The explosive growth of transactional and online shopper data means consumers are swamped with information. In just one internet minute, there are now 2m Google search queries, £83,000 in sales on Amazon.co.uk, 100,000 new Tweets and 6m Facebook views.
The retail industry is no exception. Whilst in-store product ranges are limited by the physical constraints of shelf-space, online retailers can display ten times the amount of products on their sites.
This leaves consumers with overwhelming choice. Yet research shows that most products are going un-noticed. As highlighted in a study undertaken by RichRelevance, only 44% of products online are getting attention; leaving 56% bypassed…
Infographic: The Rising King of Social Sales
When it comes to driving sales, Pinterest reigns supreme in the social kingdom. It’s also growing in areas where other social networks are losing ground. According to the data gathered by RichRelevance, a personalized commerce provider that analyzed browser-based shopping sessions on U.S. websites using RichRelevance’s retail recommendation software, while Facebook accounted for 92% of the surveyed websites’ share of referrer traffic in mid-December, the social network’s share of traffic rates plummeted to 69% the week before Easter. Contrastingly, Pinterest’s started at a meager 6% in mid-December and shot up to 25% before the Easter holiday.
RichRelevance’s data indicates that Facebook is also losing its crown when it comes to share of sales. Facebook boasted an impressive 89% share of sales in mid-December compared to Pinterest and Twitter; yet its share of sales figures fell to 78% by the time the candied eggs and Peeps rolled in. However, Pinterest’s share of sales jumped from 10 to 21% within that same duration. Pinners also appear to spend more than Twitter followers and Facebook users alike. According to the data, Pinterest shoppers spend approximately $140 to $180 per order, while Facebook shoppers spend about $80 per order and Twitter shoppers ring up $60 orders. This difference in shopping carts was highlighted the week leading up to Easter, as Pinterest shoppers forked over an average of $194 per order compared to $84 and $35 for Facebook and Twitter, respectively…
Justin Lafferty on April 26, 2013 3:58 PM
While marketers figure out how to convert sales on Facebook, it appears that Pinterest is beating the social network to the punch. New research from RichRelevance shows that Pinterest is starting to take up a bigger slice of the marketing pie among brands seeking conversions.
According to RichRelevance, a company that offers personalized shopping experiences for major brands, Facebook has been losing traffic and sales since the 2012 holidays, while Pinterest has been steadily trending upward…
Jeff Bezos Begged This Startup Founder To Work For Amazon And Changed His Life Forever
Julie Bort | Apr. 21, 2013
Sometimes, a person has to be badgered into making a brilliant career choice.
That’s what happened to David Selinger.
Today he is cofounder and CEO of a cool big data company called RichRelevance, backed by $58 million from investors like Greylock Partners’ David Strohm and Tugboat Ventures’ Dave Whorton.
But it almost didn’t happen because he said no, repeatedly, to the job at Amazon that lead him here…
As seen in Women’s Wear Daily: real-time personalization by RichRelevance is at the forefront of @LorealParisUSA’s relaunch of its digital site.
By Christina Scolaro | Big Data Download – Fri, Apr 12, 2013 11:56 AM EDT
Social media sites still play a role in only a small portion of online retail sales, but even in the early going merchants can learn a thing or two about what motivates social media users to make a purchase, and why.
A study from software company RichRelevance analyzed 1.5 billion shopping sessions from November 2012 to April 2013. Sessions are defined as clicks that come from a social networking recommendation—users that went to a retailer’s website through Facebook or Pinterest, rather than originating from the retailer itself.
New Zealand businesses feeling daunted by emerging technologies need look no further than the example of local “powerhouse” TradeMe, says a world-renowned expert in e-commerce.
David Selinger, chief executive and co-founder of US company RichRelevance, said businesses worldwide were being confronted by technological advances like big data, analytics, social media, and the cloud.
Business leaders needed to ditch old models and embrace technology as a core part of their strategy, rather than as something confined exclusively to the IT department, he said.
TradeMe was a perfect example of a local company which had profited from adopting a data-oriented mindset, Selinger said…
April 5 2013
What do I need to consider when using customers’ data?
It is important to remember that while privacy laws may change, the privacy debate is not new.
Darren Vengroff, chief scientist at data analytics company RichRelevance, says those retailers with the best customer service have always known the most about their shoppers – not just about their tastes, but about their lives.
“They use that information to offer the most personal service possible,” he says. He adds more retailers now have the opportunity to do that. “A hundred years ago, very few people could afford this level of service but today, because much of the process can be automated at modest cost, more retailers than ever can benefit from personalisation.”