#bevyup

Today, using technology, e-tailers are stepping up their game. They are adding elements from the brick & mortar shopping experience to their online stores. Like providing visitors the ability to invite friends in real-time to a shopping session where they can browse products together and share recommendations, sentiments, etc. Unlike the physical world, the web transcends time zones and geographies, allowing people in different cities, states and even countries to shop together anytime.

But it gets better. This new engagement model produces a wealth of business intelligence that isn’t available to brick & mortar retailers and has the potential to revolutionize e-tailing. We call it Social Revenue Optimization or SRO.

SRO encapsulates how e-tailers can increase revenues, improve profit margins and deepen user engagement by tapping into the deep well of business intelligence on their sites. Mining buyer sentiment enables e-tailers to take the guess work out of optimizing pricing, promotions and products.

SRO is made up of four categories:

Sentiment: Data on how customers feel regarding particular products and their price enables e-tailers to personalize product placement and pricing 

Revenue: Tracking changes in incremental conversion rates, revenue per visit and average order value that result from adjustments made based on customer sentiment and social signals exposes the success and failure of individual pricing and promotion strategies

Margin: Dynamic analysis of the impact of positive, negative and neutral price changes, allows e-tailers to precisely achieve optimal price elasticity

Engagement: Quantifies the link between the ability of customers to collaborate with friends on the website and increases in time-on-site and pages viewed 

SRO, or the ability to collect, analyze, correlate and extrapolate intelligence from social online shopping, promises to finally unlock the full potential of electronic retailing that many have always envisioned for this data-centric channel.