Real-time data tool Taggstar, which is backed by Sir Stuart Rose, has received £500,000 in funding from venture capital firm Ariadne Capital.
The company’s proposition is based around providing consumers with ‘social proof’ by allowing shoppers to see how many other people are buying a product at the same time as they shop.
Taggstar’s technology has already been used by companies including Shop Direct and Thomas Cook.
Taggstar is led by managing director Marjorie Leonidas, who spent 10 years at BT Retail building its Wi-fi business, and chief technology officer Andrew Lucas.
The technology analyses sites with more than 40,000 products and is designed to drive awareness of fast-selling items that may be hard to discover on a retailer’s website.
Leonidas said: “The proposition is very straightforward but extremely effective. We are all consumers and understand the power of social proof and how popularity and scarcity can affect our buying decisions.”