LimeSpot: Increasing eCommerce Performance through Personalized Shopping Experiences
LimeSpot leverages a combination of retailer catalog data, intent signals, and insights on internet wide shopping behaviors to identify the products shoppers are most likely to buy, through the customer journey. The result for the retailer is increased conversion rate and basket size, leading to higher revenue. Because of how the technology works, LimeSpot needs no learning cycle, and can uniquely target even your first-time visitors. Their AI technology trains through transactions, which means, the more transactions it analyzes, the more accurately it can predict which product a shopper is most likely to buy. Through January 2019, the company has analyzed billions of transactions, including over 18 million products, over $2 billion annual Gross Merchandise Volume (GMV), and shopping behaviors from more than 120 million unique monthly shoppers worldwide. “Our solution not only drives a positive ROI for the retailer but also assists the consumers on the site with discovering the products that delight them,” says Sharon Goldstein, CEO of LimeSpot.
In addition, AI provides auto-generated suggested products and cross-sell recommendations to the shoppers on different pages, including cart and post purchase up-sells. The platform provides retailers with multivariate A/B testing tools, giving merchants the option to continually optimize placement on the site. With continuous crawling of the product catalog and automated curation, retailers have the option to be as hands-on or hands-off as they choose. LimeSpot provides detailed analytics including segmentation. “AI-driven shopping recommendations have previously been limited to large retail marketplaces.
AI-driven shopping recommendations have previously been limited to large retail marketplaces. With LimeSpot, sites of any size can achieve the same personalization experience and impact
With LimeSpot, sites of any size can achieve the same personalization experience and impact,” remarks Goldstein.
Explaining how LimeSpot helps its clients, Goldstein states that the first step is an overview and onboarding call identifying best practices for that retailer, followed by a 15-day free. At the end of the trial retailers can see their site-specific ROI in a robust A/B testing platform. The company sees an average of a 28 percent revenue lift when fully implemented. The customer success manager gets involved during the onboarding process and continues to work with the client after they go live, continuing to optimize deployments. Retailers also have access to detailed segmentation and behavior data. Asked about how they will continue to build value in the future, Goldstein replies: “On-site product personalization is just the first step for us. We are developing a full retail AI platform to help merchants personalize the full customer journey from ad enrichment, to personalization and pricing targeting, through post purchase engagement and retargeting.”
Headquartered in Vancouver, LimeSpot has offices in San Francisco, Philippines, and Berlin, which makes it a global organization in real sense. And the company focuses on diversity across cultures and gender. “We believe that the best results come from bringing together a diverse set of people and viewpoints,” concludes Goldstein.