Looking forward to another year at NRF! Check out our 2018 guide to NRF below and ping PM me if you'd like to learn more about trends in digital commerce and AI and Fintech in N.America, Asia and Latam!"

1. CONFIDENTIALCONFIDENTIAL
STRICTLY PRIVATE & CONFIDENTIAL
ComCap discussion materials for NRF
January 2018
Draft
All securities transactions are offered by and conducted through ComCap LLC, a broker-dealer registered with the SEC, and a member of FINRA and SIPC. This communication is for information purposes only and should not be regarded as a solicitation or
offer to buy or sell any security or financial instrument and any email received with instructions to purchase or sell securities will not be acted upon. Pursuant to SEC and FINRA regulations, all incoming and outgoing email of persons associated with the
broker-dealer are subject to review by the firm’s compliance administrators, principals, and its regulatory agencies.
STRICTLY PRIVATE & CONFIDENTIAL

2. CONFIDENTIAL
Welcome to NRF 2018!
▪ NRF provides an unprecedented platform to network with CEOs and executives of early stage companies, technology
providers, commerce disruptors, and established retailers and brands.
▪ With a plethora of investors present, this is prime time to network in support of fundraising efforts, and meet with larger
and smaller strategic industry players that can help you to achieve your strategic objectives.
▪ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key
subsectors including B2C ecommerce, B2B SaaS, B2B services for retail (IT and marketing services, fulfillment and
logistics and call center), payments, mobile commerce and marketplaces.
▪ With offices in San Francisco, Europe, and Asia, our firm works with mid-cap public companies on buy-side initiatives
and public and private growth companies on financing and strategic M&A.
▪ In addition to being the only boutique focused on disruptive commerce models, we differentiate by bringing bulge bracket
techniques to emerging models, a strong and uncommon buy-side/strategy practice, deep understanding of industry
drivers and synergy analyses, deep relationships across the sector and worldwide coverage with closed transactions in
the US, Japan, China, ASEAN region, Western and Eastern Europe and Latin America.
▪ We hope this deck is helpful to you to summarize the landscape and learn more about the players present at the
conference.
▪ If you’d like to meet to discuss your strategic initiatives or if you would like to submit an addition for this package, please
contact the team:
2
Aron Bohlig
Managing Partner
M: +1 415-235-8270
E: aron@comcapllc.com
Steve Terry
Managing Director
M: +1 415-971-3794
E: steve@comcapllc.com
Collin Rice
Associate
M: 612-578-7512
E: collin@comcapllc.com
Fermin Caro
Director
M: +1 650-743-7825
E: fermin@comcapllc.com
Chris Nealey
Analyst
M: 949-887-3846
E: chrisn@comcapllc.com
Swetha Vijay
Director
M: +65 9326-4726
E: swetha@comcapllc.com
Carlos Gonzalez
Director
M: +7 915-413-1911
E: carlos@comcapllc.com

3. CONFIDENTIAL
ComCap’s current thematic focus areas
3
Theme Description Select companies
Analytics & AI
Focus on disruptors in the analytics space focused on ecommerce, logistics, retail, predictive,
payment, risk and marketing
Ecommerce SaaS Emerging and disruptive SaaS businesses in the ecommerce sector.
End-to-End ecommerce
Service Providers
Companies that provide end-to-end ecommerce services for retailers, such as platform,
marketing, photo services, logistics, warehousing etc.
Logistics
Emerging platforms in the digital marketing and logistics space, who focus on innovation in
supply chain and optimization in digital marketing
Marketing Suites Emerging platforms in the digital marketing space
Mobile
Focused on mobile solution providers optimizing the mobile experience from desktop-to-mobile
website conversions, targeted mobile marketing, to simplifying the mobile checkout experience.
Personalization Emerging players in the ecommerce personalization space
Retail instore
technologies and
retail IoT
The internetworking of physical devices, vehicles, buildings, and other items – embedded with
electronics, software, sensors, actuators, and network connectivity that enable these objects to
collect and exchange data.
System Integrators
Focus on large SIs covering multiple platform as well as smaller SIs covering just one or a
handful of platforms.
Beauty, Health and
Wellness
Universe of beauty companies, including product manufacturers, retailers,
disruptors and new entrants.
Digitally Native Vertical
Brands (DNVBs)
D2C digitally native brands covering clothing, accessories, personal care, home and kitchen,
furniture, and other consumer-focused products.
Fintech
Retail and commerce-related disruptors in the fintech universe. Current focus areas include
payments, risk analytics, false declines and retail POS.
Red=Not a focus for NRF
1
2
3
4
5
6

4. CONFIDENTIAL
4
ComCap – Active in 13 countries, including 11 of the top 22
global ecommerce markets
$672.0
$340.6
$99.4 $89.6 $61.8 $42.6 $38.9 $26.8 $19.5 $19.0 $18.9 $15.9 $14.0 $13.4 $9.6 $9.4 $9.4 $8.5 $6.9 $5.7 $5.0 $3.2
Retail Ecommerce Sales Worldwide – 2015 (In $bn)

5. CONFIDENTIAL
5
NRF Attendee Landscape – Selected Companies
AmountRaised
Seed
$100m
Publiccompanies
$200m
$50m
Mobile
technologies
$40m
Logistics Retail in-store
Technologies
Marketing suiteseCommerce SaaSAnalytics and AI Other1 2 3 4 5 6

6. CONFIDENTIAL
6
NRF attendees – Analytics and AI
Company: Retail Next Booth number: 3165
Amount raised: $183.5
Company: Inkling Booth number: 3861
Amount raised: $102.1m
Company: Antuit Booth number: 447
Amount raised: $59.9m
Company: Revionics Booth number: 3513
Amount raised: $56.8m
Company: Shyft Booth number: 1060
Amount raised: $39.0m
Company: O9 Solutions Booth number: 4407
Amount raised: $25.0m
Company: DynamicAction Booth number: NA
Amount raised: $23.0m
Company: Twiggle Booth number: 947
Amount raised: $17.2m
Company: Celect Booth number: 933
Amount raised: $15.0m
Company: Profitect Booth number: 4253
Amount raised: $14.5m
Company: SimpliField Booth number: 1155
Amount raised: na
Company: CB4 Analytics Booth number: 2346
Amount raised: $6.0m
Source: Crunchbase, NRF Big Show

7. CONFIDENTIAL
7
NRF attendees – Analytics and AI (Continued)
Company: Nextail Labs Booth number: 1233
Amount raised: $2.0m
Company: Venzee Booth number: 1259
Amount raised: $1.2m
Company: Mercaux Booth number: 438
Amount raised: $0.8m
Source: Crunchbase, NRF Big Show

8. CONFIDENTIAL
8
NRF attendees – eCommerce SaaS
Company: Bigcommerce Booth number: 1035
Amount raised: $155.2m
Company: Kibo Booth number: 4145
Amount raised: na
Company: Brightpearl Booth number: NA
Amount raised: $41.1m
Company: Moxie Booth number: NA
Amount raised: $35.0m
Company: Mirakl Booth number: 238
Amount raised: $23.0m
Company: OrderDynamics Booth number: 240
Amount raised: $10.4m
Company: Bstock Solutions Booth number: NA
Amount raised: $8.2m
Company: Weblinc Booth number: NA
Amount raised: $6.0m
Company: Brandlive Booth number: NA
Amount raised: $5.1m
Company: Coremedia Booth number: 2433
Amount raised: na
Company: Borderlinx Booth number: NA
Amount raised: na
Source: Crunchbase, NRF Big Show

9. CONFIDENTIAL
9
NRF attendees – Logistics
Company: Flexport Booth number: 844
Amount raised: $204.0m
Company: Optoro Booth number: IL26
Amount raised: $169.4m
Company: aCommerce Booth number: NA
Amount raised: $93.8m
Company: Temando Booth number: 2237
Amount raised: $56.0m
Company: Relex Booth number: 715
Amount raised: EUR 20.0m
Company: Starship Booth number: IL21
Amount raised: $17.2m
Company: Shiphawk Booth number: NA
Amount raised: $10.0m
Company: Zenput Booth number: 345
Amount raised: $1.7m
Company: Texbase Booth number: 1260
Amount raised: $1.6m
Source: Crunchbase, NRF Big Show

