NEW YORK, Feb. 01, 2023 (GLOBE NEWSWIRE) — Boxed, Inc. (NYSE: BOXD) (“Boxed” or the “Company”), the technology-driven e-commerce retailer and e-commerce enabler, announced that Spresso, its SaaS modular solution platform has partnered with global enterprise digital commerce platform VTEX. The partnership unlocks Spresso’s modular solutions, including Price Optimization and LTV & Churn Prediction, now easily accessible for thousands of VTEX customers across the world.
VTEX is committed to supporting its customers with best-in-class solutions that are proven to combat the commerce challenges they face every day. This is why the Spresso partnership is exciting. Through this new partnership, VTEX customers can now easily take advantage of Spresso’s data-driven insights to enact better results for their businesses including balancing profitability & conversion, managing customer churn, and increasing customer lifetime value.
Spresso built its solutions in response to real-world challenges retailers regularly faced. The solutions leverage machine learning, advanced analytics, and artificial intelligence to drive better business outcomes. VTEX is launching with two Spresso modules, its Price Optimization and LTV & Churn Prediction Solutions.
“As retailers look to increase profitability, the ability to leverage tools like dynamic value-based pricing can help businesses get ahead of the competition,” said Mariano Gomide de Faria, Founder and co-CEO at VTEX. “More complex scenarios of promotions and pricing will be a reality in the US retail world; tactics long used by emerging markets are now becoming popular in the US. The retail environment in the US will be more and more competitive.”
Using the Spresso Price Optimization module, VTEX customers can unlock dynamic pricing based on their first-party data. The solution allows for SKU-level price optimization based on profit and conversion parameters set by the VTEX customer
In addition to Price Optimization, Spresso is offering its LTV & Churn Prediction module. This solution helps businesses predict lifetime value and the likelihood of customers to churn, enabling businesses to better control the full lifecycle of their customer-level economics. Using data and advanced analytics supports the shift from a reactive retention strategy to a truly proactive retention one.
“The VTEX partnership is a critically important component of Spresso’s go-to-market strategy, in part because VTEX is a global power player,” said Jared Yaman, Chief Operating Officer at Boxed and Spresso Business Head. “We are thrilled to partner with VTEX to bring businesses across the world new tools to drive profitability in this ‘Era of Profitability’.”
This partnership builds on the recent momentum of Spresso’s software launch on Google Cloud Marketplace. To learn more about Spresso on the Google Cloud Marketplace visit here.
VTEX (NYSE: VTEX) is the enterprise digital commerce platform where global brands and retailers run their world of commerce. VTEX puts its customers’ businesses on a fast path to growth with a complete Commerce, Marketplace, and OMS solution. VTEX helps global companies build, manage and deliver native and advanced B2B, B2C, and Marketplace commerce experiences with unprecedented time to market and without complexity. As a leader in digital commerce platforms, VTEX is trusted by more than 2,400 customers, such as AbInbev, Carrefour, Colgate, Motorola and Whirlpool, having over 3,200 active online stores across 38 countries (as of FY ended on December 31st, 2021). For more information, visit www.vtex.com.
Boxed is an e-commerce retailer and an e-commerce enabler. The Company operates an e-commerce retail service that provides bulk pantry consumables to businesses and household customers, without the requirement of a “big-box” store membership. This service is powered by Spresso, the Company’s own Software & Service business. From solving challenges with data using machine-learning modules to re-platforming with end-to-end technology, Spresso’s purpose-built storefront, marketplace, analytics, fulfillment, advertising, and robotics technologies enable better business outcomes for e-commerce customers. The Company aspires to make a positive social impact with an emphasis on good Environmental, Social and Governance practices, and as such, has developed a powerful, unique brand, known for doing right by its customers, employees and society. For more information, please visit investors.boxed.com.