IBM Smarter Commerce Initiative exploiting Coremetrics
In August 2010, IBM acquired Coremetrics, a leader in Web analytics software, and the move was expected to expand IBM’s business analytics capabilities by enabling organizations to use cloud computing services to develop faster, more targeted marketing campaigns.
IBM has now announced its new Smarter Commerce initiative – primarily exploiting Coremetrics products along with WebSphere suite – that transforms how companies manage and swiftly adapt to customer and industry trends across marketing, selling and service processes that that span the entire commerce cycle, putting the customer at the center of their decisions and actions.
IBM estimates that Smarter Commerce would be a new market that will grow to $20 billion in software alone by 2015.
IBM states that by using Smarter Commerce First Tennessee Bank improved the success rate of its marketing campaigns by more than 3% in turn getting an ROI in the software of more than 600%.
IBM’s new Smarter Commerce software offerings include:
- Advanced Analytics – WebSphere Commerce and Coremetrics web analytics enable organizations to measure the effectiveness of their marketing campaigns, call center performance and cross-selling initiatives and understand the shopping habits, likes and dislikes of their customers.
- Cross-Channel Commerce -Integration of Coremetrics Intelligent Offer and WebSphere Commerce, enabling organizations to gain immediate insight into online buying trends.
- Social Business – Coremetrics Social Analytics with WebSphere Commerce provides real-time intelligence on what customers are saying about products, content and services being offered to them, and enables organizations to make fact-based, accurate decisions about marketing expenditures.
- Cloud Computing – The new Cloud Analytics Software Coremetrics Lifecycle is expected to help marketers in making the most of their interactions with prospects, across all channels (email, advertising, search marketing and social media). The real value is that all these to be based on real customer behavior and no longer guess work. Coremetrics Lifecycle can also help organizations determine which of their marketing programs and strategies yield high-value customers in a efficient manner – and plan for budgets for every stage of customer development cycle (acquisition to retention). The insights gains from Lifecycle enables business to enhance every online customer experience with targeted interactions.
The initiative is better summed up in the words of John Squire, Chief Strategy Officer, IBM Coremetrics, “IBM is driving the transformation of online marketing into a useful, consumer-facing service that drives business results. We are dedicated to delivering capabilities that equip marketers with analytics-based insight into how customer lifecycles speed up or slow down over time, benchmarking current results against previous ones and laying the foundation for consistently smarter marketing”.