10. CONFIDENTIAL
10
NRF attendees – Marketing suites
Company: Emarsys Booth number: 608
Amount raised: $55.3m
Company: Dynamic Yield Booth number: 609
Amount raised: $45.3m
Company: Mist Booth number: 915
Amount raised: $42.4m
Company: AgilOne Booth number: 2339
Amount raised: $41.0m
Company: Amplience Booth number: 2725
Amount raised: $31.3m
Company: Zynstra Booth number: 237
Amount raised: $14.8m
Company: Tinyclues Booth number: 1155
Amount raised: $7.4m
Company: Bluefox Booth number: 2246
Amount raised: $7.0m
Company: Zappar Booth number: IL17
Amount raised: $3.8m
Company: Linnworks Booth number: NA
Amount raised: na
Company: 42 Technologies Booth number: 653
Amount raised: na
Source: Crunchbase, NRF Big Show

11. CONFIDENTIAL
11
NRF attendees – Mobile
Company: Slyce Booth number: IL9
Amount raised: $39.5m
Company: Shopgate Booth number: 1207
Amount raised: $24.4m
Company: First Insight Booth number: 3053
Amount raised: $23.4m
Company: Unbxd Booth number: 1238
Amount raised: $14.5m
Company: Scandit Booth number: 561
Amount raised: $13.0m
Company: Nudge Rewards Booth number: 1245
Amount raised: $6.8m
Company: Deposco Booth number: 611
Amount raised: $2.1m
Company: Teamwork Retail Booth number: 723, 827
Amount raised: $1.5m
Company: TransactionTree Booth number: 335
Amount raised: $185K
Source: Crunchbase, NRF Big Show

12. CONFIDENTIAL
12
NRF attendees – Retail In-Store Technologies
Company: Trax Image Recognition Booth number: IL30, 2883
Amount raised: $138.5m
Company: Altierre Booth number: 1135
Amount raised: $111.6m
Company: Mojix Booth number: 542, 2803
Amount raised: $85.5m
Company: Reflexis Booth number: 1620
Amount raised: $47.5m
Company: Tellermate Booth number: 303
Amount raised: na
Company: ID.me Booth number: 3961
Amount raised: $45.8m
Company: Shelfbucks Booth number: 3767
Amount raised: $20.5m
Company: One Door Booth number: 4158
Amount raised: $16.5m
Company: Theatro Booth number: 1121
Amount raised: $8.8m
Company: Revieve Booth number: IL11
Amount raised: EUR 0.6m
Company: Salesfloor Booth number: 222
Amount raised: $3.0m
Company: TalentReef Booth number: 472
Amount raised: $4.0m
Source: Crunchbase, NRF Big Show

13. CONFIDENTIAL
13
NRF attendees – Retail In-Store Technologies
Company: Aila Booth number: 360
Amount raised: $5.6m
Company: FindMine Booth number: IL7
Amount raised: na
Company: Fidzup Booth number: 1155
Amount raised: EUR 3.3m
Company: Focal Systems Booth number: IL15, 1239
Amount raised: $2.7m
Company: Perch Booth number: 454
Amount raised: $1.5m
Company: Keonn Technologies Booth number: 1223
Amount raised: $0.5m
Company: Glass Media Booth number: IL1
Amount raised: $30K
Source: Crunchbase, NRF Big Show

14. CONFIDENTIAL
14
NRF attendees – Other
Company: RichRelevance Booth number: 555
Amount raised: $95.8m
Company: Astound Commerce Booth number: 2534
Amount raised: na
Company: Ecrebo Limited Booth number: 250
Amount raised: $23.1m
Company: 7thonline Booth number: 1414
Amount raised: na
Company: OneView Commerce Booth number: 1503
Amount raised: $2.6m
Company: Attune Booth number: 2729
Amount raised: $2.0m
Company: Everseen Booth number: 1243
Amount raised: EUR 1.3m
Source: Crunchbase, NRF Big Show

15. CONFIDENTIAL
Retail In-Store Technologies
15

16. CONFIDENTIAL
CONFIDENTIAL
10
Select retail in-store disruptors can help retailers compete in
an amazon world
`
Analytics Display and
signage
Fintech Loyalty Marketing Store Mgmt OtherMobile
TotalCapitalRaised
$50m
$10m
$25m
$75m
$100m+
$5m
Source: PitchBook, CrunchBase
CONFIDENTIAL
26
ComCap’s strategic partner landscape
Software and
Service Leaders
Payments
& Fintech
Email Service
Providers / Other
Marketing
Global Logistics
Leaders
Agencies and
Systems
Integrators
Retailers
Corporate
VC’s
eCommerce
leaders
CONFIDENTIAL
ComCap: Retail Market Overview
June 2017
ComCap’s perspectives on retail in-store technology is
shared with 250+ financial and 100+ strategic investors
▪ ComCap’s perspectives on various industries, including retail in-store technology trends, is being shared with our
large network of strategic and financial investors globally
▪ This facilitates a better understanding of sweet spots for these investors; and ultimately helps to better position a
mandated client with selected players
▪ Unique disruptors are gaining additional global coverage via ComCap’s reach
CONFIDENTIAL
Note: Based on SF / Bay-area store visits Feb 2017. 9
Physical stores slowly adopting in-store tech (con’t)
Select Broadline / Specialty Retailers
Digital Capabilities
Beacon technology
Click & collect
Cross channel inventory view
Digital signage / price tags
E-Receipts
Free in-store Wifi
Online reviews / pins in store
Unique digital payment (Samsung, Apple Pay)
Mobile Integration:
▪ Associate Mobile App
(selling tool / check-out)
▪ Customer mobile app integration
▪ Mobile deals
ComCap proprietary analysis
16

17. CONFIDENTIAL
Retail in-store technologies – key themes for 2017-2018
Offline retail accounts for roughly 90% of retail purchases and represents a multi-trillion dollar market, yet
ecommerce penetration is steadily increasing and driving the need for improved customer experience and
efficiency in-store
Store productivity declining as ecommerce grows
Physical stores still not digitized
Technological advancement is needed to keep brick and mortar competitive
Retail in-store technology disruptors can help retailers compete in an Amazon world
Customer experience is still king
Analytics focused on retail and risk management have attracted significant capital
IoT applications present unique solutions for retailers
17
5
4
8
7
1
2
3
6

18. CONFIDENTIAL
Offline retail remains a multi-trillion dollar market, yet
ecommerce penetration is steadily increasing and driving
the need for improved customer experience and efficiency
in-store
Source: eMarketer
Total retail sales worldwide, 2015-20 Retail ecommerce sales worldwide, 2015-20
US$ trillions and percent change US$ trillions, percent change, and
percent of total retail sales
Note: Excludes travel and event tickets Note: Includes products or services ordered using the Internet via any device,
regardless of the method of payment of fulfillment, excludes travel and
event tickets
$20.795
$22.049
$23.445
$24.855
$26.287
$27.726
5.8% 6.0% 6.3% 6.0% 5.8% 5.5%
2015 2016 2017 2018 2019 2020
Total retail sales % change
$1.548
$1.915
$2.352
$2.860
$3.415
$4.058
25.5% 23.7% 22.9% 21.6%
19.5% 18.7%
7.4% 8.7% 10.0%
11.5% 13.0% 14.6%
2015 2016 2017 2018 2019 2020
Total retail sales % change
% of total retail sales
18
1

19. CONFIDENTIAL
Amazon is taking one third of total commerce growth…
Estimated Amazon North America GMV growth vs US retail GMV growth1 and Amazon prime membership2
$8
$19 $14 $17 $19
$39 $41
$79
$131
$108
$91
$127
$120
$128
25
40
54
70
2010 2011 2012 2013 2014 2015 2016
($billions)
Y/Y change in Amazon GMV
Y/Y change in US Retail GMV excluding non-Amazon categories
Prime members (in millions)
Source: Channel Advisor, Census.gov, ComCap LLC estimates2
Note: (1) US Retail GMW Growth = US Retail (ex-Autos & Food Services) + Automotive Parts / Tires – Fuel Dealers – Gasoline
(2) Recode
10%
33%
15%
32%
15%
13%
19%
AMZN % of US Retail Sales Growth
Growth has doubled over the past 2 years and prime now penetrates nearly half of US
households
19
1

20. CONFIDENTIAL
Recognizing the value of online, Amazon bags the elephant,
acquires Whole Foods Market
1.4%
1.7%
1.7%
2.1%
4.2%
5.2%
5.3%
6.9%
7.2%
16.6%
United States
The Netherlands
Spain
Czech Republic
China
Taiwan
France
UK
Japan
South Korea
Online grocery sales have yet to take off in the US
FMCG: Fast-Moving Consumer Goods
Figures for the 12-month period ending June 2016
Source: Kantar Worldpanel
US online food and drink sales (excl. sales tax, $bn)
Source: Whole Foods, Amazon.com, Statista
4.8
7.6
12.2
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
2010
2011
2012
2013
2014
2015
2016E
2017E
2018E
2019E
2020E
Will the whole foods deal boost Amazon fresh
availability?
Alaska
Hawaii
Whole Foods currently operates
444 stores in 43 U.S. States
20+
10-19
3-9
1-3
0
✓Seattle
✓Sacramento
✓San Francisco
✓Denver
✓Los Angeles
✓San Diego
✓Dallas
✓Chicago
✓New York City
✓Philadelphia
✓Baltimore
✓Boston
Washington
DC
✓ Amazon Fresh is currently available in selected cities including but not limited to
▪ Amazon acquires Whole Foods Market for $13.7bn
 Whole Foods Market could turbo charge Amazon Fresh,
which has a limited reach given its $14.99 / month fee for
Prime members
 Amazon gets access to 400+ Whole Foods stores across 43
states
 62% of Whole Foods customers have Amazon Prime
accounts, enabling Amazon to observe consumer shopping
tendencies both online and in store
 Whole Foods brings expertise in category and SKU in food
and healthy living
 The overall grocery spend in US is around $1.5t of out which
just $17bn is online (1.4% of total sales)
▪ Whole Foods’ typical customer earns $100k-$125k+ annually,
which Amazon hopes to target
▪ Whole Foods has underinvested in ecommerce technology, and
stands to benefit from Amazon's ecommerce and logistics
expertise, and will bring to bear its own last mile connectivity
capabilities
20
Number of Whole Foods stores in the US (as of June 2017)
Top 10 markets with the highest e-commerce share of FMCG sales
1

21. CONFIDENTIAL
Prime wardrobe could decrease footfall to legacy retailers
▪ Amazon’s launch of Prime Wardrobe curates clothing and accessories,
delivers them to Prime members to “try before they buy”
 Customers have seven days to choose products they’d like to keep,
and get 10% and 20% discount if they keep more than two or four
items, respectively
 Amazon's logistics network enables efficient and convenient delivery
and returns for consumers vs. traditional retailers
▪ Prime Wardrobe service is combined with Prime membership fee
 Prime Wardrobe service is expected to further boost Amazon’s online
apparel segment, which contributed 12% of sales growth last year
▪ Amazon launched seven private-label clothing lines in 2016, excluding
Zappos and Shop Bop
 Amazon also acquired a on-demand clothes manufacturing patent to
shorten lead times and minimize inventories
 Amazon’s Style Check feature and Echo Look and data on items kept
will drive improved personalization of curated items for consumers
$56.9
$63.3
$69.6
$78.9
$83.8
$90.3
$96.4
2015 2016 2017 2018 2019 2020 2021
Amazon can accelerate penetration of a leading
ecommerce segment
Source: Satistica
$7 $8 $8
$13
$10$10$11
$17
$13$13$13
$20
$15$16$17
$20$20$21$22
$32
$23
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
2Q16
3Q16
4Q16
1Q17
Prime wardrobe can contributed to Amazon’s expanding
share of global retail revenue ($bn)
Source: BI Intelligence
Amazon’s private clothing labels
SOCIETY NEW YORK
Apparel, footwear and accessories retail e-commerce
revenue in the United States from 2015 to 2021 ($bn)
21
1

22. CONFIDENTIAL
Google has previously integrated partner technologies into
its product offerings with great success
22
DescriptionPartnership
▪ DigitalGlobe is a key player in the global commercial satellite-
imagery industry
▪ Much of Google Earth and Google Maps’ high resolution-
imagery is provided by DigitalGlobe
▪ Google acquired ITA Software in July 2010 for $700mn
▪ Google’s acquisition of ITA Software aimed to create a new, easier
way for users to find better flight information online, turbocharging
online purchases of flight tickets
▪ The acquisition was projected to benefit passengers, airlines
and online travel agencies by making it easier for users to
comparison shop for flights and airfares and by driving more
potential customers to airlines’ and online travel agencies’
websites
▪ Integrated ComScore’s validated Campaign Essentials (vCE)
for US Google DoubleClick customers to help improved digital
advertising’s problems such as viewability
▪ Developed audience delivery metrics such as Gross Rating
Point (GRP) measurements for digital media
▪ In Feb 2016, it was forecasted that ComScore vCE will deliver
$100m in 2017 revenue to ComScore, largely attributable to
DoubleClick
Source: Press releases and articles
1

23. CONFIDENTIAL
Store productivity declining with ecommerce growth…
▪ Online sales have hampered brick and mortar stores’ ability to increase productivity. Digital sales have grown double digits annually
 The U.S. Census Bureau estimated that total e-commerce sales for 2016 were $395 billion, an increase of 15.1% over 2015
▪ Productivity rankings for the 2016 for leading U.S. retailers, as compiled by E-Marketer show large format and specialty retailers are
among the most productive
▪ Returns create further headwinds for retailers – The National Retail Federation says that returns have increased 52% from $171
billion in 2007 to $260 billion in 2015
▪ Free delivery is often an incentive to buy online, forcing traditional retailers to make up the losses on returned items through higher
productivity
▪ Lower productivity retailers need innovation urgently to drive foot traffic back to brick-and-mortar locations
Declining store productivity 2014 - 2016
Source: Forbes.
Note: Some companies do include their online sales in their productivity figures since they fulfill their omnichannel sales in their stores. While
department stores have benefitted from online sales, they have not included them in their productivity statistics.
23
2
The Amazon effect – US eCommerce sales growth, year over year
$0
$200
$400
$600
$800
$1,000
$1,200 2014 2015 2016
Retailers avg. sales per square foot
Note: Saks, Lord & Taylor and Hudson’s Bay are brands of the parent company Hudson’s Bay company. Hence the Store productivity data is for each brand
Belk 2016 store productivity is sourced from Forbes
Source: eMarketer, Forbes

24. CONFIDENTIAL
Select broadline / specialty retailers
Digital Capabilities
Beacon technology
Click & collect
Cross channel inventory view
Digital signage / price tags
E-Receipts
Free in-store Wifi
Online reviews / pins in store
Unique digital payment (Samsung,
Apple Pay)
Mobile Integration:
▪ Associate Mobile App
(selling tool / check-out)
▪ Customer mobile app integration
▪ Mobile deals
Note: Based on SF / Bay-area store visits Feb 2017
…Creating a huge opportunity for adaptive retailers
(yet many are slow to do so)
ComCap proprietary analysis
24
3

25. CONFIDENTIAL
Select broadline / specialty retailers
Digital Capabilities
Beacon technology
Click & collect
Cross channel inventory view
Digital signage / price tags
E-Receipts
Free in-store Wifi
Online reviews / pins in store
Unique digital payment (Samsung,
Apple Pay)
Mobile Integration:
▪ Associate Mobile App
(selling tool / check-out)
▪ Customer mobile app integration
▪ Mobile deals
Note: Based on SF / Bay-area store visits Feb 2017.
Physical stores slowly adopting in-store technology (con’t)
ComCap proprietary analysis
25
3

