Early Customers Gain ROI of More Than 500%, Also Announces New Funding, Available for Virtual Meetings at CABDA 2021
Compatio, founded to transform the way people shop for complex products online, launched its Knowledge-based Commerce Suite. The Suite helps retailers streamline the purchase process for complex outdoor products, i.e., products that include multiple components, such as bicycles and ski rack systems. Compatio also announced today a See Round of $1.5 million in financing, bringing total investment in the company to $2.4 million.
“Compatio’s solutions and algorithms have streamlined our user experience,” said Joe Dilschneider, owner of Madison River Fishing Company, an early Compatio customer, which has enjoyed a remarkable 501% ROI on its Compatio investment. “Every Compatio plugin is working well, anything new they create for our platform that will improve the user experience I’m interested in.”
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Fueling the performance of Compatio’s eCommerce plugins is the company’s Product Graph®, a proprietary graph database that understands product usage and complex relationships. It includes a precision taxonomy and powerful logic system composed of curated rules and machine learning. The Product Graph® efficiently manages hundreds of millions of valid product combinations with virtually no maintenance required by the retailer. All Compatio knowledge-commerce products also include CompatioScore™, a proprietary algorithm to rate compatibility for optimal recommendations.
Compatio is announcing the first three eCommerce plugins of the Suite: Expert Recommender System (XRS), Smart Bundler and Expert Cross-Seller, with more plugins to be introduced in Q1 2021.
- Compatio Expert Recommender System – XRS arms retailers with instant, dynamic, highly-compatible recommendations on every product page. It groups product variants together automatically for easy viewing by customers. XRS removes the need for customers to leave a retailer’s site to conduct their own product research, empowering them to find exactly the right configuration and buy with confidence that it will fit.
- Compatio Smart Bundler – Smart Bundler automatically generates bundles of highly compatible products, such as a fly rod with just the right reel or line.
- Compatio Expert Cross-seller – Cross-seller prompts customers to supplement the item they place in-cart with additional compatible products. For cyclists, after purchasing a bike, Cross-seller might recommend exactly the correct helmets, after-market chainrings, or accessories, for example. It displays variants intelligently and separates products by category for easy discovery.
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Compatio is targeting retailers in the outdoor gear industries that sell complex products: cycling, fishing and other outdoor sporting goods. Compatio’s plugins easily integrate with popular e-Commerce platforms such as Shopify, Magento and WooCommerce, as well as Lightspeed’s cloud-based point-of-sale (POS) system. Additional integrations are planned for Q2 2021.
Compatio’s technology understands the compatibility relationships between products, enabling shoppers to discover and buy the correct product solution that precisely fits their needs. Online and in-store buyers enjoy a faster, more seamless purchasing experience.
“Even before COVID-19, an increasing number of retailers were moving to a multi-channel retail environment, and replicating that high-touch, in-person experience online can be a challenge,” said Tim Baynes, CEO and Founder of Compatio. “Existing digital platforms were designed to sell products, not custom solutions of products that work together. It’s very challenging to embed knowledge of what works together into the retail technology that’s currently available. But retailers must be laser-focused on continuously improving the customer experience and the new Compatio Knowledge-based Commerce Suite will help them increase sales and margins, improve customer loyalty and reduce returns.”
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