New Zealand businesses feeling daunted by emerging technologies need look no further than the example of local “powerhouse” TradeMe, says a world-renowned expert in e-commerce.
David Selinger, chief executive and co-founder of US company RichRelevance, said businesses worldwide were being confronted by technological advances like big data, analytics, social media, and the cloud.
Business leaders needed to ditch old models and embrace technology as a core part of their strategy, rather than as something confined exclusively to the IT department, he said.
TradeMe was a perfect example of a local company which had profited from adopting a data-oriented mindset, Selinger said…
April 5 2013
What do I need to consider when using customers’ data?
It is important to remember that while privacy laws may change, the privacy debate is not new.
Darren Vengroff, chief scientist at data analytics company RichRelevance, says those retailers with the best customer service have always known the most about their shoppers – not just about their tastes, but about their lives.
“They use that information to offer the most personal service possible,” he says. He adds more retailers now have the opportunity to do that. “A hundred years ago, very few people could afford this level of service but today, because much of the process can be automated at modest cost, more retailers than ever can benefit from personalisation.”
SALT LAKE CITY, March 20, 2013 /PRNewswire/ — Overstock.com, Inc. (NASDAQ: OSTK) has renewed its longstanding relationship with RichRelevance, a leader in dynamic personalization for commerce. RichRelevance’s enhanced personalization capabilities and product recommendation innovations help Overstock.com provide a superior shopping experience that adjusts in real time as customers shop and explore. As a result, Overstock.com customers make informed purchasing decisions quickly and conveniently…
Innovative offering extends the enRICH™ platform to deliver the right content to consumers at the right place and time
San Francisco, CA – Mar. 27, 2013 –– RichRelevance®, the leading provider of dynamic personalization for the world’s largest retailers and brands, today unveiled its new RichContent offering to bring the power of data-driven decision-making to digital marketing and publishing. Built on the enRICH platform, which delivers more than 1 billion product recommendations daily across the worlds largest retail sites, RichContent analyzes consumer signals and re-architects site content in real time to reflect a consumer’s true interests. Now, consumer brands, media and hospitality sites can maximize engagement, brand preference, loyalty and sales by delivering highly personalized experiences that customize the site to each visitor based on current and past behaviors (clicks, searches, views, etc.), as well as additional information provided, including page views or social network cues such as “Likes” or “Favorites”.
“Data is the currency of business today,” said RichRelevance CEO David Selinger. “With RichContent, we are leveraging our platform to help companies use data to solve the most complicated content challenges. Now, brands and publishers can replace static websites with personalized consumption. The result is an engaging, differentiated experience that drives engagement, letting publishers and brands extract the greatest value out of every pixel of their site.”
L’Oreal Paris USA recently leveraged RichContent to deliver a ground-breaking new experience for the beauty industry. Through RichRelevance’s personalization, L’Oreal is able to help each user find her signature beauty looks based upon stated characteristics, individual preferences and observed behavior. The result is delivery of a custom mix of content that is directly relevant to each individual consumer. This includes product recommendations, articles, videos, slideshows, special offers and more, that dynamically change in real time based on her goals and interests.
RichContent: Features & Benefits
The newest addition to RichRelevance’s integrated personalization suite, RichContent, leverages real time consumer behavior analysis to display the most relevant videos, articles, white papers, and/or slideshows dynamically to consumers, creating a unique site experience for each individual. Now brands and publishers can easily optimize their valuable web real estate to increase multi-channel sales, improve loyalty and brand preference, as well as boost ad revenue, while delivering a highly personalized and engaging site experience.
Key capabilities include:
- Dynamic Content Targeting: RichContent changes site content in real time based on existing customer segments, as well as individual shoppers’ behavior and context on the site such as: how the consumer arrived on the site, browsing history, geo-location, social activity (Likes, Pins, etc.) and time of day.
- Content by Consumer Group: RichContent models behavior of specific groups of consumers that share similar characteristics (for example, women with red hair, men who have interest in adventure sports, a young couple looking for a honeymoon package) to uncover and display the most appropriate content for consumers within each group.
- Adaptive Learning and Optimization: As consumers interact with recommended content, the enRICH Engine’s built-in feedback loops inform the system about the performance of key content and recommendation types. The Engine then rebuilds its models every other hour—adjusting to accommodate the subtlest changes in consumer behavior.
- Truly Dynamic Content: RichContent employs multiple algorithms to support numerous recommendation types, each with a unique value proposition that corresponds to a specific consumption behavior, ensuring site visitors receive the right information at the right time in fewer clicks. This allows brands, media and retailers to build millions of customized experiences at scale, without any manual intervention.
- Insights and Analytics: RichContent offers detailed reports for the entire site or individual campaigns, including placement views, click-through-rate, revenue, average order value and more. Data can be easily exported for easy reporting. The insights and analytics are included as part of the RichContent software package.
Additional Resources:
- More information and pricing information on RichContent is available here.
- More information on RichRelevance is available here.
- Connect with RichRelevance on Facebook and Twitter for updates and news
AboutRichRelevance
RichRelevance delivers over one billion product recommendations daily, powering the personalized shopping experiences for consumers shopping the world’s largest and most innovative retail brands like Walmart, Sears, Target, Marks & Spencer and John Lewis. Founded and led by the e-commerce expert who helped pioneer personalization at Amazon.com, RichRelevance helps retailers increase sales and customer engagement by recommending the most relevant products to consumers regardless of the channel they are shopping. RichRelevance has delivered more than $8 billion in attributable sales for its retail clients to date, and is accelerating these results with the introduction of a new form of digital advertising called Shopping Media which allows manufacturers to engage consumers where it matters most—in the digital aisles on the largest retail sites in world. RichRelevance is headquartered in San Francisco, with offices in New York, Seattle, Boston, London, Munich and Paris. For more information, please visit www.richrelevance.com.
The passing of Jody Sherman stirred something deep within my soul. Jody was a friend, but not a close friend. Definitely not close enough to explain the degree to which I felt saddened. I still do not know Jody’s situation sufficiently to draw any conclusions or even analogies, but I have spent the past weeks reflecting on my own dark nights as a startup founder, and want to issue a call to arms to the entire startup community to recognize this challenge, its pervasiveness, and the opportunity it presents before us…