26. CONFIDENTIAL
Customer experience is still king…
Increasing dependence on CX to generate higher revenue, better customer loyalty, a bigger market share, and even
higher stock prices
▪ Shopping is no longer treated as a need-
based activity, but has become an
experience, providing a unique
opportunity for retailers to develop
strategies for delivering the experience
customers desire and boost their
business
▪ At 52% in ForeSee’s experience index,
the appeal, variety, and availability of
products make merchandise one of the
top drivers of improving CX
▪ Customers who then have a great CX
are 50% more likely to purchase from
that retailer’s store and 60% more likely
to buy from that retailer the next time
they buy similar merchandise
▪ Now more than ever it is essential for
retailers to offer an experience to their
customers that they couldn’t receive via
mobile or online
✓ With the advent of digital marketing,
in addition to the abundance of in-
store advertising, creating lasting
impressions on customers is
becoming a significant challenge
✓ Fierce competition, has been
exacerbated by the rise of
ecommerce, making the need for
retailers to differentiate both
themselves and the in-store
experience all the more urgent
Source: ForeSee’s 2016 Experience Index, press releases.
Priority map
▪ 56 cents of every dollar spent in a
store is influenced by a digital
interaction (Deloitte, 2016)
▪ 75% shoppers now prefer to browse
online then buy in store (PWC, 2015)
▪ In the apparel sector, over half of
shoppers who browse online still
prefer to go in store to complete the
purchase (PWC, 2016)
▪ 76% of Millennials use their mobile
phone while in store (ForeSee, 2016)
82
7879 79
76
80
2011 2016
Store Web Mobile
Changes in channel CX
Despite clear evidence that CX drives customers,
store CX it has dropped four points since 2011
according to ForSee’s experience index.
Chart above is a reference point for what retailers need to improve as it relates to the customer
experience. Merchandise and price remain top priorities
Outcomes of a great store CX
Monitor Top priority
ImproveStatus quo
Low Impact High Impact
Price
Merchandise
Service
Store environment
Elements Top priority elements
26
4
LowScoreHighScore

27. CONFIDENTIAL
… Yet retailers struggle to understand consumers’ multi-channel
journey due to poor integration of online/offline data
Source: A commissioned study conducted by Forrester Consulting on behalf of RetailNext, November 2015
Consumers turn to different channels at different stages of the
buyer journey
Retail stores struggle to integrate online and offline data
15%
14%
57%
51%
24%
32%
33%
60%
10%
Purchase products
Interact with customer service
agent or store associate
Research products
Mostly or exclusively in -store Online and in -store equally
Mostly or exclusively online
But when it comes to making
purchases, 51% of consumers do
so online and in-store equally
followed by the 33% who prefer
to make purchase in-store
60% prefer to
interact with sales
associate in-store
Most Consumers
(57%) prefer to
research products
online
20%
17%
23%
13%
19%
14%
17%
23%
18%
21%
25%
28%
27%
45%
41%
46%
44%
39%
47%
45%
41%
39%
36%
27%
25%
31%
31%
31%
25%
24%
13%
15%
14%
12%
13%
9%
7%
6%
8%
9%
1%
1%
1%
1%
1%
Able to understand online
touchpoints and the…
Can take orders in-aisle via
mPOS
Know what tasks are the highest
priority
Know what amount of interaction
is the right amount to…
Place orders for items that are
located in another store or DC
Offer ongoing training based on
their performance
Able to understand past
customer behavior and make…
Access to rich content and
information in order to help…
Access to robust reporting that
helps them understand store…
See inventory in all store and
distribution center locations
Strongly agree Agree
Neither agree or diagree Disagree
Strongly disagree
27
4

28. CONFIDENTIAL
Creating a unique experience differentiates retailers and drives
repeat foot traffic
✓ Emergence of robots in retail enhances customer experience
✓ Rise of sensor technology streamlines the experience
✓ New in-store technologies including analytics, intelligent
merchandising, associate augmentation, way-finding, personalized
virtual experiences, and augmented reality experiences are being
offered by innovative disruptors
✓ Services to drive online customers to the store such as buy online &
pick up in store, interactive kiosks, create digital GIF booth, virtual
rails, interactive dressing room, digital fitting room and others create
a differentiated experienced
Retail in-store technology disruptors can help retailers
compete in an Amazon world…
Source: CB Insights
Technology
provider
Technology overview
▪ Offers a centralised SaaS platform, that automatically collects shopper behaviour data
▪ Improves attribution of online to offline campaigns with comprehensive in-store analytics
▪ The analytics software and retail expertise assist in increasing same-store sales, reducing theft and eliminating
unnecessary costs
▪ One Door provides Merchandising Cloud, a SaaS-based application that enables localized merchandise campaign
planning, communication, in-store execution, and compliance tracking;
▪ Enables merchandising plans tailored to each store which provide a guided associate experience, improving sales
conversion while reducing inventory and operational costs
▪ SES-imagotag offers retailers with an all-in-one solution to connect their stores: electronic shelf labels, jeggy
software and MultiCom infrastructure
▪ Shelfbucks is an in-store smart shelf and smart display platform
▪ The company allows CPG's and retailers to measure, manage and improve the effectiveness of in-store product
merchandising programs
A robotic selling machine installed in a
Best Buy store in Manhattan
Rebecca Minkoff established a digitally
connected store collaboration with
eBay, optimizing the use of space
Virtual rail mounted by M&S in its store
allows customers to browse life-sized
imagery of merchandise, simulate a real
life clothing rail
28
5

29. CONFIDENTIAL
… and transform brick-and-mortar retail
Selected in-store innovators
▪ Recent advancements
include robotics,
personal recognition,
digital wallets, artificial
intelligence, consumer
analytics and other tech
driven initiatives in order
to make shopping
easier instore and
online
▪ Instore operations have
been transformed by
new developments such
as interactive kiosks,
mobile payments, BLE
technology, RFID
tagged products and
smart shopping carts
▪ Innovations such as
virtual mirrors and
interactive kiosks can
also refuel customers’
desire to shop instore
▪ A range of ancillary
services are popping up
for instore, such as POS
financing, guest wifi,
and POS interviews
Source: CB Insights 29
5

30. CONFIDENTIAL
Select retail in-store disruptors
`
Analytics Display and
signage
Fintech Loyalty Marketing Store Mgmt OtherMobile
TotalCapitalRaised
$50m
$10m
$25m
$75m
$100m+
$5m
Source: PitchBook, CrunchBase 30
5

31. CONFIDENTIAL
Technological advancement is needed to keep brick and
mortar competitive…
Strategies Description
Offline stores
Assist in improving the buying experience at physical stores:
▪ Kiosk implementation: Shares the image of a particular product either through Bluetooth/ Wi-Fi and the kiosk pops
up with the exact product / similar products present in the store
▪ Virtual trial mirror: If a client stands in the front of mirror, he can have a view of the entire catalogue in the front of
the mirror. The customer can view different products on themselves, change the background, the colour of the
product, take a selfie, match the product with complementary products and see the entire collection without actually
wearing it
▪ Localization: Using assortment planning to choose optimal products for each location and digital merchandising
execution to ensure precise placement and presentation of optimal products and their related VM/POP can be
executed in less time by lower cost in-store labor
Virtual reality
▪ Through VR, the user can visit various stores, view their entire catalogue, and look for all the latest collections from
their favourite brands or designers
▪ VR store is very well arranged to locate the category of the products and helps the consumer find what they are
looking for
Video analytics
▪ Provide useful insights on how much time a user spent on each product, who is taking the product from the
shelf and without putting it to the cart keeping it back on the self
▪ This information assists in analysing the offers to be given and to increase the footfall in the physical stores
Augmented
reality
▪ Various brands / retailers can promote their product using AR. The consumer can launch a user manual in a
short video while hovering the camera over the logo on the packaging
▪ For example: For home decor, the user can scan the barcode of the item they likes and after returning home can see
the product in the real world with the camera positioned in the space where they want to keep the product
Personalized
online
shopping
▪ Personalised shopping experience has given a rise to personalised pages, personalised search results, personalised
product recommendations, and personalised offers
─ Personalized pages: It can be the landing page as well as the product page. By tracking the user’s past activities
on the website, the company can analyse and predict the likes and dislikes of the user
─ Personalized product recommendations: After understanding the behaviour of the consumer, the company can
make recommendations on potential purchases
31
6

