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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
Information is power. For brands and retailers, information is becoming a game-changer. There is no denying that the retail landscape is undergoing an unparalleled revolution with the explosion of data. Retailers today are harnessing the power of analytics to capitalize on the ever-growing volume of customer data. Data-driven insights empower retailers to drive greater efficiencies, deliver a superior customer experience, optimize operations and identify new revenue streams. One such company which is significantly helping retailers gain deeper insights across the entire value chain of retail operations through an intelligent platform is Conversific.
Conversific is a first of its kind business intelligence platform for Shopify and WooCommerce that analyzes data and shows users how to optimize various areas of their business. The users don't need an army of analysts to make good decisions. Conversific makes sense of their e-commerce data so that they can focus on building their business.
From the very beginning, Conversific focused on the mission to help e-commerce stores with conversion rate optimization. As consumers become increasingly picky about the messages they read and the products they buy, in response, marketers have to create personalized messages to attract and retain customers in a process which requires intelligent data analysis. The consumer demand for relevant messages has given way to a whole new kind of marketing called data-driven marketing. E-commerce stores are now collecting data at every touch point to better understand their audiences, interpret that data to predict future behaviors and make real-time marketing decisions, and that is where Conversific comes to be a good fit.
The growth story of the company has been phenomenal. Conversific started with the product development in 2016 with a small team. In 2018, the company reached more than 5000 e-commerce stores and closed its first-ever fundraising round successfully raising $500 000, a seed round from one of the biggest Central European investment funds.
Steve Smith is the CEO of Conversific. He has been running a couple of e-commerce stores but kept growing frustrated with the reporting in it. Not only was it difficult for Steve to accurately see how much he was making, but managing the store was even more of a headache. He knew it was a problem with basically zero solutions. Google Analytics is so complicated and has a lot of blind spots. So, Steve thought, why not try building one?
To take his idea to a practical reality, Smith met a couple of talented developers and marketers, and jumped into the product development, to develop Conversific, the e-commerce Analytics tool of Tomorrow.
"Conversific now has a very clear direction going forward. It reminds me of building a house. There is the stage before building commences, where a location needs to be chosen, a blueprint gets drawn up, design choices are made. Then the building begins. Sure, there are technical challenges and issues that will often come up during the build, but the uncertainty and planning all happen before. We want to bring a game-changing tool for e-commerce CRO, to make equal and easy to reach for startups and industry leaders," Steve said.
Conversific has its own algorithms which analyze every data point from data sources like Shopify, WooCommerce, Google Analytics, Google Search Console or Facebook Ads. After the company aggregates the data of e-Commerce stores, its app, with the power of Artificial Intelligence starts to analyze it. With pre-defined reports and a dashboard specialized for e-commerce, there's no more struggling with manual data setup. The information Conversific gives helps with the optimization of products, categories, markets, and customers!
In all of its projects, Conversific works with the latest platforms and best practices used by the biggest global startups. The company believes that a Startup Studio is the best model to build successful global startups and the company is launching 2-3 new startups every year in addition to its existing projects. Conversific believes that its projects learn from each other's successes (and failures).
Steve feels that the most important part is customer focus and truly believes that if its customers succeed, so too will the company, and that is why the company is making tons of customer interviews and developing its product suiting to their needs.
In a short span of time, Conversific has won "The Business of the Year Award with Turnover of €0-25m" category in Hungary. The company is proud to be a National Winner and represents the core values of success, ethics, and innovation which are one of the best in Europe. Conversific's business excellence also reflects from the motivating feedback it receives from its customers, one of the same is below:
"I thought I am not a stats guy… now I am! Looking at the numbers in Conversific is fun and it helps a lot to understand them as well as my customers and what they want. Looking forward to see the product grow and get even better!"
As we head in 2019, Smith sums up that this year, retail mega-giant Amazon will turn 25 years old. The conglomerate already commands 37% of the e-commerce market and as per the latest projections compiled by Sellbrite estimate the conglomerate will be responsible for half of all online sales within three years. In light of those numbers, it's easy to say that in the grand scheme of the commerce universe both e-commerce and Amazon are still in their infancy.
"High-growth businesses need to watch who is emerging, track who's loved, and research how to be successful in both business and life. To capitalize on this trend, in particular, companies must also focus on optimizing their in-store experiences in conjunction with their e-commerce expressions: Every. Visitor. Counts," he added.
In this world, analytics is a must, and that's where tools like Conversific can help the users. The company focuses to make it as user-friendly as possible. Taking its mission forward, Conversific aims to make analytics really fun by developing a tool which makes it that.
