London-based RevLifter raises €2.6 million to create personalized e-commerce deals and reduce cart abandonment rates

revlifter-team

London-based RevLifter‘s AI-powered “Deal Intelligence Engine” allows e-commerce shops to set sophisticated rules that personalize incentives at the checkout stage, reducing cart abandonment rates. These rules can be based on various, individual factors such as geo-location, the weather, customer lifetime value, or whether the user is a new or existing customer.

Founded in 2017, Revlifter has raised €2.6 million in a seed round led by a group of new and existing investors including Coutts.

The startup already influences around 10 million online baskets every day, providing personalized deals for 90 global brands, with a client portfolio that includes leading brands such as HP, Puma, EE, Carphone Warehouse, Verizon, AT&T, Clarks, and The Hut Group.

RevLifter plans to use the funding to boost its presence in the US where growth is intensifying rapidly, not just because of the size of the market but because of the particular appetite the US consumer has for deals and incentives. The US currently accounts for 30% of RevLifter’s customer base, and the startup expects that the US will account for 70% of its business by 2022.

RevLifter’s co-founders, Simon Bird and Ryan Kliszat, have two decades of e-commerce and affiliate marketing experience between them, and believe there’s an opportunity currently being missed by most e-commerce brands to create mutually beneficial deals that suit individual customers and achieve strategic goals of the brand at the same time.

“Deals are currently pre-planned, off-the-shelf promotions for the masses or involve customers searching Google for discount codes with third-party voucher sites for offers that actually negate your marketing strategy,” said Bird. “We’re opening marketers’ eyes to the potential for deals to achieve whatever it is the business strategy demands. It could be a fashion brand aiming to encourage more customers of certain sizes or an electronics retailer wanting to maximize profit margins per basket. The reality that they can do this while better meeting the individual needs of each single customer in real-time, represents a huge opportunity.”

“Since partnering with RevLifter we’ve built an AI algorithm which goes through millions of data points to find the deal which delivers the best value for the customer and the best margin for us in real-time; a genuine win-win,” said Jay Karsandas from Mobiles.co.uk. “We’re really excited about the future direction of RevLifter and the vision the founders have regarding the dynamic new role that hyper-personalized deals can play within a marketing strategy.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here