Klevu, the leading provider of AI-powered search technology for retail e-commerce sites, closed a $12 million Series A.
WHO: Founded in 2013, Klevu captures e-commerce shoppers’ intent and then leverages AI to provide highly relevant, personalized online search and discovery experiences that go well beyond keywords typed into the search box. The company’s Discovery Suite technology provides a seamless, fast search online experience that drives traffic, conversion, and loyalty, while reducing bounce rates. The end-to-end discovery and search solution is easy to configure, optimize, and maintain, and fully integrates with major shopping platforms’ technology in just hours.
WHY: Klevu will use the funds to accelerate its global expansion and further develop innovative products that leverage machine learning and natural language processing to drive data-driven business success for online retailers.
Average online conversion rates range from just 1%–3%, but shoppers are three to five times more likely to convert when they can find relevant products quickly. Klevu’s Discovery Suite helps online retailers of all sizes maximize conversion by seamlessly connecting consumers with the products they want. The end-to-end search solution optimizes relevancy across all search functions and integrates quickly and easily with all other digital and e-commerce platforms, including Shopify, Magento, and BigCommerce, in just hours to weeks.
IN THEIR OWN WORDS: “Search and discovery remains the most overlooked aspect of the e-commerce experience and more than 30% of online shoppers will ‘bounce,’ or leave a site quickly, if they can’t find what they want,” said Nilay Oza, CEO and co-founder of Klevu. “But search isn’t limited to just the search box; it encompasses every part of an online shopper’s experience, from using filters and navigation tools to receiving product recommendations and even chat—all of those touchpoints are part of search. Our Discovery Suite is a holistic solution that enables brands to personalize the entire search and discovery experience to drive sales and relevancy, while also gaining data insights that can inform merchandising and product development decisions.”
“Puma has seen a 52% average increase in search-led conversion since integrating Klevu’s solution,” said Heike Zenkel, Senior Team Head Content Management Global E-Commerce, Puma. Klevu works with Puma’s regional teams globally to optimize product discovery and increase use of search. With Klevu’s Smart Search and Category Merchandising, all of Puma’s e-commerce web vitals have improved as a result.
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