Technology for a Customer Experience Digital Data Acquisition layer could generate costs savings of $3bn each year for the global web industry, according to new figures from customer experience management (CXM) platform Qubit. This saving, equivalent to 0.1% of the global internet economy, comes from increased efficiency in data handling resulting from broad adoption of the technology.
The technology will have the most impact in territories with higher labour costs. In the US market - the biggest internet economy in the world - the savings would total just over $1.4billion, whilst in the UK savings would reach $263 million (£169 million). China has almost 1.5x more ecommerce businesses than the UK, but it only saves $99 million. These figures represent significant savings for individual companies, with the average web business in the US saving $32k a year; in the UK $23k; and in China $6k.
This technology is currently in development within the Customer Experience Digital Data Community Group within the World Wide Web Consortium (W3C). The Community Group seeks to massively simplify the process of rolling out new marketing, analytics and personalisation technologies across websites worldwide. The technology is currently not on the W3C standards track but is gaining traction within industry and could later move to the W3C standards track.
At the moment, every technology ingests and outputs information about website visitors in a dizzying array of different formats. Every time a site owner wants to deploy a new customer experience technology such as web analytics, remarketing or web apps, overstretched development teams have to build a bespoke set of data interfaces to make it work, meaning site owners can’t focus on what’s important. The new technology will remove this unnecessary complexity. By unifying the language that marketing, analytics and personalisation tools all use, the deployment of new technologies should become a plug and play affair.
"Standards play a key role in how we can manage the balance between privacy and personalization,” said Ray Wang, Chairman and Founder, Constellation Research Inc. “The W3C standards are a great first step towards setting the foundation."
Graham Cooke, CEO of Qubit, said: “This technology has been developed by a consortium of technology vendors and website owners in order to streamline the inefficient way in which customer experience data is currently managed. By creating a single, unified approach for this data, the industry as a whole can generate significant efficiency savings when it comes to developing and deploying new technologies. Implementation of the technology is a one-time effort and, once its in place, the savings can be significant.”
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Qubit is a big data customer experience management (CXM) platform. Its technology helps the twenty-first century marketer create personalised website experiences to drive enhanced conversion rates.
Qubit’s products collect huge amounts of information about users’ interactions with a website and analyse this to identify patterns of behaviour. They then use this understanding to deliver live personalisation, driving improved conversion rates and increased customer satisfaction.
The company’s suite of products brings together visitor analytics, tag management, AB testing and personalisation within a single integrated platform. This allows marketers to optimise and test websites in real time, without the need for specialist IT resource, helping to drive rapid and sustained ROI.
Founded in 2010 by four ex-Googlers, Qubit is headquartered in London with offices in New York. Qubit works with some of the world’s leading ecommerce businesses, including Topshop, Staples, John Lewis, Farfetch and Harveys Furniture. The company received $7.5 million funding from Balderton Capital in December 2012.
Qubit enables online marketers to:
· Test with confidence- Qubit combines quantitative and qualitative data to predict visitor behaviour and target high value user segments; this helps site owners prioritise how they optimise.
· Remove IT barriers – Qubit has a hands on interface that lets marketers and ecommerce professionals discover insights and deliver personalisations without hassling the IT team; this puts marketers in control and means they never have to miss a marketing opportunity.
· Deliver ongoing ROI - Qubit is a low risk, cost effective and transparent solution that rigorously measures any change you make to a site, from A/B tests to live personalisations; this means site owners can trust their results and constantly justify investment.
Published on: 10:15AM on 9th November 2013