E-commerce startup Rokt’s valuation has risen to $2.4 billion after a new round of funding.
The company announced the new rating on Monday (December 5) following a second round of funding led by investment firm Square Peg and wealth manager Wellington Management and is preparing for an initial public offering.
Last year, Rokt was valued at $1.95 billion after a $325 million Series E round.
“Despite broader market declines in ratings, we continue to see rapid growth at Rokt, driven by new e-commerce partners and a boost from advertisers,” Rokt CEO Bruce Buchanan said in a blog post.
“Due to the challenging economic climate, e-commerce companies are focusing on more relevant customer experiences that improve profitability and generate new revenue.”
Buchanan added that this has further fueled his company’s growth and has garnered investor support for an initial public offering (IPO).
Rokt was founded in Australia and is based in New York City. Rokt uses artificial intelligence and machine learning to study online shoppers and how they interact with businesses. His clients include AMC Theaters, PayPal, Uber, Hulu, Staples, Lands’ End and HelloFresh.
The company’s new assessment comes as retailers have begun to consider consumers’ shopping and spending habits to reinvent the retail experience, according to Navigating Big Retail’s Digital Shift: The New Payments Strategy Evolution, a collaboration between PYMNTS and ACI Worldwide.
“More than 66% of retailers are shifting their resources towards more convenient payment options and a broader range of payment options,” the report states, while also noting that 30% of US retailers and 37% in the UK are looking for “the right mix.” “ were looking for digital tools to meet their customers’ experience needs.”
The report examines both “needs” – things like seamless checkout and the most popular payment methods – and “wants” as expressed through an analysis of retail purchasing data, including more strategic use of QR codes, mobile apps and real-time payments.
According to the study, 70% of executives surveyed believe that “preferences for certain amenities can lead consumers to choose one retailer over another,” a reality that many industry executives saw as an indication that customer loyalty was increasingly “high Functions in the business will depend on these keys.”
How consumers pay online with saved credentials
Convenience is prompting some consumers to store their payment information with merchants, while concerns about security are causing other customers to pause. For How We Pay Digitally: Stored Credentials Edition, a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and how merchants can overcome resistance.
Comments are closed.