The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Creating a presence on the mobile web reaches millions, but does not take much on the part of a retailer, m-commerce expert Bryan Biniak will tell attendees at IRCE 2008 in Chicago next week.
Creating a presence on the mobile web does not take much on the part of a retailer, m-commerce expert Bryan Biniak will tell attendees at IRCE 2008 in Chicago next week.
“You’re establishing a new sales channel, and the cost is not significant; once created, you can reach millions of people who rarely are separated from their phones,” says Biniak, founder and managing director of Provenance Ventures LLC, a venture capital firm that specializes in m-commerce and other companies. “What you create is a very personal shopping experience.”
Biniak, who is presenting the session “How to know if mobile commerce makes sense for your business” at the conference’s June 12 M-commerce Workshop, says any retailer whose products are good impulse buys and multi-channel retailers interested in closing the deal are ones best suited to launch m-commerce sites.
“If I’m in a store and inspired to buy a product and a retailer does not have it in stock, for example, and I really want it, that retailer will want me to buy it as soon as possible, before the impulse to buy fades,” he says. That purchase, he adds, could be made then and there on an m-commerce site.
Overall, retailers must realize there is a cultural shift happening, Biniak says. “Everything you want,” he says of the mobile web, “is right there with people at all times.”