Oxygen Accelerator has released a new social commerce platform, Owned it, which aims to improve revenue for online businesses in the checkout process.
Nowadays, if a person wants to browse or purchase an item they no longer have to travel, as many businesses have an online component or are “online only." Online shopping has proved to not only be a method of convenience, but a billion dollar industry. Recently, during the 2012 holiday season Adobe released their predictions for online shopping, which showed that Cyber Monday was expected to reach US$ 1.98 billion in sales.
In addition to online catalogs and stores, there are other tools that businesses can use to market their products and increase online revenue, such as mobile shopping apps and social media. Despite the availability of these tools and the popularity of online shopping, many businesses still struggle, but Owned it hopes to change that.
The Owned it Solution
As a social referral platform, Owned It gives businesses the option turning their order confirmation page into a social tool that can increase referrals, revenue and conversions with custom offers and suggestions. In turn, Owned It can also send recent purchase information to a customer's friends and family, which will not only expand the site’s consumer base, but also a person’s personal shopping circle.
Lots of opportunities exist for retailers to generate additional sales by engaging more with their customers via social media, but retailers are merely thanking their customers for a purchase on the order confirmation page and not using this opportunity to drive loyalty and sales,” says Manoj Krishnapillai, Co-founder and Managing Director of Owned it. "At the order confirmation stage, customers are usually excited about their purchases and are more inclined to share details with their friends and family.”
Acting as a customized plug-in, businesses using Owned it are granted key marketing information, such as analytics, ROI measurements and A/B test campaigns, so they can promote products and offers accordingly. In addition to this, users have access to a collection of engagement applications that include:
- Built in Campaigns: This is an optimization tool that separates and groups shoppers based on a list of criteria that includes past purchases and age demographics, so that the shopping experience can be personally tailored toward their interests.
- Social Listening: By integrating with social media sites, such as Facebook, business can see what users are saying abut their products and tailor their next campaign and promotional offers accordingly.
The Price of Owned it
As with many engagement tools, Owned it can come with a price. Along with a 30 day trial there are four different paid and free options, which range from the small or free account to the enterprise or "contact for pricing details" option. Each of the plans have access to all of the standard Owned it features, unlimited campaigns and email support, but differ how many business transactions users are allowed to have per month.
Ecommerce platforms that Owned it is compatible with include Magento, Opencard and osCommerce.