Social data


February 7, 2013 by wizeblogmin

Today’s online shoppers are getting savvier, and it is increasingly difficult for retailers to draw their attention to traditional banner advertisements… let alone get them to take the next step and actually click through.

Given this, we’ve developed a new type of online banner ad we’re calling Real-time Social Data Ads and we’re excited to share the results.

First, here’s what’s different: these personalized ads showcase constantly-updated, relevant information, including social data like the number of times a product has been tweeted or liked on Facebook, as well as recent drops in price, available coupons, special offers like free shipping, and how many recent purchases have been made.

The results: Real-time Social Data Ads increased click-through rates by 10 percent on our shopping site Nextag. And these ads will be made available for all our Wize Commerce customers in the months ahead.

The results so far show that potential customers are more likely to be interested in a product if they see that it is popular and being shared via the social media channels they trust and use on a daily basis.

Examples of Real-time Social Data Ads below.

realtime_socialdata_ads

Real-time Social Data Ads are made possible by our proprietary Wize Commerce Social Analytics System which we wrote about recently on our blog.

These new online ads are the next step in our ongoing efforts to show how the smart use of social data can lead to better, more effective digital marketing strategies, and to provide merchants with better results for the same marketing spend.

Contact us and let us know you’re interested in hearing more about how we can help you improve your retargeting banner program.

Today’s online shoppers are getting savvier, and it is increasingly difficult for retailers to draw their attention to traditional banner advertisements… let alone get them to take the next step and actually click through. Given this, we’ve developed a new type of online banner ad we’re calling Real-time Social Data Ads and we’re excited to…

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January 10, 2013 by wizeblogmin

Effectively using the wealth of information at your fingertips is key to growing your e-commerce business.

We recently wrote about how smart e-commerce operators can optimize performance, improve their interface – and ultimately increase their bottom line – by making the most of visitor data. But visitor data is far from the only option.

In this post, we will highlight four ways e-commerce companies can also better leverage third-party data to enhance customer satisfaction and marketing effectiveness and grow their business.

Data Management Platforms

Looking to reach more of the people most likely to become your customers? Data management platforms (DMPs) can help.

Over the last few years, DMPs have become popular with marketers as a way to understand their audience and extend the reach of their campaigns. At their simplest, DMPs aggregate data on the interests, behavior and demographics of users across a network of publishers. They then integrate that information with your company’s own user data to identify the type of users who will convert best on your site – which allows you to then target more similar users across affiliated ad networks.

Demand Forecasting and Dynamic Pricing

Continuous, real-time price updates have become the new competitive reality in the world of e-commerce. And while this move has been embraced by many top online retailers, smaller online merchants are struggling to keep up.

A system that analyzes how price – along with many other factors – affects click-through rates for different merchants selling the same product can effectively forecast demand at different price points. Such a model can, for example, enable merchants to dynamically offer a coupon based on current market conditions that will maximize their total margin for a given product or move a certain number of units over a given period of time.

Wize Commerce also helps retailer’s leverage external pricing and demand data through our Radar price alert platform. Whether through the use of Sillhouette, a widget on your site, or as part of our standard Radar email marketing campaigns, we can help you reach highly-qualified customers who have already expressed interest in buying your products but are waiting for the right price.

High-Quality Content

As a marketer or e-commerce site operator, you know that good content helps attract and convert users. For a retailer, content can be anything above and beyond basic product and price info, such as quality names and descriptions, product reviews, videos, or recommendations – and there are a number of third-party data providers looking to sell this type of content to enrich your commerce site.

At Wize Commerce, not only do we integrate data from third party providers, we have developed our own proprietary content platform, which includes content like:

  • High quality product names and attributes optimized based on consumer shopping behavior
  • Structured product relationships, such as related product models, product lines, etc.
  • Proprietary product ratings and review extracts based on aggregating and analyzing millions of product reviews across the web
  • Personalized product recommendations based on analyzing consumer behavior on our network of shopping sites

Social Data

Nearly every commerce site now has some form of integration with at least one social network like Facebook, Pinterest or Twitter. But many sites simply create buttons to make it easy for users to share their favorite products with friends, and leave it at that.

While this simple level of social integration is often helpful in building awareness and driving traffic, few retailers are taking the next step and leveraging this wealth of social data about their products to improve the shopping experience on their own sites.

At Wize Commerce, we analyze consumer behavior on our global network of high-volume shopping sites to create dynamic, personalized product recommendations. With the right tools, merchants, too, can harness product-level social data from Facebook, Twitter and other sources to enhance the shopping experience for their customers.

Our Radar price alert platform helps our merchant customers use email and onsite notifications to reach highly-qualified customers who have expressed interest in buying your products but are waiting for a lower price

We also help retailers display social context and trends in their product listings (e.g. “#3 most tweeted Television”), incorporate social signals (e.g. number of recent likes and tweets) into search ranking algorithms, and develop onsite and email content pushes of the hottest trending products.

The bottom line is that all e-commerce companies will need to learn how to better utilize and manage third-party audience data if they hope to keep up and stay relevant.

Wize Commerce has extensive experience doing precisely that, and we are continually experimenting with how best to leverage such data to help our merchant partners reach more qualified customers.

So, as you consider how to better leverage this data to grow your business, we encourage you to contact us to start a conversation about how we can help.

Effectively using the wealth of information at your fingertips is key to growing your e-commerce business. We recently wrote about how smart e-commerce operators can optimize performance, improve their interface – and ultimately increase their bottom line – by making the most of visitor data. But visitor data is far from the only option. In…

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November 7, 2012 by wizeblogmin

Social functionality and platforms are transforming digital commerce.

But harnessing the power of social data is difficult.

Today there is far more heat than light.

A major strategic focus for Wize Commerce is to track and make use of the maximum amount of social data that can make a measurable and differentiated difference to the bottom line, both directly for our shopping network of sites, and on behalf of our merchant clients.

Leveraging big data, the Wize Commerce team has developed a proprietary system for aggregating real-time social data about products: this benefits shoppers by enhancing the consumer shopping experience, and merchants, by increasing monetization.

From buzz to Buzz Score
At the heart of the Wize Commerce Social Analytics System is the Buzz Score, which rates every product in our extensive catalog on its “buzzworthiness” across a number of dimensions. (more…)

Social functionality and platforms are transforming digital commerce. But harnessing the power of social data is difficult. Today there is far more heat than light. A major strategic focus for Wize Commerce is to track and make use of the maximum amount of social data that can make a measurable and differentiated difference to the…

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