Visual merchandising platform Advanced Commerce has raised a further £1.5 million in funding, led by The Wealth Club, “to accelerate growth, expand geographically and develop new products in the same merchandising ecosystem”, its CEO André Brown told Bdaily News.
The London-based business, which works with online retailers such as LK Bennett and The Conran Shop, “helps retailers merchandise their websites effectively, delivering a better online shopping experience in order to increase sales and reduce drop-off rates and basket abandonments”.
Brown said its softwear, GrapheneHC, “is effectively three technologies in one including site search, visual merchandising and product recommendations. We want this technology to become the gold standard for all online retailers.”
The funding is the second investment via Wealth Club, after raising £1.3 million in late 2021. It brings the total raised by Wealth Club to £2 million and it now becomes a “significant minority holding in the business”.
Wealth Club CEO Alex Davies said the issue of cart abandonment can cost e-retailers millions of pounds in lost sales and Advanced Commerce is helping to solve this.
“Its platform is the digital equivalent of a good shopkeeper, arranging products on shelves to maximise sales. And the results speak for themselves: increasing average value orders by 12-15% and the volume of orders by 5-10%,” he added.
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