SAN FRANCISCO--(BUSINESS WIRE)--Intelligence Node, a leader in AI-driven retail intelligence and competitive analytics, experienced unprecedented sales velocity since inception with an open sales pipeline that is 4.7x the pre-pandemic volumes. The company also announced the launch of new products to capitalize on the growing eCommerce market - PriceIntelligence AI, a new price optimization app for Shopify customers and Digital Shelf Analytics, a capability to understand and improve search, content, and user review sentiment around a specific product or category.
2020 saw tremendous eCommerce growth with $2 trillion being spent globally online during the year. The pandemic coaxed both enterprise and SMB retailers to pivot to selling online - rapidly increasing the adoption rate of retail enablement platforms like Shopify. As compared to 2019, the Shopify eCommerce platform grew 86% in 2020 to $2.9 billion in revenue and serves over 1,700,000 retail businesses today. Intelligence Node responded by expanding its advanced analytics offering, battle-tested by Fortune 500 clients, to the SMB market with the soft launch of its PriceIntelligence AI app on the Shopify ecosystem.
In addition, the Company has launched a new solution, Digital Shelf Analytics, to complement its pricing and assortment solutions for the enterprise retail segment. The new offering is a strategic addition to address the evolving needs of the eCommerce ecosystem which is forecasted to reach $4 trillion by 2024.
“We’ve seen hyper-growth and accelerated sales velocity since the start of 2021. We are closing larger deals at a faster pace, acquiring new enterprise customers every week, including Fortune 500 customers and category leaders like Nestle, Lenovo, LVMH, Prada, and Schwarz Gruppe," said CEO, Sanjeev Sularia. “Launching our Digital Shelf Analytics solution positions us to offer a broad suite of capabilities to retailers and brands - everything from competitive pricing to content audits and customer review sentiment.”
To better align its offerings with the evolving eCommerce market, Intelligence Node has also completed an extensive rebranding effort. In addition to a new, contemporary brand identity and customer centric website design, Intelligence Node has also refreshed its product names, segmented to better serve brands and retailers.
“Our rebranding aims to amplify our mission and align our messaging to speak to the needs of our core audience, forward-thinking brands and retailers," explains Leela Gill, Global VP of Marketing and Design at Intelligence Node. “In addition, retailers and brands will now find our unique product solutions packaged under one product name that speaks to their segment. We believe this new alignment will help further accelerate our revenue growth.”
The new product names, features, and design are just part of Intelligence Node’s overall mission to democratize retail by offering fast, accurate, and reliable eCommerce data to its customers so they can offer shoppers the best choices.
In an environment surrounded by uncertainty with the prevailing COVID-19 pandemic, Intelligence Node remains bullish on its growth trajectory. As retailers and brands embrace the criticality of digital transformation and eCommerce leadership, Intelligence Node is uniquely positioned to be the partner of choice for large global players and the competitive SMB market.
About Intelligence Node
Intelligence Node’s mission is to provide the most comprehensive data-rich eCommerce perspective of the consumer buying journey to retailers and brands so they can thrive in the Age of Amazon.
We offer a real-time retail eCommerce intelligence platform that empowers businesses to drive product level profitability and grow margins using data-driven competitive insights, AI-driven pricing, MAP monitoring and more. Intelligence Node has the world’s largest product and pricing dataset with unmatched accuracy, at 99%, which feeds the growth of more than $600 billion in retail revenue globally. Our proprietary patented algorithms are delivered via SaaS portal, file feed, or APIs, providing rapid plug & play accessibility. We are the platform of choice for global retailers and brands, including category leaders like Nestle, Lenovo, LIDL, Prada, and many others. Learn more about the company at www.IntelligenceNode.com.