n2N Commerce Launches to Deliver First Cross-Channel On-Demand eCommerce Platform Designed Specifically for Large Retailers
Victoria's Secret adopts n2N's software-as-a-service platform to power entire eCommerce and catalogue operation
Unique offering to transform direct-to-consumer retail industry
CAMBRIDGE, Mass., Jan. 31 (www.AllPayNews.com) -- n2N Commerce, Inc. (n2N) launched today to deliver the industry's first cross-channel on-demand eCommerce technology platform designed from the ground-up to service large multi-channel retailers, signaling a transformation in how large retailers conduct their direct-to-consumer operations. Victoria's Secret Direct will power its $1.3 billion annual direct-to-consumer business with n2N's on-demand software in the second half of 2007. n2N also announced it has closed on $30 million in initial financing from General Catalyst Partners and Limited Brands, Inc. (NYSE: LTD - News).
n2N's cross-channel platform seamlessly integrates eCommerce, call center, and order management applications, weaving Web 2.0 technology and personalization throughout to create a powerful solution that enables retailers to craft strongly branded consumer experiences across channels, using straightforward configuration instead of expensive customization. n2N pulls the plug on today's costly build-and-run technology nightmare, instead offering a continuous flow of innovation and reduced operating costs.
"We founded n2N to fill a big void in the market," said Ruben Pinchanski, co-founder and CEO, n2N Commerce. "Today, large multi-channel retailers have limited choices: integrate expensive packaged applications, maintain custom code, or compromise business requirements through a hosted service. n2N changes that dynamic. Our unique team of eCommerce pioneers, retail experts, and strategic partners, powers n2N's intrinsically multi-channel solution to fully adapt and scale to the demands of the largest direct retailers."
n2N conducted research with 20 of the largest multi-channel retailers, finding that while most have homegrown their current systems, there is pent-up demand for a viable on-demand cross-channel eCommerce offering. "This segment is in a lot of pain over the cost -- and time -- required to build, customize, and integrate all the pieces," said Stan Dolberg, n2N's CMO and former chief research officer of Forrester Research. "The time is right for a company, and a solution, created expressly for large multi-channel retailers."
"We have concluded that there's no competitive advantage in owning and operating a costly direct-to-consumer technical infrastructure," said Sharen Turney, CEO Victoria's Secret. "Sustainable advantage comes from excellence in merchandising, marketing, and service. Only n2N can address our requirements: n2N's breakthrough solution will empower our merchants, marketers, technologists, and client service associates to define and implement new business practices we only dream about today. And since it's delivered on- demand as a service, we will drive down operating costs and always have access to the latest technologies and applications." n2N closed $30 million in initial financing, making n2N one of the software industry's largest Series A investments since 2003. n2N's investors, General Catalyst Partners, a Cambridge, Massachusetts-based venture capital firm that invests in exceptional entrepreneurs building technology-focused companies and Limited Brands, Inc., a publicly traded operator of more than 3,500 specialty stores, have joined together to provide n2N with the resources needed to drive a market transformation.
"We believe n2N will reshape the retail industry," said Martyn Redgrave, chief administrative officer and chief financial officer of Limited Brands, Inc. "Having an independent technology provider focused on the large multi- channel retailer will allow our entire industry to re-think the expensive and difficult path of building everything ourselves. We're pleased to join with General Catalyst Partners to enable this shift."
"The opportunity to change the game in eCommerce attracted us to fund n2N," said Larry Bohn, managing director, General Catalyst Partners. "n2N blends innovative technology, deep industry experience, strong market vision, and outstanding people to solve a tremendous market pain and transform the way in which large retailers conduct direct-to-consumer operations."
About n2N Commerce
n2N is the industry's first cross-channel on-demand eCommerce software solution designed for large multi-channel retailers. n2N Commerce opens a new era for large multi-channel retailers -- an era of innovation, cost- containment, and channel synchrony. n2N is uniquely constituted to continuously innovate and deliver unprecedented value to large multi-channel retailers. As the only solution provider exclusively focused on the needs of large retailers, n2N offers an inherently multi-channel, multi-site, multi- catalog direct-to-consumer platform that is highly scalable and reliable, and architected for ongoing competitive advantage.
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Source: n2N Commerce, Inc.