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HomeeCommerce NewsGreece’s Convert Group raises €1.2M to help FMCG e-commerce brands

Greece’s Convert Group raises €1.2M to help FMCG e-commerce brands

We have talked a lot about how e-commerce stores are performing around the world. However, this is not a case of the industry being full of success stories. Because there are failures and stores getting no sales in years in the e-commerce space.

Therefore, it is helpful to have a strategy which guarantees sales for the particular e-commerce store. Now, there is a firm in Greece named as Convert Group which helps FMCG stores in the e-commerce stores to understand how their performance has been and how they can improve. This is via a SaaS or software-as-a-service product developed by Convert Group.

The Convert Group from Greece has just announced the raising of a new round of funding which is close to €1.2 million. This is seed funding from the Convert Group also known as the first round of funding. This funding has been done by Uni.fund, which is backed by the EquiFund investment platform.

As we mentioned earlier, this is the first time that Convert Group has raised money from outside. Up until now, the company was running as a bootstrapped one since its founding in 2014.

The product from Convert Group is named “eRetail Audit” and it is described as a platform where e-commerce market share data will be provided for “sell-out” consumer products.

Explaining further, Convert Group CEO says that “As strange as it may seem, e-commerce market share [data] for FMCGs in value, volume or units was virtually non-existent across the world,”.

“Companies like Nielsen, IRI, and IQVIA only had solutions for the traditional retail ecosystem and were not prepared for the meteoric speed FMCG online sales were increasing. We created a platform called eRetail Audit that connects to the online retailer in real-time, on a data-for-data free model, and we managed to grab online sales in extreme accuracy and detail, per SKU with basket-level aggregation and marketing data.”

Alf Alferez
Author: Alf Alferez

Dedicated writer with a strong track record of developing customer loyalty and managing general office operations. Enjoy being a part of a company where my skills and creative ideas will benefit the overall productivity of the organization. I have a strong desire to work in helping make the world a better place. Please reach out to me on [email protected]

Author

Dedicated writer with a strong track record of developing customer loyalty and managing general office operations. Enjoy being a part of a company where my skills and creative ideas will benefit the overall productivity of the organization. I have a strong desire to work in helping make the world a better place. Please reach out to me on [email protected]