TradeState is a unique ecommerce focused analytics platform that provides essential views of trading KPI status and trends to key stakeholders via a unique dashboard in what could be called – Analytics-as-a-Service. This hosted service enables ecommerce retailers to dynamically monitor multiple aspects of their website traffic, customer experience, site performance, sales analysis (by traffic source, device type and product), detailed user journey monitoring, page conversion rates and abandoned baskets, with the primary intent to drive action by the retailers to continually improve trading performance.
Created by Tryzens, a leading provider of retail and B2B digital commerce solutions, TradeState is designed to provide near real-time topical summaries of current trading in an expanding set of pre-designed and intuitive views or ‘widgets’. Each ‘widget’ is a prompt to consider the performance of that attribute of ecommerce and how it compares to trends over time.
Andy Burton, CEO, Tryzens, stated: “ecommerce is a major investment for any retailer and it is essential that an online store shows a strong return on investment and is able to adapt to changing demands and continue to trade healthily. There is often not a reliable or shared view of current online performance across the business that is able to highlight the critical shortcomings to redress or spot the opportunities to exploit. Without a common frame of reference across the multiple facets of online trading, operational decisions are at risk of being sub-optimal. TradeState is a game changer for any ecommerce retailer wanting to keep their finger on the pulse of their business. It identifies opportunities to improve sales and enhance the customer experience, by highlighting underperformance and thereby allowing them to de-risk future trading. All kept up to date at your fingertips no matter where you happen to be, or on what device.”
Core aspects of trading such as sales and product analysis, page performance, customer experience, customer choices, conversation rates, drop off analysis and platform health are summarised and presented through a series of instinctive widgets. Retailers will be able to drill down in to each widget, on any device, at any time, to provide more detailed insights, leaving the user well informed to take appropriate action.
“As a resilient, cloud-based service, TradeState is kept current with no need for upgrades or version control by the client. Also, as the capability of ecommerce continues to expand, and the range of options open to retailers to improve trading grows in parallel, it is our intent to continue to deliver a number of additional widgets based up on client priorities and our own roadmap, that can help drive additional client insight. All of this can be delivered seamlessly to the user so that there is no maintenance effort required,” continued Andy.
Unlike other analytics tools, TradeState is exclusively designed to focus on optimising ecommerce performance and has a complete end-to-end view of data, from the original web traffic analysis of visitors all the way through to the trading data of successful sales by customers. TradeState can be configured to take data from new sources and present additional views through new widgets that are released to retailers each month. There is also a cost-effective service available so ecommerce retailers and third parties can build their own custom widgets to support their own unique monitoring and data insight requirements.
To provide unique industry insight, TradeState will enable ecommerce retailers to compare their performances on some key indicators (e.g. conversion rate, abandoned basket) against industry peers, using normalised and anonymised data to provide the reference points. These comparisons can be measured by business vertical or by ecommerce platform; ensuring users have a relevant external reference point.
TradeState is pre-integrated with Magento, Demandware, Hybris and IBM, and can be easily configured to work alongside other platforms. As a hosted solution, the deployment for each client is quick and easy to roll out, using pre-built cartridges and page tagging, and is specifically designed and optimised to have no material impact on existing page tags or site performance.
TradeState only accesses non-sensitive data in full compliance with PCI DSS and the Data Protection Act. Data is transferred to a secure cloud database over an encrypted link and only authorised representatives can access it. Summary data used for peer comparison is fully anonymised across a broad base.