Klevu Launches AI-Powered Search and Discovery Platform to Boost Online Conversion for Retailers and Brands
08 April 2021 - 5:15AM
Business Wire
PUMA sees 52% increase in search-led
conversions on e-commerce site
With $12 million in Series A funding, the
company will expand global business and product offering to bring
big tech to retailers
Klevu, the leading provider of AI-powered search technology for
retail e-commerce sites, today announced the launch of Discovery
Suite, an end-to-end discovery solution that captures online
shoppers’ intent to drive conversion, average order value and
loyalty. Klevu’s best-in-class discovery tool learns from shoppers
at every point as they navigate an online store, not just when they
type keywords into the search box, then leverages AI to provide
highly relevant, personalized search and discovery experiences that
lead to increases in conversion of up to 52%.
The company also announced that it has secured $12 million in
Series A funding, led by Alfvén & Didrikson, with participation
from initial investors EVLI Growth Partners, Jerry Pruttz Holding
and Jonas Dromberg. Klevu will use the funds to accelerate its
global expansion and further develop innovative products that
leverage machine learning and natural language processing to drive
data-driven business success for online retailers.
“Search and discovery remains the most overlooked aspect of the
e-commerce experience and more than 30% of online shoppers will
‘bounce,’ or leave a site quickly, if they can’t find what they
want,” said Nilay Oza, CEO and Co-founder of Klevu. “But search
isn’t limited to just the search box; it encompasses every part of
an online shopper’s experience, from using filters and navigation
tools to receiving product recommendations and even chat—all of
those touchpoints are part of search. Our Discovery Suite is a
holistic solution that enables brands to personalize the entire
search and discovery experience to drive sales and relevancy, while
also gaining data insights that can inform merchandising and
product development decisions.”
"Puma has seen a 52% average increase in search-led conversion
since integrating Klevu’s solution,” said Heike Zenkel, Senior Team
Head Content Management Global E-Commerce, Puma. Klevu works with
Puma’s regional teams globally to optimize product discovery and
increase use of search. With Klevu’s Smart Search and Category
Merchandising, all of Puma’s ecommerce web vitals have improved as
a result.
AI Is No Longer the Secret to Success for Only a Handful of
Retail Giants
Average online conversion rates range from just 1%–3%, but
shoppers are three to five times more likely to convert when they
can find relevant products quickly. Klevu’s Discovery Suite helps
online retailers of all sizes maximize conversion by seamlessly
connecting consumers with the products they want. The end-to-end
search solution optimizes relevancy across all search functions and
integrates quickly and easily with all other digital and e-commerce
platforms, including Shopify, Magento and BigCommerce, in just
hours to weeks.
Klevu’s Discovery Suite also enables brands to customize the
look, feel and experience of search and discovery to maintain
control of their unique identity on their online stores, a crucial
factor given the increasingly crowded e-commerce space and the
pandemic-fueled increase in e-commerce shopping.
Besides Puma, more than 3,000 other leading global brands are
now using Klevu’s proprietary technology to provide more
personalized shopping and discovery experiences, including Toys “R”
Us/Babies “R” Us, Yamaha, Callaway, Made.com, Sunspel, and
ColourPop Cosmetics. These brands are able to gather data insights
from their customers’ search and discovery journeys that they can
use to identify demand for new category extensions and product
improvements as well as to inform merchandising, catalog and
promotional decisions. Brands can integrate this data with their
ERP systems, email marketing systems and POS systems, enabling a
more seamless omnichannel shopping and discovery experience and
even empowering in-store associates with insights that allow them
to offer a more personalized experience for each customer they
serve.
ABOUT KLEVU
Klevu captures e-commerce shoppers’ intent and then leverages AI
to provide highly relevant, personalized online search and
discovery experiences that go well beyond keywords typed into the
search box. The company’s Discovery Suite technology provides a
seamless, fast search online experience that drives traffic,
conversion and loyalty, while reducing bounce rates. The end-to-end
discovery and search solution is easy to configure, optimize and
maintain and fully integrates with major shopping platforms’
technology in just hours. Klevu’s proprietary technology is driving
traffic, conversion and loyalty for more than 3,000 leading global
brands, including Puma, Yamaha, Callaway, Toys “R” Us, Made.com and
Jack Daniel’s.
Founded in Finland in 2013, Klevu has offices in the UK, the US,
India, Finland and Sweden. For more information, please visit
Klevu.com.
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Michael McMullan/Lori Rhodes Berns Communications Group
mmcmullan@bcg-pr.com/lrhodes@bcg-pr.com