The company intends to use the funds to expand its business in India, US & EMEA markets, accelerate its product and technology innovation and invest further in R&D initiatives to constantly improve its IP assets portfolio.
ShopConnect, a next-generation interactive ecommerce and video collaboration platform, has raised USD 1.5 million in pre series round funding from IBS Technology & Consulting Services, the holding company of Mr VK Mathews, Founder and Executive Chairman of IBS Software. The company intends to use the funds to expand its business in India, US & EMEA markets, accelerate its product and technology innovation and invest further in R&D initiatives to constantly improve its IP assets portfolio.
Founded by Dilli Babu Nandarapu, ShopConnect enables brands and retail merchants of all sizes to build next-generation online stores to give a highly immersive and collaborative user experience with features such as live video shopping and hyper-personalisation to increase buyer engagement and future-proof their businesses. ShopConnect, an industry and geography agnostic platform, gives brands and retailers the ability to connect, engage, interact, and grow customers through AI-based product promotions for increased sales and customer delight.
“We will use the investment to enhance our core capabilities to grow our customer base. We will advance R&D to introduce exciting new solutions within the rapidly growing retail tech industry and expand our operations in the domestic and international markets. It is a highly competitive market place and our focus will be to empower our customers, enabling brands and retailers to emerge stronger in this era of ever-evolving consumer behaviour driven by personalisation. We aim to onboard 2500+ premium brands in fashion & accessories, footwear, jewellery, furniture, and electronics across India and other geographies in the next three years’’, said Dilli Babu Nandarapu, Founder and CEO of ShopConnect.
“The next big trend that we observe in the retail space is video enabled commerce that has a lot of potential to attract next generation consumers. It is indeed an exciting space for ShopConnect to be in as the market is expected to reach $4-5 billion by 2025 in India”, he further added.
“With all the disruptive innovations taking place in the retail commerce, I see significant potential for ShopConnect, which promotes interactive and collaborative retail engagement, by combining the best of online and in-person shopping experiences. This is the USP and the true potential of the platform. I have full confidence in the leadership team of ShopConnect to evolve itself as a pioneering force in the online shopping space, said VK Mathews, Founder & Executive Chairman of IBS Software.
Some of the notable customers of ShopConnect include premium fashion and retail brands such as Titan industries (US), Highline United (US), Designer Ridhi Mehra, Kavitha Gutta, Style, Neena Patial, among others.
ShopConnect platform offers a highly interactive and immersive customer experience and hyper-personalisation, developed using advanced technologies, including in-house developed Web RTC based video call infrastructure, AR/VR based virtual try-on and virtual tours, 3D and 360 degree views AI-powered promotions and recommendation engine, omnichannel support to allow seamless integration of offline and online shopping experience, agile marketing strategies of customer products, dark stores where retailers/brands will be able to sell their products anytime anywhere.
Headquartered in Bangalore, ShopConnect empowers online stores of brands and retailers of fashion & accessories, footwear, jewellery, furniture, and electronics goods.
Source: Business World