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Ve Interactive's Chief Data Officer on how the unicorn is helping SMEs turn browsers into buyers

London-headquartered data company, Ve Interactive, has today (Wednesday) launched a new platform that aims to boost online sales conversions and tackle basket abandonment for ecommerce startups, and help them challenge the bigger retailers in the process.

The firm’s new software as a service (SaaS) platform gives businesses the tools to manage their onsite engagement efforts and email remarketing campaigns, which Ve claim can help to significantly boost conversion rates.

Utilising Ve’s onsite engagement panel, the company, which is one of the UK’s foremost tech unicorns, claims the automated, self-service system can monitor how users are utilising a client’s website and automatically trigger onsite engagement efforts, remarketing and cart recovery tools to help battle website abandonment.

Speaking to Bdaily, Ve’s Chief Data Officer, Cyrille Vincey, explained that the new platform builds on work the firm has carried out with Topman and American Airlines, and would bring ‘enterprise-grade tech’ to the fingertips of ecommerce startups and smaller players in the retail space.

He said: “Data shows that 76% of sales are lost at the checkout phase, with many more visitors bailing out before then.

“Given that 99% of all UK businesses are SMBs and the majority have an online presence, I think their ability to turn passive visitors into buying customers is fundamental to their continued growth, especially for those emerging retailers trying to compete with the big brands.”

Operating on a pay-on-performance commission model, Ve will only charge SMEs based on sales facilitated through its platform, eliminating setup expenses and allowing the platform to scale as the companies grow.

According to Vincey, its onsite engagement tools have already boosted clients’ conversion rates by an average of 25% and recovered more than £705m in rescued transactions.

He added: “We took the step 12 months ago to automate this technology and offer it across multiple eCommerce platform providers, to help businesses of all sizes and sectors drive greater efficiencies and, moreover, boost their revenues.”

With the UK’s ecommerce sector swelling to £133bn in 2016 and further double digit growth predicted this year, the opportunities for startups to increase revenues will only increase despite the continued dominance of major players including Amazon, Tesco and Argos.

Touching upon his future hopes for the platform, Vincey explained that he hopes the tech can become a core part of an SME’s repertoire across the massive global ecommerce market.

“Our priority was to put out a Pay on Performance tool that’s accessible for those bootstrapped SMEs looking for solutions that offer unique experiences for their customers throughout their journey to sale.

“If we achieve this, then I believe Ve’s self-service platform will become an integral part of the eCommerce market,” he concluded.

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