BOSTON, May 19, 2016 /PRNewswire/ -- SiteSpect, Inc., a recognized leader in digital optimization, including testing, targeting and personalization, today announced the results of a Forrester® Consulting Total Economic Impact™(TEI) study1. The assessment was conducted with a SiteSpect customer with multiple years of experience using Origin Experiments, and revealed a total three-year, risk-adjusted benefit of $39.9M and a 30x return on investment. The company released the study during an Internet Retailer Webinar on May 17. Presenters included: Guest speaker, Forrester Research Senior Consultant Sean McCormick, Internet Retailer Director of Research Stefany Zaroban and SiteSpect Vice President of Product Justin Bougher.
The study examined the benefits and costs that an enterprise experienced by deploying SiteSpect Origin Experiments, a core capability of the SiteSpect solution. The Forrester TEI study provides a framework for evaluating the financial impact to organizations that leverage A/B and multivariate testing not just for marketing-oriented testing, but for end-to-end testing and continuous optimization. The practice of continuous optimization involves stakeholders from product and development teams, in addition to marketing, UX and merchandising. Companies leveraging this enterprise level testing solution are realizing significant financial benefit by enabling a seamless digital experience that wins and retains new customers.
Forrester Consulting conducted in-depth interviews with an existing SiteSpect customer with several years of experience utilizing Origin Experiments to better understand the benefits, costs, and risks associated with SiteSpect Origin Experiments capabilities. Previously, the customer's approach included homegrown cookie-based A/B testing solutions that resulted in significant customer experience issues. The results of the analysis of the customer's use of SiteSpect include:
- Testing Risk Reduction: SiteSpect Origin Experiments were able to avoid a 2% to 4% decrease of average order value (AOV) in 22.5% of tests, which helped to improve annual profits by $5-10 million per year. This was especially impactful in optimizing the web site's add-to-cart functionality.
- Testing Improvements: SiteSpect Origin Experiments helped increase annual profits by $7-10 million per year, and were able to increase AOV by 8.5% to 12.5% in 7.5% of tests.
- Speed to Development: Using SiteSpect Origin Experiments during its site-side search replatform initiative, the interviewed organization accelerated their development process by more than 5,000 hours, which increased labor efficiencies saving $387,000.
"The world's largest brands are continuously testing and optimizing their digital properties to provide the best possible customer experience. In the ultra-competitive world of ecommerce, even small differences can translate to millions of dollars in gained or lost revenue," said SiteSpect Founder and CEO Eric J. Hansen. "I believe that Forrester's findings provide an in-depth analysis showing how end-to-end A/B and multivariate testing can positively impact a company's bottom line, providing further validation of SiteSpect's leading optimization solutions and their proven ability to transform digital experiences."
To download the complete study, go to: http://ssopt.me/1srNoE0
SiteSpect is leading the advancement of testing, targeting and personalization software that empowers the world's most successful digital businesses to drive revenue growth, deepen customer engagements, and sharpen their competitive edge. Only the SiteSpect Digital Optimization Platform enables customers to test the entire user experience, from the front-end "look and feel" to the back-end functionality, and centrally manage those tests across channels, product lines, and business units. SiteSpect's patented technology and professional services are used by top digital companies such as WalMart, Target, Eddie Bauer, Urban Outfitters, Wayfair, Trulia, Overstock.com and leading financial services and media companies. For more information, visit www.sitespect.com or call 617-859-1900.
InkHouse for SiteSpect
1 The Total Economic Impact™ Of SiteSpect Origin Experiments®, a May 2016 commissioned study conducted by Forrester Consulting on behalf of SiteSpect
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