Holiday Study PYMNTS 2021

Snapcommerce Grabs $85 Million For AI-Driven Mobile Commerce – pymnts.com

Snapcommerce, the message-driven mobile commerce platform for the price-conscious, has come off a funding round with $85 million, a press release says.

With the new funding, the company intends to expand its user base and keep working on innovating how people shop on their phones.

“At Snapcommerce, we’ve streamlined the broken process of finding the best prices on mobile,” said Snapcommerce co-founder and CEO Hussein Fazal. “Instead of endlessly browsing or trying different coupon codes and rewards cards, we centralize and connect every touchpoint across the purchase and fulfilment journey. This makes finding the right item at the right price as easy as sending a message to a trusted friend on your phone.”

The company’s services are flexible and AI-driven, the release says, and use messaging to get people’s customized shopping experiences right. The company has been popular as of late, with over $1 billion in sales and over 100 million messages sent between over 10 million customers.

The site, according to the release, is  at the intersection of what millennials and Gen Z are looking for, capitalizing on the time they spend on messaging apps and the way many people in those age groups prefer shopping via mobile phones.

In terms of Gen Z specifically, their earnings are set to outpace millennials’ by 2031, hitting $33 trillion by 2030 and accounting for more than a quarter of the global total.

The round was dually led by Inovia Capital and Lion Capital with participation from Acrew DCF, Thayer Ventures and Full In Partners, and included existing investors Telstra Ventures and Bee Partners, the release says.

The pandemic has bolstered a need for such tech-driven communications and mobile commerce, and eCommerce automation and analytics platform Yotpo found that as many as 65 percent of shoppers are using a mobile phone in order to browse or buy.

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NEW PYMNTS DATA: HOLIDAY SHOPPING RETROSPECTIVE STUDY – FEBRUARY 2021

Holiday Study PYMNTS 2021

About The Study: The Holiday Shopping Retrospective Study: Merchant Insights For 2021 And Beyond, a PYMNTS and PayPal collaboration, examines consumers’ shopping practices and preferences during the 2020 holiday season and what these mean for merchants now and for holiday seasons to come. The report is based on a census-balanced survey of 2,070 U.S. consumers.

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