I’m very excited to announce that Perfect Price has closed $5.8 million in seed funding, which will enable us to expand our team here in the San Francisco Bay Area as well as a new UK office for our increasingly global footprint; increasingly work with more complicated datasets at larger enterprises; and, most importantly, continue to deliver world-class AI solutions that solve critical business challenges, including pricing.
Research shows that consumers are poised to spend more than ever on online retailers in 2016. According to the U.S. Online Retail Forecast, spending on e-retailers is forecasted at $380 billion in 2016. Considering that online customers spent $340 billion in 2015, that's a 12% increase. The increase in spending will spur competition in the e-commerce industry.