32. CONFIDENTIAL
… fueling the demand for in-store technology which continues to
attract venture capital
$45
$67
$103
$184
$134
$114
$183
$297
$59
$314
$275
$137
$238
$229
$275
$137
$190
$229
18
22
30
46
36
30
34
41
28
46
40
35
47
56
40
35
45
32
0
10
20
30
40
50
60
$-
$50
$100
$150
$200
$250
$300
$350
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17
Disclosed funding ($m) Deals
Source: CB Insights 32

33. CONFIDENTIAL
IoT applications present unique solutions for retailers
▪ According to Juniper
Research, the number of
IoT-connected devices will
reach 38.5 billion in 2020,
a 285% increase from
13.4 billion in 2015
▪ The devices include
smartphones, tablets,
smart signage and
wearables. Using data
from a smartwatch,
retailers will be able to
gain insight into how long
a customer stands near a
product, or the speed at
which they wander down
the aisle
▪ To make in-store digital
signage even more
interactive, avant-garde
retailers are integrating
beacon technology to
detect users with
Bluetooth-enabled smart
devices as they approach
the digital displays. For
example: Zatar and
Samsung are creating an
engaging customer
experience by affixing
RFID tags within labels on
wine bottles
The start-ups in this market map have raised $900m in aggregate to bring
IoT into retail
Source: CB Insights 33
7

34. CONFIDENTIAL
Personalization in Retail
34

35. CONFIDENTIAL
ComCap’s perspectives on Personalization in retail is
shared with 250+ financial and 100+ strategic investors
▪ ComCap’s perspectives on various industries, including personalization in retail, is being shared with our large
network of strategic and financial investors globally
▪ This facilitates a better understanding of sweet spots for these investors; and ultimately helps to better position a
mandated client with selected players
▪ Unique disruptors are gaining additional global coverage via ComCap’s reach
35

36. CONFIDENTIAL
36
eCommerce personalization services landscape
▪ Personalization capabilities are now viewed
as critical in achieving a unified customer
experience
− B2C, and increasingly, B2B sellers are
investing in customer individualization
and intimacy
▪ Historically a poorly defined category,
Personalization Services is now entering its
“Version 2.0”
− First generation solutions were
characterized as being complex and
difficult to implement resulting in delays
as marketers had to rely solely on IT
− Next generation SaaS providers are
now leveraging big data, AI and
machine learning to create meaningful
one-to-one consumer and buyer profiles
− This new generation of providers puts
the marketer in charge, allow DIY
implementations
▪ Some early consolidation occurring as
larger platforms strive to meet retailers
agendas
▪ In addition there has been very active
investment by the venture / PE community
driven by the strong ROI in the space
`
Personalization Companies
TotalCapitalRaised
$50m
$10m
$25m
$75m
$100m+
N/A
Source: Pitchbook

37. CONFIDENTIAL
Personalization disruptors are emerging across a wide range of sectors, representing an
attractive investment opportunity for financial and strategic investors
Personalization is quickly becoming a cornerstone of corporate marketing strategy
Personalization is evolving rapidly as retailers react to consumer demand to provide a
“frictionless” customer experience
Consumers are prepared to pay a premium for a customized product or service
Personalization is bridging the gap between online shopping and in-store experience
Data is transforming how companies approach personalization
The CMO is wielding more power when it comes to technology spend, with
personalization becoming a focus area
Retailers are engaging with customers through personalized in-store technologies
including beacons and in-store ads
5
4
7
1
2
3
6
8
37
Personalization in Retail – Key themes for 2018

38. CONFIDENTIAL
38
Personalization is of current paramount importance
“The bottom line is that if you can't identify customers
through the interaction channels, you can't engage with
them in a meaningful way… Businesses must integrate
their customer relationship management (CRM) systems
with data sources from other customer touchpoints, [and]
need to consider new approaches and programs that
will enable them to capture additional customer
behavior information that will provide deeper insights”
-Brian Chung, Head of Global Solutions
Marketing, SAP
“Personalization is helping us build relationships with our
customers that translate into increased engagement,
loyalty and revenue.”
- Simon Pritchard, Group Digital Director,
Arcadia
“59% of shoppers who have experienced personalization
believe it has a noticeable influence on purchasing.”
-Rethinking Retail, Infosys
“77% of consumers have chosen, recommended, or paid
more for a brand that provides a personalized
experience.”
- Forrester Research
“In 2017, personalization will continue to drive customer
engagement for retailers….it will empower sales
associates to build stronger connections, increased
brand trust, and loyalty.”
- Oscar Sachs, CEO, Salesfloor
“70% of retailers cited personalization of the customer
experience as a leading customer engagement priority
for 2017.”
- Boston Retail Partners 2017 Customer
Engagement Survey
“In-store shopping is far from dead — but it does have to
change to keep up with the trends. Instead of telling
customers how, when and where to shop, retail stores are
catering to their customers’ individual shopping
requirements — the shopper is in charge, and retailers
must adapt.”
Gary Ambrosino, CEO, TimeTrade
1

39. CONFIDENTIAL
39
Organizations employ a variety of personalization tools to
drive consumer engagement
Email and social media personalization
Consumers tend to identify themselves to a business by signing up for some form of notification such as a
newsletter or following the business on social media. As a result they will provide information about themselves
and their preferences. This allows targeted communication using segmentation based on the data the consumer
provided. For example this might occur through targeted email campaigns or Facebook advertising.
Campaign personalization
Campaign personalization describes website content personalised to support online and offline campaigns. This
typically involves the creation of a custom landing page to support the campaign. These pages would include a
call to action such as making a donation or signing up for an event.
Geographical personalization
Geographical personalization customises content based on the consumer’s geographical location. The technology
can also send consumers geo-located messages about special offers or discounts close-by.
Internet protocol address customisation
IP customisation attempts to identify the user through their IP address. Knowing where a user comes from allows
the customisation of content to reflect their needs. It involve changing homepage content to provide quick links
to content of specific interest to that consumer.
Account customization
The consumers can personalise content once personalise content once they have created an account. By logging
in the consumer identifies himself and so content can be tailored according to the requirements. It is possible to
do account customization without a consumer logging in by relying on cookies.
Related content personalization
This type of personalization is used by Amazon. It refers to recommendations based on what content a consumer
has previously viewed and the behaviour of other consumers.
1

40. CONFIDENTIAL
40
Organizations are quickly implementing personalization
strategies
▪ Personalization is widespread, but techniques remain relatively basic: roughly 90% of senior marketers worldwide
are implementing personalization strategies, but only 6% rate their strategy as advanced
▪ Email remains the most common channel that retail marketers personalize: two-thirds of US marketers
personalized email content, followed by 56% that personalized elements of their website
▪ 48% of US marketers reported that personalization on their websites or apps lifted revenues in excess of 10%;
only 11% reported no lift
▪ Integration of data across devices, channels and functions is essential, but most companies lack this capability:
data from customer relationship management systems is often the hardest to tap for personalization purposes
▪ A recent survey from eMarketer, found that 55% of US internet users ranked Amazon as the digital platform
having the best personalized customer experience
Implementation of Personalization StrategyOrganizations define Personalization Differently
According to Senior Marketers Worldwide, Dec 2016
(% of respondents)
In process,
56%Just starting
out, 28%
Not doing
anything,
10%
Advanced, 6%61%
View personalization as a
business strategy
80%
Feel that personalization has
gotten more complex in last
3 years
75%
View segmentation as the
minimal effort to claim
“personalization”
View personalization as a
marketing tactic
39%
Source: eMarketer
1

