In recent years, brick and mortar retailers have faced the rise of online retail and its infinite product offerings and faster and faster delivery times. Consumer habits have been shifting along with the retail landscape — and traditional retail stores are suffering. This has led to a search for new ways to bolster brick and mortar sales. How do owners better position their stores to increase foot traffic and secure customers in this new retail landscape?
Enter Placer.ai — a location-based analytics company that provides the retail economy with actionable insights on target customers. By leveraging data from opt-in GPS services on individuals’ mobile devices, Placer.ai sheds light on the demographics and psychographics of customers that visit a store on any given day. Placer.ai helps retailers understand from which roads the customers enter the parking lots and where they go when they leave. For example, if the owner of a shopping mall sees a lot of customers heading to a sporting goods store once they leave, it might be a good idea to add a Dick’s Sporting Goods store soon. Retailers who utilize pop-up shops can identify the best locations that will maximize their reach to target customers. Placer.ai also allows real estate investors and retail store owners to benchmark their competition, another set of data that has historically been difficult, if not impossible, to procure.
It was the power of this dataset that initially caught the attention of IrishAngels Ventures, but it was the talented founding team along with the large, quickly growing market that convinced our team to invest in Placer.ai.
Placer.ai’s CEO, Noam Ben-Zvi, has immense technical expertise and a history of startup experience in tangential markets. He brought this experience to BlueTail, which he co-founded and saw through its acquisition by Salesforce. It was clear to us at IrishAngels Ventures that this was a founder who would not only be able to handle the ups and downs of an early stage company, but one who had the clear technical expertise to build an impressive and relevant product.
Additionally, the market that Noam and Placer.ai has chosen to target provides a large, dynamic opportunity — one that is rapidly growing as more and more industries discover the value in the demographic and psychographic insights that location analytics can reveal. Combined, this market opportunity with the technically superior product has not only demonstrated that there is a use-case, but a powerful need for this level of consumer understanding. As early stage investors, we ask ourselves “Is this product more than just interesting? Is it truly needed by its customers?” Placer.ai’s rapid market traction to date answers this with a resounding yes.