Online sales climbed 24% year over year, while Best Buy’s overall sales were flat.
Retailers using DMinSite, a managed software e-commerce solutions vendor, find its product recommendations drive more sales than does collaborative filtering technology.
E-commerce solutions vendor DMinSite has added merchandising and product recommendation engine Richrelevance to its software as managed service suite. Richrelevance’s flagship product, Richrecs, will deliver personalized recommendations to DMinSite’s e-commerce clients, with the goal of lifting sales and conversion rates while enhancing the shopping experience, DMinSite says.
The technology underlying Richrecs supports product recommendations that produce a higher rate of conversions than does collaborative filtering, another approach that’s used to power product recommendations, DMinSite CEO Larry Kavanaugh says. DMinSite did an A/B split test among retailers using its platform and found that recommendations generated by Richrelevance produced a conversion rate 10% to 15% higher than did product recommendations based on collaborative filtering.
Richrelevance uses advanced marketing and modeling techniques, with Richrecs automatically choosing from 15 different recommendation strategies it has developed to generate the product recommendations that best fit different site visitors. In effect, the technology creates personalized navigation for every shopper, Kavanaugh says.
“We deliver a shopper-centric experience that allows customers to find items relevant to their interests, oftentimes more quickly than search or browse,” says Richrelevance CEO David Selinger. “In just a few clicks, customers can find what they are looking for.”