Overstock leverages machine learning technology for real-time personalization
SALT LAKE CITY, Oct. 02, 2019 (GLOBE NEWSWIRE) — Today, Overstock.com Retail (NASDAQ:OSTK) announced the extension of its real-time personalization technology to its site. This integration builds on Overstock’s recent announcement of a fully-dynamic email experience that leveraged its proprietary technology LiveRex and Overstock’s Asset Data Platform (OADP). The initiative aims to deliver a more engaging and relevant experience throughout every touchpoint of a customer’s journey.
“What our team has built here is truly groundbreaking,” said JP Knab, Chief Marketing Officer for Overstock Retail. “Weeks ago, our team introduced a fully-dynamic experience on email that created a 1:1 curated customer experience. Utilizing this same technology, we have now begun to extend our personalization efforts to our retail site, providing each customer with a unique personalized experience.”
Overstock has developed technology like LiveRex and OADP which is driven on machine learning algorithms to form a platform that enables real-time personalization. By utilizing this technology between channels like email and Overstock’s retail site, the company can create a custom narrative for each customer that guides them to the exact product they are seeking. The technology has extended to two high-traffic locations on Overstock.com and will continue to integrate across the rest of the site until as much of it is as dynamic as is possible.
“This initiative is oriented on improving the discoverability of products that are relevant to each customer’s preferences as well as helping customers navigate to content that eases their purchase decision,” said Ajit Vaidya, Product Manager, Website Personalization at Overstock.com. “We do this by surfacing product recommendations and building user-centric features that enable a passive, yet engaging customer journey.”
These personalization efforts sprout from Overstock’s focus on building one of the best customer experiences online. In this personalization process, Overstock is able to inform teams on what content customers are engaging with and provide direct feedback to the various marketing and content teams to ensure the most relevant and engaging images and copy are being created. Overstock strives to always save customers time and money and with these new systems the company will only continue to build and improve on that focus.
“Our focus is on our customers and their journey on Overstock.com,” said Cathy Bergstrom, Marketing Group Product Manager at Overstock Retail. “These personalization efforts allow us to be more attentive and responsive to our customers’ questions and desires. As they search on Overstock, we want every touchpoint to be relevant and simply lead them to what products they are seeking.”
For more information on Overstock’s innovations and news, visit overstock.com/newsroom.
About Overstock.com
Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred (OTCQX:OSTBP) is an online retailer and technology company based in Salt Lake City, Utah. Its leading e-commerce website sells a broad range of new products at low prices, including furniture, décor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by nearly 40 million customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year founded Medici Ventures, its wholly-owned subsidiary developing and accelerating blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the company and other related matters on the Newsroom and Investor Relations pages on its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street Revolution, and Worldstock are registered trademarks of Overstock.com, Inc. Other service marks, trademarks and trade names which may be referred to herein are the property of their respective owners.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact including but not limited to our expectations regarding personalization technology. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company’s Form 10-Q for the quarter ended June 30, 2019, which was filed with the SEC on August 8, 2019, and any subsequent filings with the SEC.
SOURCE: Overstock.com, Inc.