The e-commerce industry is expected to reach between $5.5 trillion worldwide in 2022, and over $7 trillion by 2025. With so much room to grow, e-businesses have to keep up with the fast development of technological solutions that can enhance the e-shopping experience for customers: from chatbots that can assist shoppers, artificial intelligence (AI) to help online shops learn about customers, augmented reality to amplify product experience, and more.
novomind AG is one of the fastest-growing software companies in 2022 that specialises in e-commerce and customer service solutions for B2B and B2C clients worldwide. Artificial intelligence is one of the main cores of novomind, which currently provides over 250 clients from different industries with a broad portfolio of solutions and services: artificial intelligence, automated shop systems, product information management (PIM), omnichannel commerce, customer service software, marketplace connections, chatbots that can assist customers’ queries, and more.
novomind successfully completed its 2021 fiscal year with promising results, reporting €49.3 million in revenues, a 7% increase compared to 2020 (€46.1 million). The company’s subsidiaries, including novomind MEA (Middle East and Africa) and novomind Egypt, played an essential role in its substantial growth over time.
Other notable achievements of novomind include the addition of 35 new customers from different industries, including a men’s fashion house Carl Gross, Europe’s largest motorcycle clothing and technology company Detlev Louis, construction company Viebrockhaus, and a 10-year partnership with Hagebau, Germany’s largest DYO store.
Some notable customers of novomind are Volkswagen, in the area of digital customer service and Müller and C&A, in the area of digital sales.
“Our customers and partners can rest assured that our top priority is always to ensure that all data is given the highest possible level of protection.” Said Stefan Grieben, CEO of novomind AG.
Grieben is a computer scientist with 20 years of experience at novomind. He served in different areas —from software development to sales and then heading business areas. He became the company’s CEO in early January after working for 20 years in the company, which was led by its founder: Peter Samuelsen, who’s now the main shareholder and advisor.
novomind Sees More Growth in 2022 and Broader Market Expansion
Prompted by the positive results of its financial year, novomind plans further growth for the rest of 2022. Grieben said that the company saw a sustained spirit of optimism by the end of 2021, and would like to keep that momentum to further solidify its market position.
novomind has been successful so far in expanding its reach to the Middle East, Asia, and Africa. But Grieben says that he sees in the Asian market a “strong demand for digital sales opportunities, for example via WhatsApp, Line or other messengers in countries like Singapore, Thailand, Malaysia and Indonesia.”
Grieben added that two other challenges are setting up call centers in South Africa and incentivising Germans to use chatbots and shopping assistance. “For example, in Dubai, the affinity for virtual advice is higher, even in hospitals you can book appointments via WhatsApp. Mentally, we're not ready for that in Germany.”
Besides investing in product development, novomind is hunting for the most talented individuals to join its board. In Germany, it has opened branches in Rostock, Weimar, and now Lübeck. These locations are close to universities and colleges and could therefore offer qualified IT graduates to enter “the industry of the future.”
At this pace, Samuelsen believes the company has the potential to grow at double-digit rates every year with 50% of sales done abroad. Alongside the revenue growth, the company’s workforce —which is currently over 450 employees— is expected to surge by 50 more people, according to Grieben.
