Westfield tech spin-off OneMarket loses Nordstrom contract

OneMarket – the retail technology company which demerged from shopping centre group Westfield last year – is no longer supplying its Live Receipts product to Nordstrom.

The US department store chain was a key foundational customer for OneMarket, which listed on the Australian Stock Exchange last year when it became a separate business entity after Westfield’s merger with Unibail Rodamco.

Technology suppliers do not usually announce the loss of key customers, but OneMarket – which is only nine months old as a standalone business – deemed it necessary to inform the market of Nordstrom’s decision not to renew its contract on 6 March.

Live Receipts is an interactive digital receipt product that allows retailers to follow up and engage with shoppers after they have made a transaction. Nordstrom is still using OneMarket’s Shopper Exchange, a solution built to help make digital marketing more targeted.

The technology company said the expiry of the contract “will not materially impact OneMarket’s forecasts with respect to cash reserves”, and the business reportedly has sufficient cash resources and will not need additional financing until at least late 2021.

It also revealed it is in “active discussion with a number of parties to join the OneMarket platform”, recently entering into a multi-year Live Receipts contract with jewellery retailer Pandora.

The first nine months of publicly listed life have not been smooth for OneMarket, which had to replace founding CEO Don Kingsborough in December after he stepped down for health reasons.

Joe Polverari was brought in by chairman Steven Lowy as Kingsborough’s replacement, and the board instantly undertook a review into the company’s strategic direction and focus. Results of that review were revealed last month, with the business looking to refine its product portfolio as well as undergo a round of job cuts.

Speaking in February, Polverari said: “We believe OneMarket has an opportunity to monetise the convergence of traditional offline and new online retail experiences being driven by new technology entrants and a mix of traditional and new retailers.

“OneMarket’s products are generating encouraging early results in improving retailer shopper engagement, cost reduction, and sales uplift and we believe our data-forward approach will be central to OneMarket’s future potential.”