- NewStore, an Omnichannel-as-a-Service provider, announced it has raised $20 million in strategic investments
NewStore, an Omnichannel-as-a-Service provider, announced it has raised $20 million in strategic investments. Salesforce Ventures invested in the company in addition to new funding from existing investors including Activant Capital, General Catalyst and NewStore Founder and CEO Stephan Schambach.
What does NewStore do? NewStore works with brands like UNTUCKit, Decathlon, and Outdoor Voices to manage all aspects of the customer selling process, in-store operations, and real-time inventory management. Essentially, the company’s platform helps several hundred stores globally run retail operations on iPhone.
Retailers have been facing hurdles in offering a seamless interaction between online and brick-and-mortar. And connecting legacy systems and outdated technologies is time-consuming and cumbersome. Plus it creates friction behind the curtains and on the store floor.
Using NewStore, retailers operate a seamless end to end experience across all touchpoints, unlocking in-store revenue drivers including endless aisle, mobile checkout, store inventory, and clienteling.
“We’ve witnessed an interesting life cycle in retail over the last few decades. Brands have pivoted between channels, trying to meet shoppers where they are. But today’s shoppers are everywhere, and don’t see in channels, which is why omnichannel is a strategic imperative,” said Stephan Schambach, founder and CEO of NewStore. “It’s not easy to operate stores in today’s digitally-driven world. Despite stores being a source of great frustration, they also represent a major opportunity. NewStore is the most complete and compelling solution for retailers.”
“We’re excited for NewStore’s integration with our AI-powered commerce platform and new Salesforce Order Management system,” explained Mike Micucci, CEO of Commerce Cloud at Salesforce. “This gives customers even more choice in how they deliver omnichannel experiences to keep pace with the rapidly changing needs of their shoppers.”