Net Perceptions Launches NetP 7.1, Featuring Enhancements That Improve Companies` ``Suggestive Selling`` Capabilities
LatestNetP 7 release provides comprehensive analytics-driven software that delivers intelligence directly into every customer interaction
MINNEAPOLIS, Oct 21, 2002 -- Net Perceptions(R) (Nasdaq:NETP) today announced enhancements to its core NetP(TM) 7 analytics-driven software offering that significantly enhances the ability for manufacturers, distributors, catalog retailers and e-tailers to increase and improve their suggestive selling techniques.
Scheduled for release in early November, NetP 7.1 contains the core technology and all modules from the original NetP 7.0, which launched in June 2002. The new version offers further enhancements to facilitate a company`s ability to cross-sell, up-sell and make alternate or substitute product recommendations, based on the sophisticated analysis of customer, product and transactional data. Targeted and personalized product recommendations may be made via multiple sales channels including phone, Internet, one-on-one sales, direct mail and e-mail.
NetP 7.1 enhancements include:
-- Alternating -- automatically replacing out-of-stock merchandise with similar items in the product portfolio.
-- Cross-selling -- personalized based on customer history and/or real-time interest and purchases.
-- Coordinating -- offering products that are most often sold with others.
-- Up-selling -- allowing a suggestion of similar products to those being purchased which have more value to the seller.
-- Promotions -- personalizing promotions to reduce overstocks from product inventories. This personalization can be based on customer history, real-time interest and purchases, and/or rules and filters established by marketers and merchandisers.
-- Synonym rejection -- allowing marketers to vary the recommendations that are presented to customers to ensure similar products are not unnecessarily suggested.
-- Ordered recommendation lists -- allowing marketers to strategically rank and edit their product recommendation lists.
"This is the first time within the industry that such a variety of suggestive selling techniques are being offered to merchandisers and marketers via one unified, multi-channel, analytics-driven solution," said Don Peterson, Net Perceptions` president and chief executive officer. "Since the June launch of NetP 7, clients such as JC Penney, half.com, 3M and Great Universal Stores continue to drive significant incremental revenue. One client, a catalog retailer, reported a 15 percent success rate in their up-selling strategies; likewise, an e-tailer has realized a revenue increase of more than five percent through the use of our technology. We feel the enhancements in NetP 7.1 will only make our offering stronger."
The core technology of NetP 7 includes Intelligence Manager(TM), the data analytics engine that aggregates and analyzes information about customers, products and transactions to generate actionable intelligence. Additionally, Intelligence Manager enables marketers and merchandisers to apply business rules and filters that work in conjunction with intelligence generated by analytics.
Channel Injectors(TM) automatically deliver the output of Intelligence Manager, such as targeted product recommendations, customer lists and other forms of sales intelligence, directly into the sales process. Channel Injectors are available for telesales, e-commerce, field sales and direct marketing.
The Sales Playbook(TM) module of NetP 7 has been especially attractive to B2B clients, arming their field sales professionals with detailed analytics-based customer data, such as buying patterns and preferences, on a customer-by-customer basis that they use to increase sales and build customer loyalty.
NetP 7.1 offers additional advances to original NetP 7 features, including customizable sales playbooks; user-defined RFM segments; ROI-based reports; advanced product filtering; sales playbook printing; segment browsing; and improved security.
About Net Perceptions
Net Perceptions (Nasdaq:NETP) develops and markets software that enables B2B and B2C companies to sell more intelligently and effectively. Founded in 1996, Net Perceptions is headquartered in Minneapolis and has offices in the United States and in Europe. Customers include market leaders such as 3M, Brylane, Great Universal Stores, J.C. Penney, J&L Industrial Supply and half.com. For more information visit http://www.netperceptions.com or call 800-466-0711.
Net Perceptions and the Net Perceptions logo are registered trademarks of Net Perceptions, Inc. All other trademarks are the property of their respective owners. This press release contains "forward-looking statements" within the meaning of the federal securities laws, including statements concerning business strategies and their intended results, and similar statements concerning anticipated future events and expectations that are not historical facts. The forward-looking statements in this press release reflect management`s best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Additional information concerning potential factors that could effect future financial results are detailed from time to time in the company`s filings with the U.S. Securities and Exchange Commission.
CONTACT:
Haberman & Associates, Minneapolis
Eric Davis
612/338-3900
eric@habermaninc.com
Net Perceptions, Minneapolis
Terri Reden
952/842-5000
treden@netperceptions.com
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