Online reviews help drive sales, and Yotpo can help you company get more of them.
The Israeli company closed $10.7 million in funding for its platform that helps businesses generate reviews for their products.
Using Yotpo’s tech, companies can automatically email shoppers after they make a purchase and ask them to write a review right in the email. The “mail after purchase” email is customizable and links back to the shop, prompting consumers to return.
Yotpo also has tools for search engine optimization (SEO), publishing reviews on social pages, encouraging shoppers to share their reviews, and showcasing the best reviews in the hope that it will encourage more people to buy. The platform also gathers data and provides analytics, to make the most out of marketing campaigns.
Online reviews are a core part of building a brand’s reputation and gaining the trust of first-time customers. However, getting those reviews can be a challenge. A study by Saurage Research found that 84 percent of Americans say consumer reviews influence their purchase decisions. But only 28 percent say they have written reviews.
Yotpo claims that its platform converts 10 percent of shoppers to reviewers, which is greater than the industry norm, and by the end of 2014, it expects to generate more reviews than Yelp, eBay, and Bazaarvoice — quite an ambitious goal.
It currently works with more than 30,000 businesses and 50 million consumers a month, helping its clients to generate more than $1 million a month in additional revenue.
The Tel-Aviv based company was founded in 2011. It raised $1.5 million in October 2012. At the time, 2,000 sites used its technology.
Blumberg Capital led this round, with participation from previous investors Rhodium, Gandyr Group, Oliver Jung, 2B Angels, Magna Capital Partners, Plus Ventures, Zohar Gilon, and others.