Near Intelligence, Inc. (Nasdaq: NIR), a global leader in privacy-led data intelligence on people, places, and products, today announced that it signed an eight-figure renewal deal with its largest retail customer in Europe – an increase of approximately 100% over the previous year.
By renewing its contract for another term, this European retail chain, which operates multiple brands across several European countries, will continue to use Near’s solutions to drive footfall traffic to stores and to measure the effectiveness around those activities; the retailer plans to expand the use of Near across its seven other retail brands. The Company’s data intelligence insights allow the retailer to get a better understanding of the right catchment area at the store level and deliver appropriate messaging to their prospects and customers.
This renewal supports Near’s land-and-expand go-to-market strategy by offering targeted solutions to a customer, solving clearly defined problems, and then delivering business outcomes, with clear business use cases and ROI, leading to additional revenue opportunities. In this retailer’s case, for every euro spent with Near, the retailer received 6€ in return.
“Near is able to empower the world’s largest retailers with the insights they need to make strategic business decisions that will help increase ROI, find operational efficiencies, and improve the overall customer experience,” said Anil Mathews, CEO of Near. “We are thrilled to provide enterprises with our unique insights into people and places data that we believe make them more competitive, particularly in today’s challenging economic climate.”
Near has worked with this client since 2020 when it was invited to participate in a request for proposal process and was awarded the deal in mid-2021, after a three-month proof of concept. The retailer had been using another vendor but needed a more sophisticated solution.
