After a year of growth, Plytix has closed an investment round with Promentum Equity Partners. The new investment is slated to help us gain a foothold in the United States and expand product functionality further to continue our mission of helping SMBs become more data-driven.
Though we are primarily known for our ground breaking e-commerce analytics tool, we also expanded our product suite to offer a Product Information Management (PIM) platform just this past year to meet the needs of small businesses, particularly when it comes to implementation and budget.
In line with our mission, this new investment has been earmarked to help us capture the untouched SMB market for PIM. Most solutions are out of reach for the smaller companies that desperately need this technology to scale and grow their operations. We want to continue to provide user-friendly and affordable solutions that keep pace with advancing technology and industry demands.
“We believe that SMB's need to embrace digital transformation without fear. It is essential they become more efficient and data-driven if they wish to survive. Otherwise they'll be swallowed by their enterprise counterparts who are all investing heavily in data and automation, “ says Morten Poulsen, CEO of Plytix.
Deloitte published a study that shows 50% of small businesses in the US only have a mid to low digital engagement, using only basic tools (like email and cloud storage) to manage their businesses even though by implementing more advanced digital tools they can enjoy 3 times the revenue. It is likely that these numbers are even lower in Europe, even in countries like Denmark.
So what gives?
According to Morten, “The problem we see is that being data-driven is considered costly and time-consuming for small businesses, nor do they feel empowered to make the change due to lack of skills. At Plytix, we want to change that. Our mission is to help SMB’s facilitate their own digital transition with user-friendly and affordable software.”
What's to come
Here are things you can expect to see in the future:
- The release of our analytics platform. After initial testing and improvements, we are really excited to launch this baby. Stay in the loop by getting on the waiting list.
- Development of our PIM API. Integrations are essential when it comes to managing tons of data from multiple sources both up and down-stream.
- Workflows in the PIM. Workflows in the PIM will boost automation capacity and help companies further streamline their content management.
- Catalog customization. We are developing our catalogs to be customizable for our Pro Catalogs add-on in the PIM. This will give more freedom to brands looking to show off their own personal style and needs when it comes to B2B content portals.
- Global feature improvements and expansions. From the data tables to the channels feature, we have planned some really exciting usability improvements and functionality expansions. We will be adding channel-specific templates and making it easier to enrich data quickly.
We are really excited to see where this investment takes us next! We want to thank all of you who have believed in us and to all our clients who make us our best selves.
Featured image: Jake Sloop