Simon Reichel, COO at Findologic
"We are quite literally in the midst of an ecommerce revolution - become a digital frontrunner by inspiring, guiding and personalising every element of your on-site offering."
Founder: Matthias Heimbeck
Founding Date: 2008
HQ Location: Salzburg, Austria
No. of Employees: 55
What does your company do?
Findologic arms retailers with a comprehensive on-site search and visual merchandising solution that supercharges customer journeys and optimises every element of a browser’s pathway to conversion for efficiency and intuitiveness.
What is your USP?
We have created a powerful platform that looks beyond traditional search and navigation approaches, innovating every stage of a customer’s journey for usability, inspiration, guidance and personalisation.
Our stand-out technology is our AI-based shopping assistant, Li.S.A. It analyses customers behaviours and it personalises their experience based on previous interactions as to create a seamless shopping experience and show products relevant to the customer.
Unlike our competitors, we also provide a high level of support throughout the integration period and beyond, to ensure our customers are getting the most out of our platform.
What retailer need do you fulfil?
We fulfill the most important requirement for any retailer: online conversion.
Unfortunately, many retailers neglect their search and navigation function, despite the fact that it sits at the epicentre of a user’s path to purchase. We find a lot of providers - particularly SMBS - have a very basic offering at the moment because they don’t understand the uplift search solutions can provide.
If users aren’t presented with products relevant to them, they won’t buy. If users become frustrated due to poor user experience, they won’t buy. If users aren’t guided and inspired like they would be in-store, they won’t buy. The Findologic platform allows retailers to address these pain points.
In this hypercompetitive market, it is essential that retailers recognise the requirement to offer gold-stand digital experiences that bridge the gap between in-store and online. The best technologies drive higher conversions.
Which retailers do you work with?
We have worked with more than 1,000 retailers in over 20 countries. Some of our most recent integrations include Pour Moi, Tamara Commoli and Equip4work.
How would you describe your growth, what have been the main points in your expansion and what has been key to your success?
It is an exciting time for the business – we announced rapid growth in 2020 and have grown our European team by 25% in the last year.
Having cemented our position as the leading on-site search and navigation solution across Austria, Germany, and Switzerland, we expanded to the UK in 2019. For us it has been a success to win clients’ trust in the UK and really prove ourselves through the dramatic uplift in conversion, revenue and average order value that our clients are seeing.
What challenges are you addressing for multichannel retailers who aim to meet peak season demands?
It is important to build ecommerce resilience so that online retailers can arm themselves against the volatility. Our solution provides a powerful tool to do this and creates opportunities for upselling and cross-selling through optimising the search journey.
For example, we found that conversion can increase by around 17% after a client has implemented Li.S.A, with revenue increases of up to 24%. We also saw an 11% increase in returning customers through touchpoint optimisation in some cases, alongside an 8% increase in average order value.
Hence, this type of technology is vital in driving new revenue streams or increasing current ones as well as driving customer loyalty and ensuring a competitive advantage.
What targets are you aiming to achieve in the next five years?
Over the past couple of years we have already expanded into new markets. Now we aim to further leverage our strong positioning and innovative services as we expand into new markets and consolidate our leading standing within regions where we already operate.