Online retailer Overstock.com, wanting to try a new way of helping customers find products they might be searching for, came to Aggregate Knowledge for some help.
They decided to implement a new software product offered by Aggregate Knowledge known as Discovery Window™, which allowed customers logged on to the Overstock.com network to incorporate the dynamic and intuitive processes built into this new search engine.
What makes the Discovery Window™ unique is that the process seeks to emulate a typical shopper, as if they were walking down an avenue looking into shop windows. Being able to anticipate and program human behavior into a search engine may be a daunting task, but Aggregate Knowledge feels they have hit on something, in that, Overstock.com’s sales were enhanced by over 20% on all products purchased this past holiday season.
Aggregate Knowledge's Discovery for Retail web service drives product discovery and navigation for online retailers for leveraging the collective behavior of customers to anticipate and surface relevant content suggestions. Delivered as a web service, Discovery for Retail helps merchants move beyond keyword search by enabling customers to discover new, relevant items they hadn't yet considered. Discovery for Retail furthers customer relationships by facilitating outbound email communications tailored to users' interests and purchase behavior. Discovery-enabled email campaigns yield significantly greater conversion rates than those without personalized suggestions. Screen Image Credit: Aggregate Knowledge
Said Paul Martino, Aggregate Knowledge's founder and CEO, "Our experience with Overstock and others proves that harnessing the wisdom of crowds delivers breakthroughs in site ease-of-use, customer conversion and shopping cart size."
Excerpts from an announcement released at DEMO 07 Conference in Palm Desert -
New Internet Discovery Service from Aggregate Knowledge Drives Over 20% of Holiday Purchases on Overstock.com
Aggregate Knowledge delivers breakthrough in online sales with new approach to Web search and navigation
Released by Aggregate Knowledge - San Mateo, CA and DEMO '07 - January 30, 2007
Over 20% of all products purchased this holiday season at online retailer Overstock.com were discovered by consumers using the new "discovery window" powered by Aggregate Knowledge. Aggregate Knowledge’s Discovery for Retail™ Web service drives product discovery and navigation for Overstock by leveraging the collective behavior of its customers to anticipate and surface relevant suggestions. The service lets retailers move beyond traditional search, allowing their customers to discover new, relevant items they hadn't yet considered.
"Keyword search is great if you know what you're looking for," said Paul Martino, Aggregate Knowledge's founder and CEO. "But how do you find those things you know are out there when you don't know the two or three magic words to type into Google? Our Discovery Services emulate the way consumers find products they want when they are offline - by observing the behavior of other people.
"For example, you notice a small boutique and something in the window catches your eye, so you enter and purchase it. Or, you notice a waiter delivering a dessert to the next table and think 'I’ll have what she's having.' With the introduction of Discovery for Retail, these serendipitous discoveries can now happen online as well."
Aggregate Knowledge's Collective Discovery Network is the industry's first service to bring discovery across multiple online sites. Instead of just showing books related to additional books or news stories related to other news stories, Aggregate Knowledge's Collective Discovery Network surfaces relevant content regardless of type or location. Unlike a traditional ad network that places advertisements in front of customers, the Collective Discovery Network delivers relevant content, products, and services where they will be best received. Screen Image Credit: Aggregate Knowledge
Aggregate Knowledge achieves a breakthrough in discovery and navigation by observing the anonymous behavior of prior customers to anticipate each new user's intent and to surface relevant options. Since Aggregate Knowledge requires neither personal information nor site registrations, both personal identity and proprietary information remain secure.
According to Byrne, the deployment of Aggregate Knowledge's Discovery Service was quick and painless. "There were skeptics in our organization when Aggregate Knowledge said they could deploy their service in about two weeks," he said. "But they delivered in 16 days, and we started generating additional revenue instantly. We are thrilled with our relationship with Aggregate Knowledge and will be rolling out additional Aggregate Knowledge services throughout the year."
Based on a super computer architecture that can aggregate billions of data points in real time, Aggregate Knowledge's Discovery Services are ideal for retail sites with hundreds of thousands of SKUs. Without Aggregate Knowledge’s technology, shoppers would only be able to find a fraction of the items on a site that might interest them.