time they submit an online order to the day it arrives at their doorstep.
“While most e-commerce companies have focused on enhancing the ‘front-end’ customer experience—improving the way they interact with a website while shopping—many don’t have the technology or insights to continue impressing customers after they’ve actually bought something,” said Roger Lee, partner at Battery Ventures, which led the financing round.
This is where Narvar comes into the picture to help retailers seamlessly deliver products to consumers and keep them happy post-purchasing.
The company offers retailers strong delivery tracking analytics, SMS shipping alerts, returns management, smooth feedback collection and extensive communication for premium post-purchase experiences. With these advanced tools, retailers experience improved Net Promoter Scores and a decrease in shipping-related call volume.
Narvar’s customers are some of the top global retailers and members of the Internet Retailer 300, America’s largest e-tailers. Clients using the post-purchase experience platform include Bonobos, Home Depot, Warby Parker, Nordstrom, Sephora and Game Stop.
“We love that Narvar’s product allows us to connect with our customers at a crucial time in the shopping journey,” said GameStop multichannel director Bill Graham. “With Narvar, our loyal customers can continue to engage with GameStop through branded SMS, personalized merchandising and marketing content. We are very happy with the customer experience improvements Narvar’s solution has helped us provide.”