41. CONFIDENTIAL
Personalization is evolving rapidly as retailers react to consumer
demand to provide a “frictionless” customer experience
Plans to implement personalization services among North American Retailers
Most retailers expect to implement a personalization strategy within the next 3 years
9% 4% 2%
27%
18% 21%
16%
38%
60%
44%
42%
Personalized rewards
based on customer
loyalty
Suggested selling
based on previous
purchases
Personalized
promotions
Personalized digital
content
Implemented and working well
Implemented and needs improvement
Implement within 3 years
▪ Personalization of the eCommerce
experience is proven to increase sales
▪ 60% of US consumers want to receive
real-time promotions and offers
▪ Yet many North American retailers have
not implemented a personalization
strategy
− Vendor integration problems
− Additional analytics required
− Inability to create personalized
content
41
Source: Boston Retail Partners
(% of respondents)
2

42. CONFIDENTIAL
Marketers view personalization as critical to drive their most
important metrics…
24% 24%
22%
20%
17%
15%
14%
12%
10% 10%
0%
5%
10%
15%
20%
25%
30%
Returnvisits
Conversionrate(e.g.,
purchase)
Timeonsite
Pageviews
Registration/signups
Numberofleads
Downloads(e.g.,whitepapers)
AverageOrderVolume(AOV)
LifetimeValue(LTV)
Bounce/exitrate
▪ Web personalization is becoming
democratized and is providing ROI for
large, medium, and small businesses
▪ Web personalization has proven to affect
bounce rates, time-on-site, page views,
conversions, etc.
▪ Over 85% of marketers report seeing a
lift of at least 5% in their most important
metrics
− Roughly 40% have seen increases of
at least 20% in their metrics
What are the primary metrics marketers use to improve web personalization efforts?
42
Source: VentureBeat
2

43. CONFIDENTIAL
43
…and consumers are prepared to pay a premium for a
customized product or service
34%
31%
26%
25%
24%
23%
22%
22%
21%
21%
19%
16%
15%
14%
12%
33%
34%
36%
36%
35%
36%
38%
32%
33%
33%
32%
29%
28%
27%
31%
10%
15%
19%
17%
19%
18%
21%
21%
20%
18%
23%
20%
22%
24%
25%
7%
3%
7%
6%
8%
9%
9%
7%
8%
12%
11%
14%
12%
12%
11%
3%
4%
2%
4%
3%
3%
2%
5%
5%
3%
4%
5%
4%
5%
5%
3%
5%
3%
4%
4%
5%
2%
4%
6%
5%
6%
9%
10%
11%
9%
10%
8%
7%
8%
7%
6%
6%
9%
7%
8%
5%
7%
9%
7%
7%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Soft drinks
Books, music & entertainment
Restuarants
Beer, wines & spirits
Hotels
Flights
Food & groceries
Electrical products
Health & Welness
Beauty products
Holidays
Fashion accessories & jewellery
Furniture, homeware & DIY
Footwear
Clothing
0% more 10% more 20% more 30% more 40% more Over 50% more Don't know
Premium consumers are willing to pay for a customized product or service
Source: Deloitte
3

44. CONFIDENTIAL
The CMO is wielding more power when it comes to
technology spend, with personalization becoming a focus area
Overview CIO vs. CMO Spending (% Revenue)
CMOs (Chief Marketing Officers) emerge as the
primary technology consumer in the Enterprise
▪ CMOs are wielding increasing purchasing power and
influence over marketing software solutions
─ CMO-directed IT budgets are expected to grow at 11%
per year, compared to 4% for CIO (Chief Information
Officer) - directed IT budgets
─ Solutions that demonstrate rapid time-to-value and
robust integration will be beneficiaries of the CMO-
directed spend
▪ According to Gartner CMO Spend Survey 2016-2017,
CMOs oversee or heavily influence customer experience,
technology spending and P&L performance as means to
deliver growth
─ Digital commerce continues to be an important driver
of growth, with 62% of companies reporting that digital
commerce rolls up to CMO
─ Marketers have started to spend heavily on
technology. This has narrowed the gap between IT
spending by CIOs and CMOs
Data and personalization becoming a focus area:
▪ Personalization is rooted in tracking and analyzing every
customer interaction point, identifying the next best action
and triggering that action through engagement applications
▪ The majority of marketing organizations are personalizing
content in social media and owned web, email, and
eCommerce channels
Source: Gartner, Wall Street Research
Digital Marketing Market Size (In $bn)
3.2%
3.8%
2.5%
3.8%
2013 2017
CIO IT Spend CMO IT Spend
$14.2B
$20.2B
$33.3B
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
2010 2012 2016
eCommerce Sales CRM Automation Email
WCM Social CRM Analytics
44
4

45. CONFIDENTIAL
The consumer and the data they generate is driving mass
personalization
▪ Direct input from the customer is
key to creating compelling and
relevant personalized retail
experiences
▪ Retailers can use information from
online buying behaviour to serve
customers at the point of sale
based on the relevant input he or
she requires
─ This closes the gap between
online and physical shopping
experiences that previously
created headaches for a lot of
retail brands
▪ Email and website personalization
allows retailers to deliver a hyper-
relevant online experience to every
customer
▪ Hyper personalization relies on
additional dimensions about the
customer; these dimensions relate
to their activity, interest, opinion
(AIOs), attitudes, values and
behaviour.
▪ The loyalty program allows customers to set up a profile in
which they input specific attributes relevant to a provider of
beauty products, such as skin tone
▪ This information is then used to serve special offers to the
customer relevant to their requirements
▪ In addition, shoppers can save ‘loves’ and purchases in a
‘beauty bag’ both online and in store. This information in
available across devices, including in store via the provision of
iPads at store counters.
Source: Smart Insights; ComCap analysis
Case Study: Sephora’s Beauty insider loyalty programme
45
Need for Customer Input
5

46. CONFIDENTIAL
Data is transforming how companies approach personalization
Source: 2017 Customer Experience / Unified Commerce Survey
▪ Today retailers have unprecedented access to data
that can potentially enhance customer experiences
─ Data from devices (such as smartphones and
tablets), ecommerce and point-of-sale systems,
loyalty programs, inventory systems, contact
centres, geographic, demographic, social
behavioural and others
─ The larger the amount of data a retailer can
collect and analyse, the better the possibilities
are to deliver a better and relevant omnichannel
experiences
▪ In 2017, Gartner predicted that 89% of marketing
leaders expect customer experience to be their
primary basis for competitive differentiation
─ The main aim of the companies is to create
focused direct-to-customer relationships, both to
protect profits and raise the barriers to new
market entries
▪ Companies do face significant hurdles in realizing
the full benefits of personalization, such as:
─ Technical barriers such as poor data
centralization
─ Legacy technology that does not support one-to-
communication at scale
─ Insufficient measurement capabilities
37%
52%
61%
64%
67%
69%
Use data extracted from loyalty and customer value
programs to create relevant personalized offers
Use behavior-based data to develop the right content based
on insights and emotions
Use customer data to create individualized content and
offers on a channel-specific basis
Integrate customer data to create individualized content and
offers that span across channels
Use customer data to create targeted content and offers by
demographics
Use demographic categories to create at least some level of
personalization for unidentified prospected customers
46
Approaches to personalized marketing according
to senior marketers in the US and Western Europe
5

47. CONFIDENTIAL
Personalization is bridging the gap between online
shopping and in-store experience
Retailers can combine online buying behaviour with in-store location data gathered via
beacons to serve customers with relevant information or offers right at the point sale. This
helps cross sell and up-sell as well as enhances customer experience
▪ Direct input from the customer is a key
to create compelling and relevant
personalized retail experiences
▪ Retailers can use information from
online buying behaviour to serve
customers at the point of sale based on
the relevant input he or she requires
─ This closes the gap between online
and physical shopping experiences
that previously created headaches
for a lot of retail brands
▪ Email and website personalization, the
retailers can can deliver a hyper-
relevant online experience to
behaviour.
▪ The customer experience is manifested
by who you are - your people; what you
do - your products and services; and
how you do it - your business
processes, methodologies & service
levels.
▪ The goal marketing leaders is to attract
and grow customer relationships, earn
customer loyalty, and activate their
advocacy.
Source: Gartner
ValueVoice
Valence
Product
PeopleProcess
What you do
Customer
feedback and
sentiment
How you do it
Lifetime
value of the
customer
Who you are
Positive or
negative affinity
over time
Attraction
Growth
Loyalty
Advocacy
Content
47
6

