57.5% of all shoppers use the omnichannel service, but only 31.6% describe it as being a smooth process, according to a new report.
The latest investment brings the total capital raised to $13 million.
Automatic repricing services platform Feedvisor has raised $5 million that will help it expand globally and set up offices in the United States, the company says.
A spokesman for the Tel Aviv, Israel-based company says Feedvisor intends to open an office in the New York City area but did not say when. Feedvisor has hundreds of online retailers as clients, whose annual sales collectively exceed $1.5 billion, CEO and founder Victor Rosenman says .
The investment, led by Square Peg Capital and including existing investors JAL Ventures and Titanium Investments, brings to $13 million the capital the company has raised to date, the company says. Retailers increasingly seek dynamic pricing because consumers have become more sophisticated and online prices more transparent, Rosenman says.
Many pricing tools adjust prices based on a rival retailer’s lowest price, but Feedvisor factors in many data sourcesincluding a seller’s ratings from customers, whether it offers free shipping and how well a particular product sells in relation to either of those factors. Its algorithm also incorporates data about how many units of comparable products are listed by competitors and how well a particular type of product has been selling at various price levels, Rosenman says.