Home | Tech | Baynote Unveils Vision for Retailers to Achieve Revenue Multiplier Effect

Baynote Unveils Vision for Retailers to Achieve Revenue Multiplier Effect

Font size: Decrease font Enlarge font
Baynote unveils multiplier effect Baynote unveils multiplier effect

Innovative Approach to Personalization Optimizes Impact of Online Commerce Investments, Delivers Transformative Lift in Conversions and Average Order Values

Baynote, a leading provider of eCommerce personalization solutions, today unveiled its new vision for retailers to achieve a multiplier effect on their existing online commerce investments to dramatically increase conversion rates and average order values. Baynote will be announcing partnerships with several world class technology and services providers in the coming months to help its customers realize this

"Online businesses are facing a never-ending imperative to deliver on the promise of eCommerce. They are expected to drive more traffic, convert more customers, and get them to spend more - all without increasing costs," said Sue Aldrich, senior vice president and analyst, Patricia Seybold Group. "Personalization based on buyer intent has been demonstrated to be by far the most effective approach to achieving significant improvement to conversion, order value, and revenue."

While traditional methods of personalization that predominantly rely on personas, past shopping history and clickstreams are making inroads to increasing engagement, conversion rates have remained flat since the 1990s. According to the Fireclick Index, 10 out of 100 eCommerce website visitors are truly interested in making a purchase, yet only two of them actually make that purchase. There is a big opportunity for online retailers to close the conversion gap and reach the other eight percent of shoppers who go to sites intending to buy, but instead abandon their digital shopping carts.

"Baynote's Personalization Platform immediately boosted initial conversion across our website and email channels by a factor of 4.5 times. This in turn generated more repeat purchases and ultimately delivered on our promise to provide the most authentic shopping experience for outdoor enthusiasts," said John Hnanicek, CIO and VP of merchandising at outdoor equipment and clothing retailer, Altrec.com. "We believe in Baynote's vision for eCommerce personalization and its potential to deliver a revenue multiplier effect."

The Baynote Personalization Platform monitors 24 different ways consumers engage with a site and its products, and tracks important clues about consumers' interests and what they intend to purchase. For example, real-time actions such as how long someone spends examining a product or whether they zoom in and check out various colors, are important engagement clues that when combined with data about personal taste can power far more relevant shopping experiences. Baynote customers typically see triple digit increases in revenue lift from its personalized recommendations through higher conversion and average order value rates. Through several new partnerships that will extend its capabilities across all customer touchpoints - from Web storefronts and landing pages to mobile shopping applications and social networks - Baynote will deliver its customers a multiplier effect on their eCommerce revenues.

"In order to finally break the single digit conversion curse and realize the anticipated ROI from their existing solutions, eCommerce companies need to ensure their personalization strategies prioritize buyer intent," said Doug Merritt, president and CEO for Baynote. "Our vision is to inject intelligence about 'in the moment' intent into every touchpoint to optimize the customer experience wherever it's occurring. We believe this approach will deliver eCommerce executives a multiplier effect on the impact of their existing technology investments."

Join PRESIDENT&CEO on LinkedIn

Subscribe to comments feed Comments (0 posted)

total: | displaying:

Post your comment

  • Bold
  • Italic
  • Underline
  • Quote

Please enter the code you see in the image: