SAN BRUNO, Calif., June 23, 2016 /PRNewswire/ -- Narvar, the premium post-purchase experience platform, today announced a $22 million Series B financing round led by Battery Ventures and threefold customer growth with new customers including Neiman Marcus, Bass Pro Shops and NET-A-PORTER. Fung Capital and existing investors Accel and Freestyle Capital also participated in the round. In conjunction with the financing, Roger Lee, general partner of Battery Ventures, will join Narvar's board.
"At Narvar we are on a mission to equip retailers with the tools they need to provide exceptional customer experiences," said Amit Sharma, founder and CEO of Narvar. "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. 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."
Consumers spent more than $1.6 trillion online in 2015, and analysts expect this sum will eclipse $3.5 trillion by 2020. Delivering a premium post-purchase experience has become a new strategic imperative for retailers looking to capture their share of this massive market. Today, when a customer makes a purchase online or on their phone, there's an "experience gap" from the time they check out to when the product arrives. This is the new moment of truth for online shoppers.
"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, a general partner at Battery Ventures. "Narvar's team has figured this out, and has already built an impressive customer roster. We are excited to partner with them."
Created by industry experts from Apple, eBay, Target and Walmart, Narvar has experienced unprecedented growth over the past year. The company expanded its customer base threefold, growing monthly recurring revenues by 4X. Narvar's customers now rank among the most innovative and admired retail brands in the world. These include 77 of the Internet Retailer 300 like Home Depot, Nordstrom and Sephora, as well as fast growth retail brands such as Bonobos and Warby Parker.
Through powerful delivery tracking analytics, SMS shipping alerts, returns management, seamless feedback collection and timely communications, Narvar allows retailers to create a post-purchase experience that improves Net Promoter Scores by up to four points and lowers shipping-related call volume by as much as 30 percent within days. Consumers interacting with brands powered by Narvar that select to rate their experience report they are highly satisfied, and 80 percent tap into mobile capabilities for the convenience and ability to personalize their delivery experience.
How Retailers Are Using Narvar
The Limited solidifies brand impression: "At The Limited, we strive to provide our customers a seamless experience" said Jason Acevedo, AVP of e-commerce and logistics operations at The Limited. "With Narvar, our customers can track their packages through a beautifully-designed portal while receiving useful content like social content for styling inspiration. Using Narvar's tracking solution solidifies our brand impression and nurtures repeat customers, while creating a new sales channel and reductions in call volume."
GameStop improves customer experience: "We love that Narvar's product allows us to connect with our customers at a crucial time in the shopping journey" says Bill Graham, Director Multichannel at GameStop. "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."
About Narvar Narvar is the premium post-purchase experience platform used by the world's most admired retailers to deliver exceptional service vital to their growth and innovation. Created by experts from Apple, eBay, Target and Walmart, Narvar is trusted by more than 300 major retailers worldwide, including Anthropologie, Bonobos, Nordstrom and Sephora. For more information, visit www.narvar.com.