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Overstock.com Uses Teradata Path Analysis to Boost its Customer Journey Analytics
Teradata (NYSE: TDC), the leading cloud-based data and analytics company, today announced that Overstock.com Inc. (NASDAQ:OSTK) is using Teradata Path Analysis as part of its customer journey analytics. Overstock, a leader in online retail, needed a path analysis solution to visually analyze customer data from multi-channel marketing campaigns and key customer milestones in their journeys. With the overall goal of reducing unnecessary marketing spend and identifying loyalty opportunities, Overstock is leveraging a pathing interface developed by Teradata to put advanced path analysis, once solely the domain of specialists and data scientists, directly into the hands of marketers, business analysts and non-technical professionals. Teradata will also be incorporating path analysis capabilities into the Teradata Analytics Platform.
“Teradata is helping Overstock visually analyze and understand customer behavior,” said Joe Kambeitz, Vice President of Product Management & Marketing Analytics for Overstock. “‘Path analysis’ may sound like a simple concept, but it’s actually incredibly challenging to perform, especially in the hands of non-specialists. Anyone who has ever tried to unlock this type of analysis will understand – the visualizations and capabilities of this solution make it extremely easy without sacrificing deep understanding. With Teradata Path Analysis, we simply point at our data sets, and start unlocking insights.”
Overstock is using Teradata Path Analysis to enable business professionals to visually explore multi-channel customer paths, as well as the marketing costs associated with those paths, without writing a single line of code. To accomplish this, Teradata’s Path Analytics integrates data, such as marketing and advertising costs, with customer data from marketing campaigns and website traffic, to identify both efficient and expensive paths to particular behaviors, such as purchase. Leveraging advanced visualizations, users can highlight specific paths to identify customers who, for example, might be interested in the Club O rewards program. Teams can then distribute the visualizations, or access the raw code to share with data scientists and others to prepare advanced algorithms.
“Path analysis is a critical analytic component for any business looking to understand its customer – and yet, with the multitude of channels available today, it’s also one of the hardest to get right,” said Oliver Ratzesberger, Chief Operating Officer at Teradata. “Teradata’s Path Analysis was designed to make it easier for business users to access the information they need to grow their customer base, improve operations and mitigate potential issues in their customers’ journeys. This capability, which is so impactful and significant for such a broad range of industries, is included in the Teradata Analytics Platform.”
Late last year, Teradata announced the Teradata Analytics Platform, which is comprised of the best analytic functions, the leading analytic engines, the industry’s preferred analytic tools and languages, and support for a wealth of data types. This forthcoming platform provides quick and easy access to a full range of algorithms, including those for path analysis, and is a key component of Teradata Everywhere: a flexible, agile and scalable way to ensure high return on analytic investments, while limiting the risk in making those investments.
Relevant News Links
- Read more about Teradata’s Path Analysis
- Video demos of the Path Analysis interface are available on YouTube
- Discover the Teradata Analytics Platform
- Learn about Teradata Everywhere
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ tZERO platform: OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding and home improvement. In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to hundreds of thousands of products from third-party sellers. Additional stores include Pet Adoptions and Worldstock.com dedicated to selling artisan-crafted products from around the world. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website, http://www.overstock.com.