Pawan Verma joins Foot Locker as its new chief information officer.
New personalization software from 7 Billion People uses linguistic science to determine what triggers shoppers to buy.
The approximately 30 e-retailers using the site personalization software of vendor 7 Billion People average conversion rate increases of 10% within six weeks of implementation, CEO Mark Nagaitis tells Internet Retailer. The technology adapts how a web site’s pages are presented to site visitors in real time, based on how individual visitors like to receive information as determined by how they click through the site.
The vendor’s hosted WebLegends software captures visitors’ clickstream data as they enter and move through the site and uses linguistic-based behavioral psychology to analyze visitors’ goals, decision-making methods, buying behaviors and communications preferences. Within three to five clicks from the visitor, the software gathers enough information to determine the visitor’s behavioral tendency on at least one of 15 attributes. At that point, it begins to adapt the presentation of site content dynamically to fit the visitor’s preferences.
This approach builds on personalization in the form of product recommendations based on past purchase behavior or geo-location that’s already used by many e-retailers, Nagaitis says. “This looks at the customer experience from a different aspect. You are starting to understand the customer based on how they consume information and what is important to them in their buying process, as opposed to ‘the customer earned $300,000 a year and, therefore, he might be interested in a Breitling watch,’” he says.
Nagaitis says the e-retailers using the software on which those numbers are based represent a range of retail categories and sizes from one retailer with annual sales of $100 million to one with sales of $20 billion. While 10% is the average increase in conversion within the first several weeks a retailer starts using the software, Nagaitis says retailers often experience a total conversion increase of 20% to 30% over time after the product is fully implemented.
“Retailers have a good amount of skepticism when we tell them this,” Nagaitis says. To offset that, the vendor gives retailers a six-week trial of the software at no charge, which allows them to compare results with what’s already in place on their site in A/B split testing, he says.