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November 19, 2013 04:30 pm GMT

Google Wallet Creators Raise $7M From Eric Schmidt, Khosla To Bring Personalization And Analytics To In-Store Commerce

IndexWhile Amazon has been at the forefront of providing a personalized experience in online commerce, in-store retailers are still behind in using data in compelling ways to make the purchasing and shopping experience better in physical retail. Index, the new personalization and analytics company from the original members of the Google Wallet team, is hoping to change this. Today, the startup is announcing new funding and more details on the company’s product. Index has raised $7 million in a Series A round led by Eric Schmidt’s Innovation Endeavors, Khosla Ventures, AIMCo and 819 Capital. At its core, Index wants to brick-and-mortar retailers leverage their physical stores as a competitive differentiator. Founded by former Google Wallet executives Marc Freed-Finnegan and Jonathan Wall, Index offers top-tier, brick and mortar retailers (as the Macy’s or the Best Buy’s of the world) a software integration that plugs into their point-of-sale terminals. This helps these retailers actually recognize their customers across channels beyond just credit card history, and parse through the data from their purchase history both online and offline. The end goal is for Index to then help retailers use this data create a more personalized experience. The software is downloaded on a retailer’s point of sale, and can then link in-store, online, mobile and social engagement with the retailers. For customers who opt-in, retailers can deliver personalized service, similar to the level of personalization you get on Amazon. As Wall explained to TechCrunch, “Offline needs same tools as online, and they have the same data and interactions when it comes to in-store engagement and purchases. These retailers just don’t have the technology to capture this technology, and use this data to help create a better relationship with their customers. The software includes the ability to provide a linked identity and enable retailers to develop unified customer profiles and deliver truly personalized service. Data mining is another big part of the technology–with the hope of going beyond just targeting by checkout basket. Lastly, Index integrated with point of sale registers to apply coupons and rewards before a transaction is complete. For example, Index’s software could help a retailer be able to pull up purchase history when a customer swipes their credit card at a store. So a cashier will have knowledge of past purchases, and the point of sale could even make a personalized recommendation for a product on a receipt that reflects past

Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/FB5JMH8HnNQ/

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