The Indonesia-based consumer analytics firm, Snapcart, has declared that it has accrued a total of USD 10 million in a series A funding round. The renowned startup, reputed for providing real time consumer insights for retailers across the Southeast Asian zone, aims to expand its presence in the regional and external retail analytics market.
For the uninitiated, the startup was launched in 2015 and boasts of a rather efficient analytics software that permits consumers to photograph their receipt whenever they purchase an item with the intention of earning back the spent cash. The software apparently reads the content of the receipt and collects consumer related information from offline purchases. Specifically meant for e-commerce and retail platforms, this method helps replace time-consuming manual data collection. Experts state that this methodology contributes toward efficient customer management, which would apparently have a profound impact on the regional retail analytics industry.
This kind of consumer and shopper data is precisely what Snapcart aims to sell to numerous other brands and retailers, according to reports. With substantial funding in its coffers, Snapcart, it is touted, now aims to commercialize its analytics platform to overseas brands. Sources cite that the company’s analytics dashboards would help brands check real-time performance and classify data based on numerous categories, eventually creating a lucrative growth path for the regional retail analytics market.
Snapcart’s CEO, Reynazran Royono, was quoted stating that the firm also intends to launch a novel product that would act as a POS system in traditional stores in place of a cashier. The product apparently, will help the company gain access to conventional trade data, replacing the methodology of inventory counting. Experts claim this product would further strengthen Snapcart’s stance in the domestic retail analytics market.
Snapcart’s funding round involved the participation of prominent investors Social Capital, Endeavor Catalysts, Vickers Venture Partners, and Kickstart Ventures. Financial backers SPH Ventures and Wavemaker Partners have also apparently raided their coffers to pool in some amount for Snapcart, cite reports.