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JupiterResearch Study -"Online Retail: Driving Relevant Experiences"
Mission
Innovate and deliver next generation personalization and relevance products and tools that enrich the online shopping experience, resulting in higher sales and deeper customer engagement for leading online retailers.
The Company
RichRelevance is the leading provider of dynamic e-commerce personalization for the world’s largest retailers, including WalMart, Overstock and Sears. Founded and led by the e-commerce expert who pioneered personalization R&D at Amazon.com, RichRelevance helps retailers increase revenues by powering relevant experiences throughout the customer lifecycle and across multiple sales channels. The company stands apart for its dedicated team of personalization experts, integrated solution suite, and award-winning personalization engine, which enables twice as many consumer touchpoints as the industry average.
RichRelevance is led by veterans from companies that include Amazon, Overstock, eBay, PayPal, Omniture, Cnet, and ATG, who collectively have more than 30 years of experience in personalization, online commerce, data analysis and web products. RichRelevance is privately held and backed by premier investors.
The RichRelevance team is composed of passionate, driven people committed to delivering a world-class product with unrivaled service and support. In 2009, RichRelevance employees voted the company the #1 “Best Place to Work” in the 25-50 employee category from several dozen San Francisco Bay Area-based entrants of similar size, a real honor shared by everyone in the company. Each team member brings years of relevant experience from successful companies, allowing the company to innovate, execute, and ultimately deliver for our customers and partners.
Principles and Values
Integrity
We act with uncompromised honesty.
We develop partnerships rooted in integrity with employees, customers and vendors. We follow-through on commitments, and learn from mistakes through frequent, open post-mortem discussions.
Team
Our people are our greatest asset.
We each invest in every team member’s goals, both corporate and personal. We celebrate wins as a team. We aggressively fix issues, not people.
Customer Commitment
Customers make the world go round.
We each dedicate the time and energy to making our customers unconditionally successful.
Ownership
Our company is what we make it.
RichRelevance belongs to each of us and our zeal for the success of our company is not bounded by the past, “the norm,” or perceptions of possibility. Work should be fun!
Disciplined Execution
Biased for action, we pounce on opportunities.
We constantly optimize for efficiency and take time to make strategic decisions, but we aren’t afraid to make real-time play calls.
Remember the Basics
The core principles of communication, leadership, accountability and responsibility are omni-present.
BLUF: “Bottom-Line Up Front” communication increases everyone’s bandwidth & effectiveness
Bring shoppers back to your site as they surf the web. Convert previous product interest into sales through RichReach™, the advertising program that allows retailers to reach lost prospects and top customers throughout their online experience with relevant product recommendations. Unlike basic retargeting solutions, RichReach leverages onsite shopping behavior to deliver personalized ads, and RichReach focuses on only your most valuable prospects.
key features
personalized: advertising placements are personalized to each individual shopper, so if a shopper viewed cameras and accessories onsite they will be targeted offsite with relevant ads that display items such as top selling cameras and accessories.
targeted: not all browsers are created equal, and RichReach allows you to target your most qualified, high value shoppers —including those who abandon their carts, loyal customers, and more— to reinitiate the purchase cycle.
flexible: there may be times when you want to drive more offsite traffic to your site than usual. RichReach gives you flexibility, beyond conventional, blunt marketing and advertising tools, to increase the volume of targeted product advertising.
merchandising: like the rest of the products on the enRICH platform, merchandisers have unprecedented influence over what is recommended via RichReach. For more on the enRICH dashboard, click here.
proven benefits
- build relationships: Loyal and return customers generally have 3x higher conversion rate and 10% higher cart value, and RichReach gives you a unique new way to convert one-time visitors into repeat visitors – and customers.
- strengthen your brand: an off-site presence via RichReach advertising strengthens your brand with relevant shoppers.
- drive sales: targeting shoppers on other sites is proven technique to bring them back and drive sales. Retargeting has been found to increase top 50 retailers’ metrics up to seven times in ad clicks and three times in sales as compared to conventional display ads.
zero integration time, no set-up fee
RichReach leverages RichRecs data, so there’s no integration. Further, there’s no set-up fee, and program fees are based upon program size.
