Give us the pitch.
Retail is a $5T industry going though dramatic change. We are moving away from the traditional models of large format stores in long-term leases serving as distribution centers. Instead, connected customer experiences have become the focus where a customer may transact in-store or online as a part of a single journey and all data is connected. CloudTags is the creator of the Connected Store - powering customer identification, predictive intelligence, and in-store re-marketing for physical store retailers. We work with established retailers like Crate and Barrel and Timberland as well as pure-play online e-tailers coming into physical for the first time like Brika and MADE. We bridge and tie everything that happens before, during and after the store into a single data stream. We are a full-service experience design & tech stack that allows customers and staff to interact with no app sign-up, download or registration.
What's the story behind CloudTags?
The three co-founders of CloudTags had worked with many brands and retailers together at their previous companies they exited, 360i and IgnitionOne, helping them transition their physical store businesses into e-commerce. They started CloudTags to help many of those same retailers now transition everything back from the digital realm into their stores. Knowing the fastest and most effective way to increase sales online is following up with customers on the specific things they bought via re-marketing, they observed that the 80% of shoppers walking out and not buying were not receiving the same experience after leaving a store. Their initial impetus was to bridge that gap based on their experience online to increase sales and connect the experience.
How does CloudTags work?
By integrating with the retailer's product feed, we offer a proprietary way for both customers on their personal devices and staff using tablets to interact directly with physical products they are considering, with no app download sign-in or registration. At the end of the experience, they can walk out and remain anonymous or choose to opt-in via email to receive information on the things they considered. If they opt-in via email, then we can track online sales and tell the retailer that the customer visited a particular store and worked with a specific sales associate. This allows them to give proper credit and commission where it's due regardless if they purchased in the store or online later.
How much traction have you gotten on this?
CloudTags works with 10 large retailers across US and Europe, recently having won brands like Crate & Barrel, Ashley Furniture, American Signature Timberland, and Sub-Zero Wolf amongst others.
Who are your founders and what is their background?
James Yancey, CEO -- James has been working at emerging media companies since 2002, and his passion for taking bold risks hasn't stopped. He has managed teams in both the US and the UK at companies like 360i, SearchIgnite, Innovation Interactive and Ignition One before igniting the future of retail at CloudTags.
Michael Glass, US Managing Director — Mike worked his way up the ladder at digital media agency 360i, eventually becomes the Senior Group Account Director for the agency's media and entertainment vertical, which included clients such as Turner, Cox Communications, Discovery, Comcast, Starz, Fox, National Geographic, and the Washington Post.
Ollie Bath, UK Managing Director — Ollie spearheads our European operation. He's worked in customer acquisition roles at companies like Accenture, IgnitionOne, and i-level.
Steve Stuk, Head of Data Science — Steve has been innovating for tech companies since the 1980's. He's worked at intelligence and data-driven companies like Manhattan Associates, SearchIgnite, Fortelligent, and BLINQ Media and taught data decisioning courses at both Georgia Tech and Emory University.
How are you funded? What's your revenue model?
The company is venture-backed by Idea Fund Partners, Alerion, and Knoll Ventures. Our revenue model is a flat cost per store per month to access the platform suite of services plus a percentage of revenue in some cases.
What's next for Cloudtags?
We are about to conduct our Series-A raise later this year. Our big focus is working with mall owners to offer our Connected Store model to their clients. This will allow emerging online brands going physical for the first time to be able to affordably and flexibly offer their products in much smaller square footage.