Had a very interesting chat today with David Brussin whose new company, Monetate, has developed a very powerful tool for online retailers. This tool/product is also called Monetate and what it does is pretty amazing. Suppose you’re shopping on the web, maybe for new boots. You visit a couple of sites that sell the boots you want. As you flick between sites to find the best price, an offer pops up, giving you 20% off on the exact product you want, if you order today.
If you're selling boots and your site that makes that offer, you may well get the order. Making that offer is what Monetate does.
Even better, from the site owners point of view, Monetate can extend offers like this based on very specific criteria, like "free next day delivery on big screen TVs" but offered only to customers who are within 50 miles of the warehouse. You might think online retailers already have the ability to do this sort of thing and a few do. But many are still struggling to implement this level of personalization. Monetate is relatively easy to implement (it's SaaS, but without the need for clients to code to an API). Plus, you can make personalized offers even to people who have never shopped at your site before.
How does Monetate do this? I'm about to find out. I will report back soon.