48. CONFIDENTIAL
48
Retailers and brands are using beacons for marketing
campaigns
Retailers Description
• Macy’s introduced beacons technology in combination with ShopKick, an iPhone app that offers
location-based coupons
• This technology recognizes consumers as they enter or pass one of their stores
• Shoppers receive personalized deals, discounts and product recommendations
• Even reward points can be generated for entering their stores or buying a product
• Lord & Taylor launched a beacon program to offer more personalized approach of targeting the users
with specific sections of store sales in addition to short range for individualized products based on past
information collected on the visitors shopping preferences
• The technology anticipates what the customer will like about the products while they are near the store
• Target is implementing beacons across 50 selected stores
• It plans to limit the number of beacon notifications to two push notifications per shopping trip, so as not
to overwhelm customers with alerts
• Carrefour has extensive iBeacon networks across a range of its hypermarkets in Romania through
which the retail chain offers its consumers an app for orientation inside hypermarkets from area to area
• The app p automates the commercial content delivery and collects essential data about in-store
consumer behaviour
• Eat, the food-to-go chain, partnered with Weve’s beacon-enabled consumer loyalty app, Pouch,
designed to store a retailer’s loyalty cards and push out offers to customers
• The action allowed the company to access more information about customer behaviour and drive
business intelligence to make precise decisions about how consumer behaviour can be influenced
• Hammerson rolled out beacons across their shopping centres to improve personalization of consumers’
shopping experience
• Currently, over 80,000 customers have downloaded the Plus app already and Hammerson has over
6,000 beacons situated throughout its shopping centres in the UK and France
7

49. CONFIDENTIAL
49
Retailers and brands are using beacons for marketing
campaigns (cont’d)
Retailers Description
• In 2016, Rite Aid has installed beacons in over 4,500 US stores for retargeting and personalization of
user experience
• It plans to employ these beacons to focus on creation of a digital infrastructure base that will enable the
drug-store chain to link its stores to IoT, collection of beacon-level proximity data to strategize their
retargeting plan, and achieve personalization capabilities similar to those that have been used in
eCommerce
• Woolworths has implemented iBeacon technology to improve customer service around click-and-collect
• In 2016, Woolworth announced its plans to roll out beacons across all of its 254 click-and-collect stores
with the aim of allowing consumers to place their order online and pick them up in-store
• American Eagle Outfitters partnered with Shopkick, to launch beacon networks in more than 100 of its
top performing stores located in states such as Chicago, Dallas, Miami, New York, and San Francisco
• The main purpose was to implement iBeacon technology at the stores with highest traffic levels and best
traction with Shopkick
• Waitrose started using iBeacon technology at its relatively new experimental Swindon store to deliver
price promotions to consumers when they were near a particular aisle or food counter
• The app also allows a consumer to scan barcodes, read customer reviews of products, add items to a
virtual shopping basket, and pay via a mobile wallet
• Tesco launched its “biggest trial” of iBeacon technology, in partnership with consumer goods company
Unilever, by deploying beacons in 270 stores across London
• They launched the ‘Mpulse app’ as a part of the Pink and Black marketing campaign
• Alex and Ani used beacons in all of its 40 stores to optimize store layouts and product placement
• It used beacons to educate consumers about its jewellery. 30% of the customers who saw the
notifications, visited the store
• The brand’s focus was primarily to capture analytics and enhance store layouts for better business.
7

50. CONFIDENTIAL
50
Retailers and brands are using beacons for marketing
campaigns (cont’d)
Retailers Description
• American Eagle and Aerie introduced beacons across its various stores to target people with
promotional offers
• The company will use pre-populated orders via beacons to get people ordering without even opening
the app itself
• Neiman Marcus has adopted a strategy for beacon implementation is to focus on in store events
• The high end fashion retailer will use their beacons to alert customers of events in store where they can
learn fashion tips, find specials or learn about clothing care and others
• The company can also pair up a personalized offer that relates to the event to an to attract more
participation and engagement from the consumers
• Best Buy has implemented a beacon strategy to drive its sales and gain more business with a person
touch
• It has implemented beacons through their application as well as Shopkick retailing app to offer rewards
to shoppers, simply for stepping foot in the door
• Meadowhall Shopping Centre used iBeacon technology to gamify the Ladies’ Night event with brands
providing offers, discounts, freebies, and prize giveaways
• Customers had to download Meadowhall’s beacon-enabled app to receive a notification on their
smartphone whenever they came into range of a beacon
• McDonald’s planned to enhance personal relationships with customers as well as promote a new line of
coffee-flavored beverages by leveraging a new proximity marketing strategy via beacons at its 15 cafés
in Istanbul
• The chain tapped a popular Turkish loyalty app called Shopping Genie, to target customers while they
were around the premises of a local McD Café
• Kenneth Cole is using beacons to create more compelling, personalized customer experiences with an
aim to “provide value and offers at the time of need when customers are in the store”
Source: Styla.com, blog.beaconstac.com
7

51. CONFIDENTIAL
Showrooms are getting personal
▪ A customer that spends a considerable
amount of time in a single area of a store
can be picked up by Beacon’s, which
then cross-check that information with the
store's floor plan and ascertain what
product they are interested in
− The customer can then be messaged
later on with relevant offers based on
what products they were researching
in store
▪ Beacons provide a way to bricks-and-
mortar retailers to deliver offers and
notifications to consumers' smartphones
via a Bluetooth low energy (BLE) signal
while they're in-store
− The devices provide a unique
advantage for bricks-and-mortar
businesses as they continue to try
to deflect the threat from
eCommerce-only retailers
− They won't keep people from using
their smartphones to price compare
but they could send people the kind
of incentives that will entice them to
convert in-store
Beacons allows retailers to send personalised messages which link the in-store and online
shopping experience.
A customer may plan to buy a Smart TV may spend a
considerable amount of time looking at the different
Smart TV options in Currys PC World, then go home
and do a bit more research online. Later that day they
get an email from Currys PC world with special offers
on the TVs the customer spent time browsing in-store.
The customer then purchases a TV online, which is
then delivered to their home.
Source: Smart insights.com, Business Insider
51
7

52. CONFIDENTIAL
Personalized in-store ads are increasing in prominence
Retailers are engaging with customers through personalized in-store ads based on demographic information
and preferences
▪ Snack food giant, Mondelez, makers of Oreo, Ritz crackers, Wheat Thins and
other snacks has invented Smart Shelves
▪ Smart Shelves can identify basic demographic information about the shopper as
they browse the store
─ Smart shelves use the information to display personalized ads on video displays
near the checkout that customers would see when queuing before purchase
▪ Smart shelves can also detect when a shopper picks an item up from a shelf to
get a closer look
▪ Ads are also targeted based on items almost bought, and special offer coupons
are displayed to close the deal
▪ Coca-Cola has collaborated with Google Technologies to target consumers in US
grocery stores
─The system is powered by Google Cloud technologies and works on any HDMI-
ready display that serves as grocery store aisle “end caps” (a term used to describe
advertisements at the front of grocery store aisles)
▪ These endcaps, using a combination of Google’s DoubleClick and location-based
technologies, serve ads and e-coupons to passing consumers based on their
smartphone data
▪ The data includes anything from consumer’s basic gender or age demographic to
previous browsing history
─An ad could change from Coke Zero to Glacéau Smartwater, if it recognizes a
preference for healthier products
▪ The aim is to connect and engage with consumers to drive sales of the brand in retail
stores
Mondelez’s Smart Shelves
Coca Cola’s personalized in-store displays
Source: Smart insights, Business insider, Netimperative.com
52
7

