Toronto-based Retailcommon has successfully closed $2 million in Series A financing for its social shopping network.
The investment from Allied Properties, Plaza Retail, MeyerBergman and Cadillac Fairview will be used to launch Retailcommon’s services in the US at the beginning of November with further details to be announced soon.
Retailcommon helps retailers connect with their customers’ mobile devices while they are shopping. Its tools mean marketers can create and distribute promotional and advertising content that will generate traffic, increase sales and build customer engagement.
What differentiates Retailcommon from other marketing platforms is that there is no app for consumers to download as it uses an adaptive web program. It means consumers can control how they register along with the personal and location data they want to share.
As the software is cloud-based, retailers can track offers and how they are performing from any location. The tool’s YROO ecosystem gives its clients control content and distribution, without it having too much of a bearing on financial and staffing resources.
Marketing platforms such as Retailcommon are nothing without real time data insights and the company’s CEO James Cunningham confirms his web app has this in abundance.
"We put the power of Retailcommon's technology in each retailer's hands," Cunningham said. "The intuitive design lets retailers target marketing initiatives by store and day part [period of time]; track performance in real time; and instantly optimize content based on the results. They're seeing data within seconds."
While the US is being targeted by Retailcommon, it currently works with 128 shopping centres and malls across Canada and Europe. These locations contribute a user base of 20 million consumers.