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Greek Customer Satisfaction Startup raises a New Round from Uni.Fund

Photo by Blake Wisz ©Unsplash
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While online retail shopping has been blossoming throughout the last couple of months, the process of completing your shopping online is anything but smooth. The problems can be many – from website malfunctions, through unresponsiveness of retailers, not to mention the thousands of procedures that have to be completed in order for an item to be returned. How can online retailers finally hear our pains and sorrows and take actions to fix the problems with their services for the sake of our mutual benefit?

The Greek venture capital Uni.Fund announced on February 3 a new investment in e-satisfaction, a local startup that utilizes customer feedback to propose changes to retail industry customers, thus increasing user satisfaction and improving the conversion rates of companies. Uni.Fund, which manages around €27m, is known for making investments in the broad technology sector, particularly in the R&D and deep tech space. The amount of the funding remains undisclosed. So far, e-satisfaction has processed more than 4million consumer responses of companies such as Praktiker, Sephora, Intersport, Leroy Merlin, and La Redoute.

Ask, understand, and upscale

The expertise of e-satisfaction is built around their SaaS platform which gathers information from clients through various methods such as Google Place Reviews, referring friends, asking for a callback, sending email alerts, and others. As noted by Uni.Fund, the methods are accepted by clients, indicative of which is their response rate – Praktiker itself has gathered more than 40k responses with recommendations since it started using the platform. During e-satisfaction’s inquiry process, the platform collects feedback from visitors and customers regarding their experience across devices and channels through which they have accessed a given retailer. Based on the feedback received, as well as metadata analysis, the platform then identifies customer profiles and needs and provides recommendations, as well as comparisons to other companies in the particular industry. In a similar to the end-to-end manner, e-satisfaction is also capable of providing company owners with marketing optimizations that rely on automation to interact with customers – funnel extender images, automated alerts, and callback requests that could further improve a company’s online presence and attract more attention from potential customers.

In the second half of 2020, the e-satisfaction team announced the expansion of the company to France and introduced its product reviews service. E-satisfaction has also grown to develop official partnerships with PrestaShop which offers services connected to content and database management, as well as Microsoft Power BI, one of the renowned business intelligence management companies in the online commerce industry. 

Happy clients – where the dream came true

By using e-satisfaction, Ebnb.gr, an online store that sells mobile phone accessories and spare parts to consumers, has managed to increase its positive reviews by 79%. The biggest online shoe e-shop in the Greek market – MyShoe.gr – has managed to reduce its call center costs by 25% due to the increased customer satisfaction, which was caused by the implementation of changes in its strategy and services portfolio. The data needed for the change, of course, has to do a lot with clients and their needs and preferences. Another example from e-satisfaction’s portfolio is Marasil, a local company in the children’s clothing industry that has largely implemented e-satisfaction’s refer a friend campaign to expand its customer base. The campaign achieved a conversion rate of 35% by attracting 359 people to the website of the brand and generating 118 new customers in 50 days.

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Viktoria is an Innovation Reporter at The Recursive and a sophomore-standing student at the American University in Bulgaria. Combining her Business Administration studies while mapping the Southeastern European startup ecosystem is a positive-sum game for her as she has the chance to interact with the most active entrepreneurs in the region. Her favorite topics include venture capital structures, investments, as well as innovations in the scitech and fintech sectors.