In today’s technologically powered world, data science industry has rapidly graduated from simple data warehousing, data mining solutions to business intelligence, machine intelligence/learning to finally deep learning solutions. By 2020, it is estimated that data science industry will become the biggest industry, producing more information, knowledge, solutions and wealth than all the other industries combined.
From a retailing point of view, E-commerce is playing a crucial role in the online business ecosystem with the assistance of digital marketing platforms. However, the modern E-commerce sites are too large and visitor behavior too complex to consider everything with post-mortem analytics. Even though, E-commerce and digital marketers want to optimize the conversion of potential customers into actual customers, statistics suggest that 30% of visitors leave after 5 seconds, 40% never return, and 71% abandon their shopping carts. Intriguingly, only 1.5% convert into the actual buying customers. Despite this obvious difficulty, there are no comprehensive methods for objectively measuring the digital engagement of a potential customer coupled with its use to increase conversions, conclusively improving the overall “Conversion Rate Optimization (CRO)”.
Headquartered in Atlanta, DXi LLC is an innovative and dynamic technology company that develops and sells cloud-based machine-learning (ML) software solutions to allow companies to maximize the success of their digital marketing campaigns and to understand the hidden stories behind their domain centric Big Data, thus allowing high quality, actionable strategic decisions. More importantly, DXi’s USP is its ability to track, measure and quantify 100s of digital engagement metrics of any visitor on a website/mobile app/social media site into a 0-100 score (similar to a credit score representing 100s of credit metrics) using a Proprietary Algorithm; correlate this score to conversions and pro-actively improve the score and through it “Conversions” using insights from 25 ML algorithms. DXi’s core values are to provide the most innovative technology in the form of SaaS for B2C/E-Commerce/E-Retail with 100% data privacy and 100% honesty and integrity. Over the coming years, DXi’s long-term plans are to become the ‘GLOBAL Benchmark’ for quantifying and enhancing Customer Digital Experience and Conversion Rate Optimization.
Technological Innovator behind the Success of DXi
Dr. Srinivas Kilambi is the Founder and CEO of DXi, LLC. With a doctorate degree in Chemical Engineering from the University of Tennessee-Knoxville, Srinivas embodies a passionate entrepreneur, inventor, and expert developer of Big Data, predictive analytics, and machine learning solutions. Over the past 20+ years, he has led multiple Big Data and biotech companies as a founder or C-Level executive including Tata Chemicals and Renmatix.
Likewise, Srinivas’s dynamic approach for bringing together passionate and talented teams to solve big problems has also led to multiple patents, millions in returns for investors, and industry-changing solutions in biotech and predictive analytics. Presently, as the Founder and CEO of DXi, Srinivas dons on various hats from being a strategic thinker to a hustler to an innovator, to a planner, and to an executor.
Changing Universal Approach to Conversion through SaaS Based Platform
DXi’s SaaS based Digital Engagement Scoring Platform analyzes the digital experience to gain not only the deeper insights into customers’ behaviors, but also to improve customers’ digital engagement by making it objectively measurable, benchmark-able as well as actionable.
Using multiple machine learning algorithms, this advanced platform finds patterns of customer behavior utilizing data acquired in real-time, individually, and without surveys, using only the actions of an individual when they are active on an e-commerce site. It can also be combined with the actual purchase data to model customer behavior for improving a company’s conversion rate (# of buyers/# of visitors), site engagement performance, lead scoring, customer segmentation, predictive user/item recommendations, and loyalty/churn identification.
This unique, SaaS-based platform powered by 25+ Machine Learning algorithms provides deeper insights based on the following modules.
- Win-Loss Analysis: This involves insights based on behavioral pattern of customers versus prospect segments (High, Medium, Low based on audience and their propensity to purchase).
- Visitor Scoring: Predictive buyer score for prospects and customer lifetime value for existing customers with ability to transparently transmit this information into third party CRM /eCommerce platforms is offered.
- Relevancy Targeting: It enables variable and personalized offers based on the visitor score and their predicted product of purchase to empower higher sales conversion and ROI.
- Engagement Benchmarking: Engagement benchmarking with optimal buyer score used for increased conversion, thereby provides actionable insights to achieve the optimal score.
Building a Niche in the Competitive Industry
The core of a customer’s journey is digital engagement mainly through websites, email, search results, online advertising, and even within the contact center such as SMS, chats, and various other messaging apps. Being able to compare a potential buyer’s behavior to past buyers and non-buyers in real-time allows a company to intervene, and motivate the non-buyers successfully complete their consumer decision journeys. Recognizing patterns of the potential churning customers, in addition to permitting earlier interventions can make the apparent difference between successfully retaining customers or else losing them for life.
The contemporary $2 T e-commerce market with low conversions, high cart abandonment rates and problematic survey-based experience measurements are looking for smarter technologies and applications to improve their performance through digital experience for sales, customer experience, along with long-term client retention. Even incremental and modest improvements in customer conversions and reduction of cart abandonment can make a tremendous impact on a company’s revenues.
“What cannot be measured or quantified also cannot be correlated and improved.” Working on the similar lines, DXi allows measurement of 100s of metrics of user experience in real-time and its dynamic quantification as a 0-100 score. This generated data through DXi can then be correlated to conversions and through machine learning algorithms, DXi of clients can be improved and through them, conversions.
Currently, no other product to the best of Srinivas & his teams’ knowledge can convert 100s of DX/UX metrics into a single score and then correlate the same to conversions and through ML help improve the score and conversions as effectively like DXi does.
