According to a recent Forrester Research report, most firms only use one-third of the data that they collect. Worse, only 29% say they are good at translating the result of data and analytics into measurable business outcomes.
"Big data and analytics are now table stakes for merchants who want to find new customers, increase order value, and enhance loyalty," said Mark Lavelle, CEO of Magento Commerce. "The combination of RJMetrics and our global ecosystem of Solution Partners will provide our joint customers, such as Signature Hardware, Draper James and Bucketfeet, and the diverse portfolio of Magento merchants with cutting-edge analytics that keep them ahead of the competition."
"We have seen first-hand the power of combining rich product and customer data from Magento with the business insights that RJMetrics provides," said Sean Fisher, Director of eCommerce at Signature Hardware. "We're excited to see how both of these innovative partners combine to help merchants like us gain a better understanding of our customers and drive data-focused decision-making."
Key capabilities Magento Analytics will enable for B2B and B2C merchants include:
- Advanced Customer Insights: Customer lifetime value, repurchase rates, inactive customers, churn, cohort analysis, and other deep analytics to truly understand customers.
- Marketing Campaign ROI: Insights into campaign performance to continuously tune and optimize campaigns and allocate marketing spend.
- Improved Segmentation and Personalization: Customer insights allow for more targeted promotions and merchandising, allowing Magento merchants to sell more.
- Better Merchandising and Shopping Experience: Insights into item, page, placement, promotion, and channel performance will enable merchants to continuously optimize digital shopping experience and performance to increase sales and gross margin.
- Multi-Brand, Cross-Border Analytics: Simple but powerful insights will allow smaller merchants to compete against bigger competitors.
- Intelligent Sourcing and Inventory Optimization: Integration to the Magento Commerce Order Management solution will improve sales and margins due to improved cross-channel fulfillment and inventory balancing resulting in fewer in-store stockouts & costly markdowns.
"At RJMetrics, we're on a mission to help commerce businesses make smarter decisions using their data. When combined with Magento's commitment to facilitating commerce innovation through flexibility and openness, the opportunity to fulfill that mission is larger than ever," said Robert Moore, CEO, RJMetrics. "The blending of our platforms will open up a world of possibilities for our customers to define the future of commerce analytics, and I'm proud to be combining forces to usher in the new era."
The transaction closed in Magento's third fiscal quarter. RJMetrics' second product, an ETL service, is spinning off into its own company and brand, Stitch. Union Square Advisors served as financial advisors.
About Magento Commerce
Trusted by more than 250,000 businesses worldwide, Magento Commerce is the worldwide leader in cloud digital commerce for retailers, brands and branded manufacturers across retail B2C and B2B industries. In addition to its flagship open source digital commerce platform, Magento Commerce boasts a strong portfolio of cloud-based omnichannel solutions empowering merchants to successfully integrate digital and physical shopping experiences. With over $50B in gross merchandise volume transacted on the platform annually, Magento Commerce is the foremost provider to the Internet Retailer Top 1000 and the Internet Retailer B2B 300, counting more than double the clients to the next closest competitor. Magento Commerce is supported by a vast global network of solution and technology partners, a highly active global developer community and the largest online marketplace for extensions available for download in the Magento Marketplace. More information can be found at www.magento.com.
RJMetrics is the analytics platform of choice for many of the fastest-growing online businesses in the world. The company's cloud-based analytics platform combines rich data from ecommerce platforms, advertising networks, event tracking tools, and more, providing users with a holistic view of their customer lifecycle and actionable analytics for running a truly data-driven business. Customers rely on RJMetrics for analyses such as customer lifetime value, cohort analysis, customer retention, and merchandizing optimization. RJMetrics is proudly based in Philadelphia, PA. Learn more at rjmetrics.com.
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SOURCE Magento Commerce