Comprehensive product intelligence enhances cross-sell and upsell with personalized merchandising strategies based on product attributes and compatibility
RichRelevance®, the global leader in omnichannel personalization, and CNET Content Solutions (CCS), the leading provider of ecommerce product content, data and solutions, have renewed their strategic partnership to enhance cross-sell and upsell for retailers.
The partnership enhances the independent Relevance Cloud™ personalization platform with CCS’s DataSource™ product, the industry’s most comprehensive database of consumer electronics product information on more than 10 million SKUs, to allow merchants to curate a personalized shopping experience that includes the most relevant complementary products and accessories to consider at the time of purchase. Now retailers using the Relevance Cloud can inspire consumer purchase with perfectly matched products – while eliminating manual product mapping and the cost and effort of keeping up to date with inventory and trends.
Advanced Merchandising with the Relevance Cloud
With DataSource, the Relevance Cloud algorithms optimize cross-sell and upsell by accessing timely, accurate and consistent information on 10 million Consumer Electronics product SKUs in 32 markets and 23 languages. These Advanced Merchandising capabilities provide a supplemental layer of product intelligence to RichRelevance’s personalized product recommendation solution, Recommend™, enhancing real-time behavioral recommendations with attribute and compatibility-based capabilities.
Product attributes such as brand, style, dimensions, compatibility, technical specifications, pre-installed software, and manufacturer warranty information are among the data that can be used to create new recommendation strategies for perfectly matched products. Using deep product profiles from DataSource™, the Relevance Cloud matches products by specific attributes such as key selling features, price points, and technical compatibilities, placing brand affinity directly at the merchant’s fingertips.
The Relevance Cloud’s wealth of data ensures that an appropriate variety of accessories (e.g., computer peripherals, or an outfit) are matched intelligently to the base product’s characteristics. It also surfaces compelling alternatives within retailer-specified parameters (for example, products with higher-grade feature sets priced within 20% of the base product). Merchants have full control to adjust rules to change or support brand affinity, product assortment, user experience and vendor partners; extend or override behavior-based rules; or create custom rules to be applied at any level (SKU, category, or catalog).
About CNET Content Solutions’ DataSource™
Since 1999, thousands of companies have turned to DataSource for the standardized product data to power their online websites and helps convert shoppers into buyers. With product coverage in 32 markets and 23 languages, DataSource is a world-class leader in standardized product data. Some of the top retailers in the world use DataSource every day to manage their online product catalogs.
For Questions contact Renee Newby, BPR for RichRelevance
Today, I’m super excited to announce the launch of the Relevance Cloud™– what we at RichRelevance believe to be the most comprehensive personalization solution for retail today. The Relevance Cloud is a re-imagining of all RichRelevance products with new features and more simple ways to access, use and implement each of RichRelevance’s products.
Our Discover, Engage, Recommend and Build products empower retailers to deliver and innovate brand-centric customer experiences that span the customer lifecycle across all channels. Each of these products is powered by the Personalization Graph—a unified customer view which aggregates key data on customer behavior, content, context and products. The Personalization Graph is the next generation customer view. Powered by Big Data technologies, it’s flexible, streaming and scalable. Unlike the rigid CRM-centric view of the customer, the Personalization Graph sees each consumer as a fluid, ever-changing and increasingly complex stream of events and touchpoints, reflecting the reality of today’s consumers.
Here are the parts of the Relevance Cloud:
Especially exciting to me is the debut of our Build API-based services (I am an engineer after all! ☺). The opening up of our SOA and platform are key to unlocking the next revolution in personalization. Personalization is not simply an application (e.g., the market-leading Recommend product recommendations) but a capability which must be deeply integrated into the fabric of every customer-facing moment, incorporating the essence of each retailer’s unique customer strategy. Data science as a skill set continues to mature within retailers, and with Build, we provide an open, flexible architecture for our retailers’ data science teams to create entirely new customer experiences.
Case in point: one of our long-time customers, Wine.com employed a “bring your own algorithm” approach to test and deploy a “similar products” recommendation strategy, incorporating their unique knowledge of their specific assortment. It ended up driving $5 per click—becoming one of their best strategies in terms of revenue per click and increasing overall orders and revenue, not to mention dazzling their customers by putting forward their industry specific expertise.
RichRelevance’s Relevance Cloud manages all the heavy lifting (fault-tolerant infrastructure, the operationalization of data, etc.) so that our customers can focus on what they do best: designing differentiated experiences that speak to shoppers 1:1, ensuring that personalization delivers a significant market advantage. I hope you are excited as I am about this next generation of personalization!