I’m really excited to announce our investment in Nomi as they announce their funding today. Nomi helps offline retailers leverage their existing infrastructure to gather real-world, in-store customer analytics, and they integrate with existing CRM, Loyalty, and e-commerce platforms to provide better service for both online and offline customers.
Most investors will say that they invest in great teams in big markets, and we feel that both are true with Nomi.
THE TEAM The founders have extremely strong sales and customer focused backgrounds with significant experience at both Buddy Media and Salesforce. Nomi CEO Marc Ferrentino was formerly the Chief Technical Architect at Salesforce and called on CIOs, CMO’s and other top level executives at their largest retail customers, and has known my partner Bill Trenchard for many years. Corey Capasso was previously a founder at Spinback, a team that I got to know very well and one that we were about to invest in, but instead they decided to join up with Buddy Media, and Wesley Barrow was one of the top sales executives at Buddy. This team knows how to solve problems for their customers, and as we can attest since they’re currently working out of our NYC offices, they’re building a strong sales-driven culture.
THE MARKET Online e-commerce has topped $1 trillion globally, but it’s still a fraction of total offline sales. It’s ironic that many top retailers have detailed information and analytics on their web site visitors, but very little information on visitors to their physical stores, and too often these two worlds are two separate silos. That creates a real opportunity…
THE OPPORTUNITY – I think the combination of offline and online in retail is one of the biggest trends affecting retail, and I believe 2013 is the year that retailers start to apply technology solutions. Much smarter investors than me are predicting some pretty massive shifts – Marc Andreessen sees the Death of Retail and Reid Hoffman is more on the “Software Amplifies Retail” side. I think smart retailers will find ways to work companies like Nomi to bridge the gap.