Why we invested in Volumental

Vince Wols
Sep 4, 2018 · 3 min read

Our fourth investment was announced this week, as we participated in a €1,4M round in Swedish company Volumental. This one has been in the pipeline for quite a while.

Early predictions were all doom and gloom for brick & mortar retail centers. And while it’s hard to ignore the movement from pure physical sales to omnichannel shopping, the impending apocalypse for retail has been exaggerated. In-store retail sales continue to show a positive trend this year, growing by 2.5% in 2018, and non-food sales grew even more strongly (2.8%). Sales per store and sales per square foot are increasing as well.

During our talks with several players in the (athletic) footwear industry, they all expressed a desire to prioritize the consumer experience. Even e-commerce players who haven’t had brick & mortar locations before are now entering shopping malls with retail stores, serving as first points of contact for customers who prefer to touch, feel, smell, try or experience a physical product before making a purchase. Having a physical presence is a big part of their blueprint going forward for brands and retailers, and they are increasingly reconfiguring themselves as experience centers — enabled by technology.

With the online competition at an all time high, and many niche markets being served, smart managers see the potential of innovation and a rewarding retail experience. Most retailers who have lost floor space and physical locations failed in providing such a retail experience. Consumers may know where to get the best deal, but can these channels also offer them the best experience, expertise and service? What they don’t want are inexperienced salespeople suggesting products they have little knowledge of, badly lit retail locations, and having to search for the right model, fit or product among stacked shelves. Consumer expectations are changing, and they are now in a position to demand to be put first and central in their retail experience.

Today’s generation of shoppers (should we insert a millennial reference here?) is not looking to simply buy an object; they are looking for an experience. Welcoming these shoppers in physical stores enables retailers to tailored shopping experiences for them as individuals — whether these are pop-up locations, VIP shopping nights, curated shopping experiences, or even providing them with personal shoppers. For footwear retailers and brands, this has become an essential part of offering an omnichannel experience. That doesn’t mean that it’s straightforward though, and connecting an experience at a retail locations with customers’ online shopping preferences has been a huge challenge for most retailers.

It’s a far cry from the days of walking into a store, seeing an assistant pull out a Brannock Device from under a counter and disappear in a storage room for 20 minutes.

That’s why we invested in Volumental. Volumental is catering to this need by combining an enhanced shopping experience through their scanners, a 3D scanning service and a data service, called the Fit Engine. Especially these last two are central to Volumental’s unique value proposition moving forward, as they have moved beyond supplying simply 3D scanners, and are becoming a true data service provider. Their data service allows retailers and brands to simplify a wide range of activities, allows rapid response to trends, and provides an invaluable source of insights for managers, marketing, and R&D departments. We have been intrigued by their approach to this market, and understood the pains they are addressing for brick & mortar retail. The added value for both offline and online sales, as well as a chance to help brands to develop and optimize R&D, production and marketing activities, is very clear.

We are excited to be part of this journey with founders Caroline, Alper, Miroslav, Rasmus, as well as CEO Moritz and the team. We foresee great things for Volumental, who have just surpassed 1.5 million pairs of scanned feet. We believe their technology will be become the standard for retailers and brands to enhance the footwear shopping experience and further develop their omnichannel strategies.

Vince Wols

Written by

interested in fintech, adtech, mobility, marketing, analytics, media and more | partner @forwardvc | vince@forwardvc.com

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade