CLOTHES shopping app Mallzee is to plough much of the £1.9 million raised in its latest funding round into pushing a data insights offering designed to help retailers improve their profit margins.
The Edinburgh-based business, which allows users to compare prices on products offered by over 150 brands and retailers, has raised the cash from existing investors including the Scottish Investment Bank and venture capital firm Par Equity as well as new backers Equity Gap and London Scottish Investment Group.
In total the business has raised £5m since being founded by chief executive Cally Russell in 2012.
The Mallzee app can track which products are of interest to consumers based on how they swipe through them.
The business has collated this data into a feature called Product Future, which it is now selling back to retailers to help them analyse potential sales ahead of any orders being placed.
Mr Russell said this would help retailers “make informed stock decisions based on real data to improve sell-through success”.
Mallzee has also added Peter Robinson, who formerly led the online operations of retail giants Marks & Spencer and Selfridges & Co, to its board. Mr Robinson said Mallzee has “pushed m-commerce and retail analytics boundaries”.
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