SteelHouse Unveils New Behavioral Commerce Technology Delivering Personality-Driven Offers to Boost Conversions
Award-Winning, Patent-Pending Technology Created by Veterans from eHarmony, E*TRADE, Oracle and the Rubicon Project
LOS ANGELES (June 1, 2011) – SteelHouse™ (www.SteelHouse.com) today unveiled pioneering new technology, the Behavioral Commerce Platform, which provides the industry’s only personality-driven shopping and offer platform and creates a brand new space: Behavioral Commerce.
SteelHouse’s patent-pending technology is changing eCommerce by introducing incentive systems as sophisticated as those used in Las Vegas, enabling eCommerce marketers to give different shoppers different offers based on their shopping personalities and buying behavior.
The Behavioral Commerce Platform was selected by TiE Silicon Valley as one of the Top 10 Emerging Internet Technologies in the world for its pioneering work in Behavioral Commerce, and selected as a Finalist for the American Business Awards (The Stevies) and Launch: Silicon Valley 2011 – winner to be announced in June.
The Behavioral Commerce Platform offers eCommerce marketers unprecedented insight into their shoppers. For the first time, marketers can truly understand who their shoppers are by their shopping personalities and buying behaviors and – just as important – they can act on that intelligence with real-time, escalating messages and offers that will increase their conversions, sales and revenue.
SteelHouse helps marketers make their best offer – the one that converts at the highest rate and at the highest possible margin by shopper personality. It’s a win-win for eCommerce sites and shoppers, since sites receive their optimal revenue and shoppers their optimal discounts – at the right time, through the right channel, in the right manner.
“eCommerce sites currently make the same offers to millions of consumers as if they’re all the same,” said Mark Douglas, SteelHouse CEO. “But they’re not the same. There are some core shopping personalities – someone pays full price to get the item today, while another never buys on a first visit no matter how good the offer. Our technology lets eCommerce marketers understand those shoppers based on those personalities, and deliver the right offers via targeted display ads and on-site messages at the right time to close the sale.”
In a recent consumer survey, SteelHouse found that 30 percent of shoppers regularly browse with no intention of buying, while 12 percent never buy from a website on a first visit, even if a discount is offered. And the most effective offers aren’t always obvious on first glance – those with the highest incomes are most likely to buy name brands, but they’re also the most likely to require coupons, discounts or free shipping to make a purchase.
“Until SteelHouse, we had not found a platform that featured such extensive ability to target specific market opportunities, nor one that allows campaigns to be launched against these opportunities so easily,” said Matthew Taylor, director of online marketing for eCampus.com.
Here are some examples of the shopping personalities that SteelHouse has identified so far, using its own anonymous, aggregate shopping behavior metrics collected over the past year: the “Premium Shopper” purchases the most expensive/highest-margin goods; the “Active Shopper” is always shopping and doesn’t require an offer but responds well to them; and the “Determined Shopper” revisits a website multiple times and comparison-shops before buying.
Just as eHarmony changed long-term singles matching using specific personality traits to identify compatible people, SteelHouse is changing eCommerce with Behavioral Commerce using shopper personality traits to better match the right offer to the right shopper at the right time, through the right channel, in the right manner to close the sale. This gives eCommerce companies information and technology they’ve never had before – without needing armies of data analysts and engineers. Finally, all eCommerce sites will have the power to dramatically increase their conversions, sales and revenue in a way that truly connects the site and the shopper.
Fast Growth and Rapid Acceptance of Behavioral Commerce
SteelHouse has signed up more than 100 eCommerce companies and has gone from zero to 50 million monthly unique visitors within 15 months, demonstrating the need for and the rapid acceptance of SteelHouse’s Behavioral Commerce technology in the marketplace.
SteelHouse technology was created by veteran direct marketers and engineers from eHarmony, E*TRADE, Oracle and the Rubicon Project. CEO Mark Douglas has served as vice president of technology at eHarmony, a member of the founding engineering team of the Oracle Applications Division, and vice president of engineering at the Rubicon Project.
Investors include Silicon Valley legend Ron Conway, whose investments have included Google, AskJeeves, Paypal and more. Additional funding came from Baroda Ventures, a venture capital firm founded in 1998 by philanthropist and technology entrepreneur David C. Bohnett, the founder of GeoCities, an Internet-based media company. Baroda has made investments in many successful startups including LowerMyBills.com, Xdrive, Stamps.com, NetZero and others.
SteelHouse™ (www.SteelHouse.com), a data-driven marketing technology company, brings innovative advertising solutions to brands, agencies, and eCommerce marketers. The SteelHouse team is comprised of veteran direct marketers and engineers from eHarmony, E*TRADE, Oracle and the Rubicon Project. Together, they’ve built the easiest Cloud-based Marketing Platform – SteelHouse CANVAS – one platform for acquisition and retention, which consistently keeps the same message in front of an audience through display, onsite, and social. SteelHouse reaches more than 170 million consumers a month, across hundreds of the world’s largest brands with its award-winning creative and retargeting technologies. SteelHouse is based in Culver City, California.
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