Tuesday, November 18, 2008

MyBuys Helps Figi's Double Conversions

Fifty-four percent of U.S. online shoppers notice product recommendations on eCommerce sites, according to a 2007 survey by Forrester Research Inc. Thirty-four percent of those shoppers say they have made purchases based on such recommendations.

To take advantage of this, direct merchant Figi's has implemented automatic product recommendations using technology from MyBuys. The conversion rate on recommended products clicked on has increased 119% this fall compared with last fall, the retailer reports.

MyBuys creates deep consumer profiles based on both explicit information it collects from shoppers when they sign up for alerts and implicit information collected as shoppers interact with a site (with anonymous cookies to track return visit behavior). Then it looks at your products and your approach to merchandising, using a patented portfolio of algorithms and real-time optimization to figure out what each shopper wants. It then follows up with recommendations to customers on the Website and in email and RSS alerts.

MyBuys tracks all aspects of visitor behavior: what they look at, what they abandon, what they check out with, their response to recommendations, whether they take action on abandoned items in their cart, how and where they navigate, and what they search, The algorithms derive attributes about the consumer such as what their price point sensitivity is, are they a sale buyer, are they a trend follower, for a unique approach to every consumer.

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