CALCULATOR AVAILABLE FROM NETRICS, INC. ESTIMATES E-COMMERCE REVENUE LOST BECAUSE OF FAILED SEARCHES
FOR IMMEDIATE RELEASE
For further information, Contact
Jim Bruno
215-504-9215
PRINCETON, NJ (Aug. 14) - Netrics, Inc. has developed an E-Commerce Search
Analysis Calculator to help companies that do business on-line determine how
much revenue they are losing because their customers cannot easily find what
they want to buy. The calculator, available at no charge, asks the user a
few questions about their website traffic. Their answers to these questions
are used to calculate the approximate monthly and annual revenue losses
because of search software failures.
"A mere 25 percent improvement in search effectiveness can enable a business
to recapture over 60 percent of revenues lost because of failed searches,"
says Stefanos Damianakis, president and CEO of Netrics, Inc. Netrics is the
developer of LikeItā technology. LikeIt intuitively matches a search with
items in a database, even though spelling, typographical, grammatical, or
syntax errors may be present in the search query.
"Customers become frustrated when they cannot find an item they want. This
frustration quite often goes beyond the immediate transaction," comments
Damianakis. "It carries over to the customer`s attitude toward doing
business with your company. Then, the best customer relationship management
(CRM) tools available, and all the good intentions your company has about
providing strong, personalized service to e-commerce customers, goes for
naught. The bottom line - a customer that is dissatisfied with the
e-business experience you offer may never come back to your site again."
The culprit in many failed e-business transactions can be as simple as
search software failure.
"If a search request is not spelled correctly, or if the product name or
description is not worded exactly right, then the software will most likely
not find a match. Even worse," says Damianakis, "the software can make
incorrect matches, adding to the user`s frustration. If they happen too
often, failed searches that result in lost transactions can have a
devastating effect on a business."
The impact of lost revenue due to failed searches is usually much larger
than the companies running e-commerce sites may believe.
"In some instances, successfully recapturing as little as 20 percent of lost
revenue due to failed customer searches may mean the difference between
ultimate business success and failure."
Free copies of the Netrics` E-Commerce Search Analysis Calculator are
available at http://calc.netrics.com or can be obtained by writing to:
E-Commerce Calculator, Netrics, Inc., 707 State Road, Suite 212, Princeton,
NJ 08540, or by calling 1-609-683-4002 x215.
About Netrics
Established in 1998, Netrics is a privately held company that was founded
by Dr. Peter Yianilos, a pioneer in the field of spelling and grammar
correction technology. For further information on Netrics products that
feature LikeIt Search, or a demonstration of how they work, visit
www.netrics.com or e-mail info@netrics.com.
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