Press Release: January 13, 2010
UK-based fashion retailer, Republic have experienced a 22% increase in average order value through the use of Peerius recommendation technology on their ecommerce site. Republic introduced the recommendation technology and rigorously tested its effectiveness in increasing sales and improving the customers experience from July to September before signing a long term commercial deal with Peerius in October of this year.
Mark Kelly, Republics e-Commerce Manager says, We have been delighted with the results that we have experienced and we now find that 18% of all our orders contain a recommended product.
With Peerius, we were confident that we had the best performing product in the marketplace. In addition, because of their sector focus on apparel, we knew that their system was well attuned to the specifics of our industry sector.
Weve found that customers that view recommended products spend nearly 22% more on average than those that dont and spend 65% longer on site. Whats really encouraging is that the positive effects seem particularly acute on first-time visitors.
Our aim now is to ensure as many visitors as possible are seeing recommendations, so we plan to roll the technology out across the site and beyond, making use of the Peerius social search technology and personalised recommendations in emails.
Roger Brown, Peerius chief executive says, Peerius provides recommendations which are influenced not only by the way the user is currently browsing, but also takes into account, the past purchasing habits of that individual as well as purchasing patterns of similar consumers. It is the sophistication of the way that our algorithms combine these different data sets that really sets us apart from our competition. Peerius uses a hybrid approach which means we are not limited to one particular technical approach such as collective behaviour (e.g. Customers who bought X, often bought Y as well) or collaborative filtering (similar users tend to purchase Z), rather we use a complex mixture of systems logic depending on what we assess the customers intention to be.
Kelly says, We were particularly delighted with how easy it was to implement. It took just 1 day to configure and 1 day to test and then we were up and running.
Roger Brown, CEO of Peerius, says, We are delighted to formally seal a long term relationship with Republic which further solidifies our position as market leader for recommendation software within the apparel sector. We are currently undergoing trials with a number of other leading apparel retailers and we will be making further announcements shortly.
We have every reason to be confident because, to date, everyone who has trialled our system has gone on to become a customer.
Further product enhancements include Peerius Email which allows retailers to send personalised product recommendations to their customers inbox and Peerius Social Search where search results on a site are analysed to determine the items that are most likely to result in a purchase given a search phrase or keyword. This intelligence is then utilised to ensure that the best converting products are highly ranked for subsequent searches.
Background on Peerius
Peerius has developed a proprietary software that enables e-tailers to increase online sales by recommending products to customers as they browse the website. The customer enjoys a more satisfying site experience and clients achieve better conversion rates, higher average order values and increased sales. Additional services provided by Peerius include web analytics, benchmarking and search capabilities.
Peerius focuses on just a few specific vertical markets, of which apparel is one, but the software itself is not limited to apparel.
Peerius was founded in Dec 2007 by Roger Brown. They are VC backed and investors include Venrex and a number of business angels including Mike Brinsford, formerly President Computer Sciences Corporation Asia.
Contact at Peerius: Juliet Lecchini, Marketing Director: Juliet.Lecchini@peerius.com
Background on Republic
Republic is the UKs leading retailer of mens and womens branded fashion with a 16-30 year old core target market
Republic currently trades 102 stores (over 330,000 sq ft of retail space) in prime locations across the UK
Company sales to go through the £200m mark in 2009
Store traffic in 2009 33.3 million
E-comm traffic in 2009 20 million
High quality and innovative store design together with fantastic retail staff creates a unique atmosphere and buzz, generating a lively and welcoming environment
A transactional ecommerce site was launched May 2007 www.republic.co.uk
All product images can be found on www.prshots.com
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