The AI Shopping Tool Everyone Is Talking About Have You Met nate?
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Grow Sales by Millions With Content Marketing! Yes, You Should Try These Business Trends The Interview Technique You’re Missing 5 Pros of Email Marketing Read This if You’re in Finance nate: The Future of Anonymous Shopping
What if you could buy anything, anywhere online anonymously, from a single app? And no, we’re not talking about Amazon — we’re talking about nate , an artificial intelligence shopping tool. Like most AI, nate has a rather human-like name. But the most unique aspect of nate isn’t the fact that it’s spelled in lowercase. nate is the first AI online shopping tool that centralizes purchasing onto a single platform, enabling users to buy products from any e-commerce site with a simple click. Although it doesn’t talk back to you like Alexa or Siri, nate is certainly smart enough to check out on nearly any online shopping site on your behalf. That really matters in 2022. If you’re ever worried about a website saving your personal information, you won’t have to worry with nate on your side. The app will buy any product without you having to create new accounts on new shopping sites while still including your
shipping address so your purchase ships directly to you. Investors have shown a lot of enthusiasm for nate. After nate’s Series A round of funding led by Renegade Partners — with participation from Forerunner Ventures and existing investors Canaan Partners and Coatue — nate’s total equity has been raised to $51 million.
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There are many reasons to have high hopes for nate. For one, it’d be the “first time in history” that shoppers would have a “seamless, universal, and private” way of buying anything online, as mentioned by Business Insider. Second, nate might be able to leverage the service to become more deeply involved in the consumer’s journey. While the app acts as a universal shopping solution, the company plans to also include an embedded social side, where friends’ purchases can inspire each other. nate plans to touch the consumer journey from inspiration all the way to purchase, and it has begun to enable their own pay-later solution. There’s plenty more to come to the platform’s payment products as well. But, what’s the real secret sauce? CEO Albert Saniger told Business Insider that their human-first mindset doesn’t hurt. “We’re well capitalized, and I couldn’t be happier with our choice to work with Roseanne Wincek and the Renegade team. Their people-first mindset and approach to human capital is refreshing and indicative of the type of venture capital the new generation of founders like myself really value.” The “human-first mindset” enters in two important areas: privacy and fees. Unlike similar products, nate never compromises consumer privacy or charges merchants a single cent for its service. So far, investments are paying off: nate’s user base has been doubling almost every six weeks, and there’s plenty more space for growth. The global e-commerce market size is valued at $4 trillion, with almost $1 trillion located in the United States. nate users will have the ability to purchase from all 2.1 million online stores in the U.S., which represents the long tail of the non-Amazon economy and 60% of U.S. e-commerce. Basically, that’s at least a $500 billion addressable market for nate. Sending gifts through nate is a particularly attractive feature — after you’ve paid for a gift, you can give the recipient a nate gift link, where they can input any shipping address they prefer. In the near future, nate plans to give creators and influencers cash back for any purchases followers make from their lists (a collection of saved products from anywhere on the internet). There’s also an in-app wallet where list-makers can save and use their rewards. From jumping into the booming creator economy to leveraging their platform to benefit customers and merchants alike, nate has captured a lot of attention in 2022! And it makes total sense: nate’s admirable, innovative strides are definitely worth keeping an eye on.
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