The European Investment Bank finances the rapid growth of inRiver!
August 24, Malmoe, Sweden—inRiver, the leading provider of SaaS-based product information management, has secured $12 million in further financing from the European Investment Bank under the European Fund for Strategic Investments (EFSI) and existing shareholders, enabling it to more aggressively invest in research, development, and global expansion. InRiver’s Product Marketing Cloud delivers best-of-breed, product information management capabilities to enterprises worldwide, including: Volvo, Intersport, Skullcandy, Ethan Allen, Brother International, Ashley Furniture, Fujifilm, Converse, and more than 900 other brands.
Product information management capabilities are crucial for manufacturers, distributors, and retailers who must manage the complexity of contemporary digital sales channels. Today’s product marketing teams need to rapidly collaborate in the creation, packaging, and distribution of their product information. inRiver Product Marketing Cloud facilitates this collaboration, leading to the delivery of world-class customer experiences across all touchpoints, and in all languages.
“Being the first provider of cloud-based product information management capabilities has led to very strong growth for inRiver, both in Europe and North America,” said Niclas Mollin, inRiver’s CEO. “This financing will allow us to further accelerate our growth and deliver even greater capabilities to marketing teams worldwide.”
“Access to financing for innovative and fast-growing companies is key to fostering competitiveness and digitalization in Europe,” said Romualdo Massa Bernucci, Director for EIB lending in the Nordic countries. “We are glad to support inRiver’s development and growth strategy; it’s companies like inRiver that enhance Europe’s position as a technology supplier and that create quality jobs across the continent.”
inRiver Cited As A Strong Performer by Independent Research Firm
Results from PIM Vendor Evaluation Cites inRiver's Highest Revenue Growth and Powerful Web Client
Chicago and Malmö, Sweden (June 18, 2018) – Today, inRiver the leading provider of multi-tenant SaaS-based product information management (PIM) solutions, is cited as a strong performer by independent research firm. inRiver was among the select companies that Forrester invited to participate in its evaluation, The Forrester Wave™: Product Information Management Solutions, Q2 2018.
According to the report’s evaluations of 10 vendors, “inRiver’s Product Marketing Cloud is ideal for the marketing-led business team that needs to focus on content creation and visualization.”
As global brands must deliver exceptional customer experiences across channels, omnichannel marketing capabilities become what sets high-performing brands apart from the competition and product content is a large component of this. The rise of the PIM market is driven by different factors, but as the reports states, “digital business pros trust PIM solutions to empower their teams to create and enrich the product content they need to drive all their digital and physical channels.”
Why should global brands choose inRiver? Quotes from the report’s profile of inRiver:
“The company’s PXM focus is evident in its richly featured content creation tools, which let business users easily create shoppable media so consumers can “shop the look” or “shop a room.”
“In addition to a powerful web client, inRiver supports live editing of the product content stored in the PIM system via an Excel plug-in that also enforces data governance rule in real time within the spreadsheet.”
“inRiver’s multilingual UI is ready to support international marketing teams with native language speakers around the globe.
“The company excels at supporting the needs of global retailers.”
Over 1000 global brands like Braun, Elfa, Ethan Allen, Home Depot, Kenwood, L’Oreal, Tops, Toyota, and World Market drive more revenue with inRiver.
To see more on the report visit here.
To learn more about inRiver PIM solutions, book a demo today or read our latest blog post to see Why Context is King when it comes to driving more revenue from your ecommerce channels.
QVARTZ - Site Of The Day at Awwwards
Qvartz.com is honored as Site of the Day at Awwwards!
This is a great acknowledgement for the digital design and UX behind the QVARTZ solution.
At Kraftvaerk, we are proud and happy of working with the talented design crowd from THINK - Digital Agency and an innovative customer as QVARTZ.
As always, we have delivered a strong technical implementation that brings the design to live – this time on the Umbraco platform.
Only One in Ten Online Shoppers Visit a Brand’s Website When Searching for Products
Newly released report shows that Amazon is the go to source when looking for products online
LONDON, UK, 18TH October 2018: A new report from inRiver, a leading provider of product information management technology, reveals that almost half (45%) of consumers go to Amazon first when looking for a specific product. The online giant has become a go-to source for product information, price comparisons and consumer reviews. In contrast, just 28% turn to a search engine first in their search for a product, and only 11% visit a brand’s website as a first source of information. The just-released report looks at the quality of product in relation to turning online shoppers from browsers to buyers, based on insight from 6,088 consumers across Europe.
The time to convince shoppers to purchase is short. 41% of online shoppers won’t consult another online store if all the information they need is provided in the first shop they visit. But one third (31%) will move to another website within 10 seconds if general product information is lacking. The most commonly searched for information is price comparisons (74%), general product information (fabric, ingredients etc.) (41%) and reviews (58%). Other data is even more crucial to purchasing decisions: consumers will abandon their virtual shopping cart instantly and turn to another retailer to make the purchase if images (20%), information on availability (25%) or information on pricing (39%) are missing.
With short attention spans from consumers, brands and retailers have to choose the right medium of information. One third (33%) of respondents say videos that show products in different contexts are most helpful in their buying decision. Almost one fifth (18%) of respondents want to see products demonstrated by influencers. The impact of influencer marketing rises to 28% among 18-24-year olds, suggesting there are ways to give shoppers more confidence in products than they currently have. YouTube is the most trusted platform for video information about products (49% trust the platform the most) followed by Facebook (32%).
Thor Johnson, CEO, inRiver comments: “Consumers are dismissive of brands and retailers who do not instantly deliver the information they need. Adding a limited number of pictures to the general product information is no longer good enough. Consumers’ expectations have increased, and they want to see products in context, as they would in-store, to give them the confidence to buy. Good product information is essential in turning browsers into buyers.”
Expectations misalign with reality
94% of online shoppers say product information is important or critical to their purchasing decision. However, only 11% of online shoppers say the products they order online are always what they expect them to be. Misleading or incomplete product information or specifications often cause a huge disconnect between consumers’ expectations and the actual product.
Of the 22% of consumers who say the products that they buy online rarely meet their expectations, nearly half will usually or always return items (48%). The number of returns is creating a huge financial impact on e-commerce businesses. For some of the UK’s largest retailers, the cost of servicing returns has spiraled to almost £60bn a year.1
Johnson adds: “Costly online returns drive profits into the ground for many retailers, forcing prices up on product, delivery or service. Rich, accurate product information alongside ample consumer reviews help products match customers’ expectations. Brands and retailers displaying enriched product information in context with video, images and compelling copy create more realistic impressions in the minds of their customer while reducing returns and downstream costs.”
Notes to editors: The research was conducted by VIGA among 6,088 consumers from the UK, Germany, Sweden, Denmark, the Netherlands and Belgium in September 2018. There were 2,000 respondents from the UK.
1Financial Times: https://www.ft.com/content/52d26de8-c0e6-11e5-846f-79b0e3d20eaf