It’s no secret that today, data is as good as gold, and companies mine it more vigorously than ever. Most of the time, we hear about data being used in negative ways, but when data is used to improve customer experience, customers ultimately benefit as well. The key to using data effectively is to have the right data, at the right time, and the right takeaways for how to apply that information in ways that will improve consumer experiences, pleasing more customers while driving more business.
Market Beyond, an e-commerce analytics company, has just raked in a $4 million funding round to lift consumer analytics to just that level. Founded in 2016 by Yuval Yifrach, Eran Dror, and Shachar Baryamin, Marked Beyond combines AI with market intelligence with the end goal of growing market share for e-commerce companies.
The key difference between Market Beyond and other tools is actionability. Most platforms give only high-level data about consumers, whereas Market Beyond delves into when, how, and why customers leave a shopping experience and where they go. Market Beyond leverages AI and machine learning to analyze real consumer journeys across online retail markets, providing real-time insights to Fortune 500 companies like eBay and P&G.
Specific insights such as where revenue leakage is occuring, down to specific categories and SKUs, and data such as losses due to pricing, traffic, search issues, merchandising, inventory discrepancies, and more, can help e-retailers hone in on their specific issues and see the results of changes and fixes as they occur.
“Retail companies currently use high level/directional, non-actionable, non real-time insights when accumulating market research data to improve their overall market share,” says Yifrach, Market Beyond’s CEO and co-Founder. “The retail market research and analysis sector is expanding rapidly in our technologically dependent world. Market Beyond will be a key player as its unique product is specifically built for e-commerce, highlighting current consumer shopping trends and helping retailers take accurate actions on a daily basis, fixing their revenue leakage points to recover potential revenue.”
Although Market Beyond is GDPR compliant, it will be interesting to see if the company continues to thrive as the society becomes more and more aware and protective of their data. As Gen Z ages, we’re certainly entering an era of new consumer savviness, and analytics companies will need to be very agile and adapt quickly if they’re going to utilize the public’s data responsibly, ethically, legally, and effectively.