53. CONFIDENTIAL
Mobile is the key to customer engagement
Mobile apps can help drive sales by engaging with the customer through personal experiences by providing
special promotions or recommendations based on buying behaviour
▪ According to a mobile marketing
study conducted by Vibes, 89%
people agreed to sign up for mobile
messaging if they were
personalised based on their
preferences, location, timeliness
and others
▪ 86% of consumers say
personalization influences their
purchasing decisions, and 53%
think it is important for retailers to
recognize users in all the channels
available
− Retailers must offer cross-
channel personalization in
order to combat showrooming
▪ According to Rich Relevance
Survey:
− 52% are open to receiving pop
up offers on their mobile
device, triggered when they
enter a store
− 43% would like to receive a
digital coupon for a product
they looked at but didn’t buy
after leaving the store
50%
20% 13%
8%
Uses consumer’s
preferences –
favourite
shopping
categories,
brands, sizes
Timeliness –
when consumers
are getting ready
to purchase that
item
Location –
when
consumers are
in the store or
around the
store
Uses
consumer’s
name
Most important
aspects of
personalization
186%
Year-over-year increase in consumers who make purchase
based on in-store text message or QR code scan
89% of
consumers would
sign up for mobile
messages if they
were personalized
18%
of consumers
frequently see
personalization from
retailers and brands
Source: Vibes Mobile Consumer Survey
53
7

54. CONFIDENTIAL
Beauty players are actively focusing on personalizing their
mobile strategy
▪ L’Oréal’s luxury brand Kérastase made a move into the
IOT with the world’s first smart hairbrush, to prove its
innovation credentials and attract “hundreds of
thousands” of new customers
▪ This will allow the beauty brand to communicate
directly with consumers and provide “much more
personalised marketing”
▪ It uses algorithms to score the quality of the user’s hair
and to monitor the effects of different hair care routines
▪ An app that provides additional insights and
customised product recommendations
▪ The product aims to drive traffic to salons, with certain
treatments only available in store
▪ Benefit Cosmetics launched eyebrow-related invention,
a mobile optimized site that details how users should
style their brows, to promote its brow-shaping products
and services
▪ It has planned to rolled out a range of services &
promotions all in relation to eyebrows, to take
advantage of the trending beauty theme
▪ The Brow Genie is mobile optimized and allows users
to take or upload a selfie to the site where it uses face-
mapping technology to decipher where and how the
user’s brows should be shaped and styled
▪ The company has essentially put a department store
makeup counter in the palm of every woman’s hand,
with only their products stocked on the shelves
54
L’Oréal Benefit Cosmetics
7

55. CONFIDENTIAL
“Hyper personalization” is growing rapidly
Digital technologies, Omni channel growth and rising consumer expectations are driving
hyper personalization across various industries
Attribute Analysis uses a map to describe a customer,
using demographic, physical, psychological, functional,
professional, aspirational attributes. Each attribute is
mapped to a product, service, or piece of communication
which helps in making recommendations that go beyond
product and service
Event Sequence Analysis observes the sequence of
events a customer goes through to understand the lead
indicators for certain positive action or negative action
Computational Techniques
Clustering
Bayesian
Systems
Timeseries
Modeling
Regre-
ssion
She works as a teacher in
the local primary school
She lives in St. Louis
Television is her
primary media
influence
They like traditional
family sit down dinners
She is a health freak
Statistical
Model
She transacts at
multiple stores
Her average
basket size is $45
She is Brand Loyal
She lingers the longest
in section which have
promotions/offers
On an average she
spends 63 minutes
per trip in the store
Source: Wipro.com
55
7

56. CONFIDENTIAL
Personalization Platforms
56
Adobe
Cxense
Evergage
Google IBM
Localytics
Mixpanel Optimizely
SAS
Webtrekk
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
-1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0
DigitalIntelligenceUserExperience
Digital Engagement Optimization
Emerging players
Majors
Avg. deal size
Forrester Key Engagement and UX Rankings
Source: Forrester Wave: Digital Intelligence Platforms Q2, 2017, Pitchbook as of 12/14/2017.
Note: Scale represents average deal size from a low of 0 to a high of 5.0.
Score based on average of Forrester Digital Intelligence User Experience and Digital Engagement Optimization scores..
Score Company Employees Market Cap ($mn)
3.8 15,706 67,897.3
2.5 10,538 641.6
2.1 380,300 145,791.1
1.8 73,992 658,773.5
Score Company Employees Total raised ($mn)
4.3 85 26.3
2.8 400 146.2
1.9 212 77.0
1.6 88 35.1
1.0 138 48.7
0.9 201 59.7
Emerging platformsMajor platforms
8

57. CONFIDENTIAL
Source: MatterMark
Overview of personalization disruptors across sectors
Big Data/Predictive/AI eCommerce Marketing Personalized UX Others
TotalFundsRaised
`
$20m
$60m
$40m
$80m
$100m
$120m+
Seed
57Acquired Companies
8

58. CONFIDENTIAL
58
Conclusions
▪ For retailers:
− Personalization is an effective tool to increase your yield on marketing and
ecommerce platform investments – the big question is which subsectors within
personalization should be your focus – as today the sector remains fragmented
▪ For investors:
− 2018 will be a year of continued “hyper growth” for many personalization players.
That said, not all will be suited to scale into a platform eligible for a major
acquisition. Investment decisions should focus on both a “niche solution” takeout
scenario and the potential for continued investment (and potentially acquisition of
smaller personalization players)
▪ For personalization vendors:
− As personalization becomes an increasingly hot topic for retailers, expect the major
platform/suite providers to both offer their own solutions and acquire best of breed
solutions
− Expect that in 2019, the industry will begin to mature with a limited number of
independent pureplays competing against marketing suites as well as major
platform players

59. CONFIDENTIAL
Appendix
59

60. CONFIDENTIAL
Value
Proposition
Unique, Focused, Global, Strategy and Investment Banking Boutique
Recent transactions completed or underway in the United States, Japan, China, Singapore, Argentina, UK, Sweden, Belgium, France, Germany
$2B revenue Japanese ecommerce BPO company
#3 Russian internet company
#1 UK ifsnternet company
Multiple private B2B ecommerce systems integrators
Selected
ComCap
Clients
#1 Asian ecommerce B2B company
$200M rev US public company
Multiple US and EU private equity funds
Many ecommerce SaaS companies
Previous
Clients
Sakshi Goel
Associate
Back office
Team
Shiv Ng
PPG
Sabeeh Mohsan
Analyst
Charlotte Brook
Administration and Ops
Selected
Team
Members
Experience
Education
Location
Fermin Caro
Director
US
14 years
Credit Suisse
SVB Capital
Yale MBA
San Francisco
Aron Bohlig
Managing Partner
Global
23 years
Credit Suisse
Become, Nortel
Wharton MBA
San Francisco
Steve Terry
Managing Director
Software
20 years
Credit Suisse
Battery Ventures
Robertson
Stephens
McCombs School
of Business MBA
San Francisco
Matt Nemer
Senior Advisor
B2C
20 years
Wells Fargo
Securities
Thomas Weisel
Vanderbilt
San Francisco
Swetha Vijay
Director
Asia
9 years
DBS, Deloitte
Avista/Houlihan
Lokey
IIM Ahmedabad
MBA
Singapore
ComCap – A leading boutique at the intersection of capital
and commerce
5 years
Ultra Capital
Wells Fargo
Securities
University of
Southern California
San Francisco
Collin Rice
Associate
US
60
Carlos Gonzalez
Director
Europe
10 years
IGC Holdings
LEK Consulting
Wharton
Stanford
Moscow I London

61. CONFIDENTIAL
Onsite Search
61
eCommerce SaaS and Services market map
Feed management
Social
eCom Platform
Reviews
PIM
Logistics Software
OMS
International
Fulfillment
Mobile Payments
Payment Gateways Call Center
Logistics/FulfillmentPayments BPO
Cross Channel Campaigns
Loyalty / Rebates
Search Sites & SEM Vendors
Affiliate Networks
Marketing and Analytics
Retargeting Comp Shopping
Email Suites
Consumer Traffic
Analytics
Content Management
Data and Data Quality
Marketplaces
Email Service Providers
Marketing Agencies
Personalization
Infrastructure
Systems Integration

62. CONFIDENTIAL
62
Financial and corporate investors
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Corp.
VC
International