Advanced cloud-based analytics solution will integrate with the Magento platform as Magento Analytics to help merchants better understand their customers, sell smarter, and increase ROI
Campbell, Calif. (Aug. 1, 2016) – Magento Commerce, the worldwide leader in cloud digital commerce innovation, today announced that it has acquired RJMetrics, a cloud-based analytics platform tuned for digital commerce business intelligence. In addition to the valuable analytics extensions already built for Magento, the Magento core platform will now include a powerful native solution enabling merchants to better understand and optimize their commerce business based on actionable data and insights into customers, merchandising, channels, and more.
The new solution will be marketed as Magento Analytics and, unlike other analytics platforms that often require IT support and considerable time to configure, Magento Analytics will allow non-technical business users to quickly and easily integrate with enterprise-grade data sets across a broad array of applications in order to consolidate and analyze data for effective multi-brand, cross-channel reporting.
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.