I’m thrilled to share that Narvar has raised a $10 million Series A, led by Accel with participation from Freestyle Capital, Crosscut Ventures and Commerce Ventures to expand our efforts to help retailers deepen their relationship with customers after they purchase. We call this under-served part of customer journey the post-purchase experience — the moment when customers click ‘Order Now’ all the way until they consider purchasing again.
Most people think of the post-purchase experience in terms of customer service or support but in fact it is all about customer engagement. This is the actual “moment of truth” for retailers to convert one-time shoppers into lifelong brand advocates. When done right, the post-purchase experience can reduce customer service costs by 30% while significantly improving the Net Promoter Score (NPS). As per Bain & Company, NPS drives real business value — NPS leaders grow 2x faster than the competition.
“The world’s top retailers trust us with over 30M shoppers.”
I have spent my entire career in supply chain and technology with some of the best brands in retail. The majority of this time, I was responsible for managing the operations of getting products from warehouse to customers on-time in the most cost effective way. Shipping and delivery, fulfillment and returns are the post-purchase functions that are critical to a company’s success. To give some perspective, supply chain drives 25% of cost of operations and influences over 60% of NPS. While there are many tools available in the market to manage cost of operations, there are no solutions to make supply chain customer friendly.
I started Narvar believing that post-purchase would become the greatest focus area going forward in driving customer loyalty and repeat purchases. With increasing customer expectations, the importance of post-purchase experiences has changed more rapidly than I could have predicted, causing retailers to need a partner like Narvar more than ever.
In the 2 years since launching, we’ve gotten 100 of the world’s top retailers to trust us with their customers. Many people (over 30M shoppers!) have experienced Narvar first hand on a shipment tracking page. We continue to experience a tremendous market response and are doubling our customer base every 6 months. The best part is having the opportunity to work with so many incredible brands.
“Our mission is to enable convenient shopping experiences.”
Our mission is to enable convenient shopping experiences, how, when and where customers want. I am really looking forward to what lies ahead. With this latest funding round, we will continue to innovate post-purchase by leveraging the latest technologies and data analytics to bring this mission to fruition. In addition, we are gaining valuable consumer behavior insights, which will enable us to move beyond our initial product suite. Our methodical approach resonates highly with retailers since we help them combat Amazon and thrive online.
While the growth of Narvar has been a great ride so far, there is a long list of important people who have played a critical role in our success to date. I wish I could thank all of them individually. Most importantly I would like to thank our visionary customers who signed up first. I am very grateful that you bet on us early on. I am also fortunate to be able to pick which fund we wanted to work with. Accel is an awesome firm — they have experience in SaaS and retail both as operators and investors. I am looking forward to having Brian O’Malley on our board. He has been a prolific investor in retail and in technologies enabling the next generation of commerce. Welcome Brian!
I am excited for the next phase of the company. Given the incredible customer base and extended team we have built so far, I believe that the best is yet to come.
– Amit Sharma, Founder & CEO