Ecommerce is a sales channel
The thing that is sometimes forgotten about ecommerce is that it is one hundred percent a sales channel and has to be run like one.
As with all areas of sales, ecommerce performance varies significantly between people. The best-performing people and technology will deliver huge growth — and the worst can bankrupt companies.
If ecommerce is run like a sales channel, companies will have the foundation for success. If it ecommerce is not run like a sales channel, it is almost certain that companies will fail.
The ecommerce sales channel is by far the most complex one companies are having to deal with — many orders of magnitude more complex than retail.
It can be so complex and challenging that management end up putting their heads in the sand.
For senior company leadership, it often means dealing with a sales channel that they do not fully understand or relate to — and to be left in a position where they simply do not know who or what their key digital assets are.
IRP Insights Terminal will totally transform ecommerce
In 2016, IRP Commerce won some awards for the DeepAgent™ Machine Learning and Big Data R&D project. This was a first step into statistics and machine learning to develop the IRP Insights Terminal as an answer to the challenges of ecommerce.
The IRP Insights Terminal is the result of years of work in ecommerce to pinpoint data and to gather it in a way that can concisely answer two key questions:
- “What is good?“
- “What actions do I take to increase sales?“
What is good?
The amazing thing in 2018 is that there is STILL simply no published statistical dataset to compare ecommerce results — key things like Growth, Cost Per Acquisition, Conversion Rate, Bounce Rate, Service Provider performance and Channel Costs such as Google PPC.
Can you believe that in 2018, ecommerce companies and people are still working largely in the dark, making decisions with no comparison - knowing only their own results and filling in the rest of the picture with hearsay and rumour…?
The IRP Insights Terminal will make ecommerce totally quantitative and let companies know how they are performing.
This puts people one hundred percent in the picture as to how they are performing versus their peers in the market.
What actions do I take to increase sales?
Once you know how you are doing versus the market - the next question is: What do you do next? The action to take next is very simple - take the action that is the least effort (overhead) for the biggest return on sales within your target cost of sale (CPA%).
The IRP Insights Terminal, through big data, statistics and machine learning, can simply highlight what a company needs to do next in ecommerce.
Basically like a chess machine, the IRP Insights Terminal can tell you what the best move is, when you should make that move, what the next move is, and so on.
And all the time the IRP Insights Terminal will improve how it can play the game by learning what works. This is a revolutionary concept in ecommerce and will completely transform the whole ecommerce game.
Summary
The IRP Insights Terminal is the result of over £500K of R&D by IRP Commerce and will be something highly novel in ecommerce technology.
It will put companies into a much stronger and more enlightened position than their competition enabling them to grow faster.
The future of ecommerce is all about ‘Ecommerce Intelligence’ and the IRP Insights Terminal will be an incredible tool for those looking to expand their operation and outperform their competition.
IRP Insights Terminal will be available to license by IRP Customers in Q4 2018.
