You can buy whatever you have in your basket on Amazon right now somewhere else. So why don’t you?
Companies like Amazon are leading the way in online customer experience (CX) by making online shopping an automated, personalised, and seamless process. As a result, customers aren’t just hoping for a better experience: they’re demanding it, or else they’re taking their money elsewhere.
Since the birth of online marketing, budgets have traditionally focused on getting customers to your website: SEO, personalised advertising, Google Ads, Facebook ads, content creation, and so on. But by focusing on acquisition, marketers have often neglected the importance of the onsite experience itself. Customers aren’t looking to be “dropped off” on a site, they want to trust your service as much as your products. Equally, retailers are beginning to realise that digital customer experience is directly correlated with revenue. This shift in mindset is leading a greater focus on in-page analytics to better understand the customers journey on the site. As Forrester, the market research company, predicts, “Digital marketing spend to hit $118bn by 2021, but budgets will shift to experiences.” But to deliver that service, you need to have a richer source of data. Simply analysing when a customer clicks on a button, doesn’t help you build a single view of the customer, their wants, their preferences, or their behavior.
Cue Decibel, a company set up for the future of retail. Richer data than ever before puts customer’s online experience at the forefront, allowing companies to optimise their website to ensure start to finish customers are satisfied and ensures that they don’t lose any along the way. Their unique smart machine learning software watches back customer interactions, collects +100 data points, locates opportunities for improvement, prioritises them, and can even trigger real-time responses to rectify issues. Decibel has grown at a steady pace over the last 5 years with a 165% increase over the past 3 years, largely driven by their Premier Partnership with Adobe. The software is already being utilized by 250 major brands names including Lego, British Airways, and Tesco.
We are pleased to announce that we lead the $17m B round, joining existing investors Eight Roads, and VentureForGood. Our investment in Decibel, led by Nicola McClafferty who herself sold her online fashion company Covetique to Asos, builds on our thesis that personalised online shopping experiences are the future (we previously invested in Graze, Tails.com and are currently investors in online fashion aggregator, Lyst). We look forward to supporting founder Ben Harris and Decibel’s plans to use the funding to scale the company and accelerate growth with an investment in sales, product, and marketing. We are impressed by Decibel’s technology in the growing customer experience market and progress they have already made in their industry.
The SaaS business is headquartered in London with sales offices in Boston, Denver, San Francisco, and presence in Chicago, Austin and NYC. It raised its first and only institutional investment from Eight Roads who led a $9m Series A in April 2017. To find out more about their platform click here.