|By Business Wire||
|August 12, 2014 10:01 AM EDT||
Coherent Path today introduced the first solution to optimize retail customer engagement around long-term objectives, turning unpredictable, occasional shoppers into strong-spending store loyalists. Finally, retailers can understand the trajectory of customer journeys and deliver the products, offers and experiences, over time, that drive satisfaction, loyalty and customer lifetime value.
Early campaigns using Coherent Path’s patented, cloud-based solution have consistently out-performed top retailers’ own promotions and personalization efforts – with gains ranging from 20 percent to more than 50 percent in response rates as well as revenue.
“We’re turning the convenience, choice and cost advantage of the Internet into the intimacy of the corner store,” said James Glover, the CEO of Coherent Path. “That’s the ideal shopping experience – where owners know who their customers are, what they’ve bought and how to introduce products that will resonate - even if the customers themselves haven’t yet discovered it. That’s the kind of predictive, personalized knowledge that builds loyalty, and long term success.”
This optimal product mix changes for each buyer, and over time. This lifelong ‘journey’ inspires customers to buy more from the same retailer, and in turn, to try new products, often with greater value. Retailers can now promote the products that make them unique – instead of rushing to offer the latest best-selling items that consumers can find elsewhere.
Early customers include major department stores and leaders in entertainment, general merchandise, pharmacy and cosmetics. Campaigns can be delivered through any channel – email, web, mobile, direct mail, even in-store – each with Coherent Path’s unique and proven orientation towards strengthening customer relationships over the long term.
Coherent Path helps retailers see what each customer is most likely to buy, well beyond the next purchase, and how to lead them there. With a patented combination of cloud-based analytics and geometry, Coherent Path represents a fundamental shift away from today’s near-sighted “you-may-also-like” recommendation engines towards an approach that also supports a retailer’s strategic goals for growth and differentiation.
“Our customers value the breadth of products, information and advice available at SkinStore.com,” said Steve Brown, Chief Operating Officer of SkinStore, the leading provider of clinical skin care and luxury spa products. “Coherent Path allows us to better understand each customer’s needs and interests and to deliver personalized offers and experiences that resonate and build trust. As a result, we see increased customer engagement and revenue from Coherent Path-guided campaigns.”
Coherent Path, founded in 2012, recently closed a $6.25 million A-round funding.
About Coherent Path, Inc.
Coherent Path helps top retailers increase loyalty, drive in-store purchases, and optimize customer engagement around long-term objectives. Using a patented, cloud-based combination of mathematics and technology, Coherent Path builds maps of product and transactional environments and identifies unique customer journeys through these geometric spaces. With this foundation, retailers can deliver personalized multi-step offers, optimize promotions around products that increase customer lifetime value and realize a 20%-40% lift in key engagement metrics as well as revenue.
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