RichReach is already being used by select RichRelevance customers. If you’re interested in learning more about our RichReach, contact your account manager or click here to get in touch.
Influence consumers at each stage of the buying cycle with the RichRelevance’s suite of fully hosted (SaaS) solutions—innovated by the former architect of Amazon’s personalization strategy.
Powered by the enRICH Personalization Engine, the solutions compose the broadest and most scalable personalization offering in the industry today—supported by merchandiser controls, a pay-for-performance business model and analytics tools that integrate easily with any web analytics platform.
Deploy the ultimate in lifecycle solutions across all your channels to engage, convert and re-engage your customers.
Personalized Product Recommendations
RichRecs™ serves more than 200 million personalized recommendations each day across our merchant network. Each product recommendation is customer specific—based on the shopper's unique attributes and numerous shopping behaviors, such as past purchases, browsing history and more. The more a customer shops and explores, the more recommendations adjust—dynamically upselling and cross-selling merchandise via whichever channels you choose:
Onsite
Engage your customer from the moment they arrive on your site and keep engaging them as they move through key pages of your site—all the way to purchase completion.
Email
Turn every email into a personalized experience with the addition of personalized product recommendations based on the customer's onsite activity and profile.
Mobile
Deliver personalized recommendations and alerts directly to a shopper’s mobile device—providing relevant real-time information throughout the shopping cycle.
Call
Center
Center
Integrate personalization strategies into your call center operations, allowing for individualized engagement with new customers and re-engagement opportunities with existing customers.
Ads
Bring shoppers back to your site as they surf the web with meaningful advertisements—created in real-time and unique to their expressed interests on your site. Consumers that want to learn more about their choices regarding our behavioral advertising solution can click here.
Download the RichRecs Product Overview
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myrecs
Ensure conversion of your most loyal shoppers with a personalized page of relevant product recommendations customized to their unique activity. MyRecs™ dynamically builds a profile of each customer's activities and displays multiple pages of recommendations that contain likely products and categories of interest—based on past viewing, search and purchase history, and other customer information.Download the MyRecs Product Overview
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clicksee
Engage and convert your customers with a fun, new shopping tool—ClickSee™, a real-time, interactive grid of products that expands your customer's view of relevant products with each click. Instead of a keyword search that returns hundreds of potentially unrelated items, with just a few clicks, shoppers can instantly browse hundreds of products fed by RichRelevance personalized product recommendations. It's like walking down a product aisle—online.Download the ClickSee Product Overview
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richmail
RichMail allows email marketers to dynamically segment and send relevant messages to the right recipients. Its combination of segmentation and personalization dramatically increases the effectiveness of your email marketing campaigns. Using RichMail to deliver relevant content, email marketing campaigns can achieve:
- Higher average order value
- Increased revenue per send
- Reduced opt-outs and unsubscribes
Unlike manual segmentation solutions that can only assess recipients with past purchase histories, RichMail links recipients to their online behavior and uses that behavior to assign them to a segment. Additionally, RichMail automatically tests competing campaigns to determine which ones perform best and assigns anonymous recipients to them.
RichMail augments your existing email marketing processes and platforms. You can continue to use your existing email service providers and interact with them just as you always have. You simply see better results.
Driving Relevant Experiences
RichRelevance, in partnership with Bazaarvoice and JupiterResearch (now a Forrester Research Company), recently completed a nationwide study of online consumer purchase behavior in the face of the contracted economy. This paper captures the key take-aways that online retailers should consider in managing their businesses in this “new new” economy.
The Online Shopper's Need for Speed
Everyone has experienced the frustration of a slow site, and most of us have abandoned a search or purchase because of delays in navigation. This paper investigates how no matter how relevant and rich the online experience (ratings, reviews, recommendations), without a timely upload — meaning a fraction of a second — retailers will lose sales to the tune of 1% for every 100 milliseconds in delay (Google Search/Microsoft’s Bing, 2009).
