At its annual client summit this week, Coremetrics announced upgrades to its web analytics technology that extends its industry benchmarking data to the traffic e-commerce sites are receiving from Facebook, Twitter and other social networking sites.
Analysts and users have cited the upgrades as a significant improvement that builds on the company’s edge in providing benchmarking information to web sites that operate within the same industry category, such as multichannel retail chains or sporting goods merchants. The information, for example, can show online retailers how much revenue they’re getting from Facebook traffic compared to the aggregated data of their competitors, says John Squire, chief strategy officer for a Coremetrics.
“Other analytics companies can also track revenue coming from social networking sites, but Coremetrics has the benchmarking ability that others do not,” says Bill Gassman, research director at research and advisory firm Gartner Inc.
The Coremetrics analytics application, which the company calls its Continuous Optimization Platform, has also been upgraded with more granular data that can help online retailers focus more narrowly on how to market and merchandise to customers, analysts say. In addition, users can now access their Coremetrics analytics data through the iPhone and other mobile devices.
“The biggest news from this announcement is that Coremetrics continues to adopt leading-edge business intelligence functionality within their specialized analytic applications designed for online marketing practitioners,” Gassman says. “The adoption of delivering reports to mobile users and collaboration on reports is not new within the web analytics market, but Coremetrics has a unique advantage in the benchmark area, which they have extended to mobile devices.”
“Coremetrics Analytics 2010 helps us cut through that complexity and not only make sense of marketing data, but harness it to drive relevant, personalized experiences for our customers,” says Dillon Smith, manager of e-marketing and social media for Golfsmith International Holdings Inc., No. 242 in the Internet Retailer Top 500 Guide. “Our team is more efficient, our business is more profitable, and our customers are extremely satisfied.”
Joe Stanhope, an analyst with research and advisory firm Forrester Research Inc., says the upgraded Coremetrics analytics application offers more granular data that can help marketers run more highly targeted campaigns. “For example, if a retailer is using e-mail to re-market to shoppers who left their web site, it could better segment offers based on the level of purchasing history for different consumers.”
Stanhope adds that the new Coremetrics application also features a new user interface that appears to make it easier to organize high volumes of analytics data into useful reports, and toggle back and forth among them.