Magento acquires RJMetrics to add Magento Analytics to portfolio
Magento recently acquired RJMetrics, a powerful cloud-based analytics solution for e-commerce merchants. RJMetrics will be added to the Magento product suite as a brand new solution called Magento Analytics.
The idea behind Magento Analytics according to Magento is that it will allow non-technical business users to quickly and easily integrate with enterprise-grade data sets across a broad array of applications in order to consolidate and analyze data for effective multi-brand, cross-channel reporting. Hereby, RJMetrics will be used to directly integrate an analytics solution to the core Magento framework to enable deep customer analysis for improve possible customization, personalization and merchandising, or as Magento puts it in fancy terms to continuously optimize digital shopping experiences and performance to increase sales and gross margin.
RJMetrics, or better put Magento Analytics will need to be put to a test to compare it to existing analytics and business intelligence solutions. After all, existing analytics tools such as Google Analytics or the open source alternative Piwik that although primarily focused on web tracking and web analytics with the correct setup can be used to effectively gather customer insights too without the need to incorporate additional tools in existing deployments.
RJMetrics key features
RJMetrics key features are Cohort Analysis to measure the effects of defined growth efforts on customer behavior, from conversion rate optimization to customer loyalty programs, Churn Analysis in order to adapt to customer feedback and identify causes that are making your customers churn, as always Marketing ROI to identify those channels and campaigns that are valuable for your business and be able to calculate ROI based on customer acquisition cost and customer lifetime value, Revenue Analytics based on your raw shop data, Email Segmentation to effectively target customers based on their behavior and finally Holiday Performance Enablers to optimize ad spendings on your key shopping days, ensure stocks are at hand and finally plan potential follow-up strategies to turn holiday buyers into loyal customers.