AMPLITUDE
26.4.2021 15:16:13 CEST | Business Wire | Press release
Amplitude today introduced the industry’s first Digital Optimization System, to manage, measure and optimise the business value of digital product innovation. Building on its #1 rated digital product analytics suite , Amplitude also announced the general availability of its new personalisation product, Amplitude Recommend. Recommend is the first personalisation solution which leverages customer behavior data in the digital product and machine learning models to determine which behaviors result in the optimal business outcome, such as conversion to purchase or average order size. The system then adapts each individual experience based on these insights to optimise the desired outcome.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210426005524/en/
The world has moved to digital-first, with digital products at the center of the innovation agenda. According to a 2021 IDC report , by 2023 more than 500 million digital applications and services will be developed and deployed — an explosion of apps in just two years that equals the number developed over the previous 40. Yet even with digital at the forefront of innovation, businesses lack the ability to connect products to measurable business outcomes such as revenue and lifetime value. Amplitude is the first unified system that connects products to business outcomes and arms every team with common visibility and data, so they can answer the strategic question: “How do our digital products drive our business?”
The Amplitude Digital Optimization System helps digital teams, including product, marketing, engineering and beyond, deeply understand customer behavior in the digital product, predict which features and actions lead to business outcomes, and adapt each experience in real time to maximise its business impact. Amplitude customers are among the most loved and valued brands on the planet, from digital-native companies that are upending entire industries to 100-year-old trusted brands that are disrupting themselves through digital.
“When we started Amplitude, we had a vision to help every company build better digital products through an understanding of how people interact with them,” said Spenser Skates, Amplitude CEO and co-founder. “Today, this vision has never been more important in a world where digital is business survival. We don’t need more ‘digital experiences’ by delivering more features and content measured by ad clicks and web visits. It’s time for a new way. The winners in the next era will be the companies that understand their customers and use these insights to transform experiences from the place value is created: the digital product. That’s why we built the Digital Optimization System. With Amplitude, now every company has a fighting chance to be a digital disruptor.”
The Amplitude Digital Optimization System unifies the data, analytics, and infrastructure required to deeply understand which customer product behaviors lead to business outcomes — and to quickly and intelligently transform each experience based on these insights. Key components and new innovations include:
● Amplitude Behavioral Graph is the brain of the system. It is the deepest, fastest and smartest database of customer behavior, built for the complexity of modern digital products. Its native query engine and machine learning algorithms correlate every individual action taken across every digital product to understand and predict which behaviors are indicators of outcomes such as engagement, retention and loyalty.
● Real-Time Data Management is the foundation of the system, with data pipelines, identity resolution and data governance all built in to help ensure data is complete, trustworthy and secure. New proactive data-auditing workflows significantly improve data quality while dramatically reducing the time spent in planning and troubleshooting data issues. Amplitude surfaces data anomalies, unexpected events, and incomplete taxonomies so you can fix them quickly and get to insights faster.
● Amplitude Analytics is the industry’s #1 digital product analytics product based on G2 user rankings, bringing behavior data directly to digital teams so they can ask questions, get answers, and share findings instantaneously. For example, Amplitude Analytics can tell you which actions are the greatest predictors of retention or churn, and what behaviors are creating conversion degradation. New Executive Reporting capabilities bring every digital team and business leaders together with common data and visibility.
● Amplitude Recommend is the first self-service personalisation engine powered by machine learning, behavioral data, and product analytics. With Recommend, every digital marketing and product team can deliver product experiences in the moment of business impact that are tailored to each user, without having to depend on engineering or data scientists. Before Amplitude Recommend, only digitally-native companies with vast data science resources could craft experiences that adapt in the moment based on each customer’s past and anticipated behaviors. Now with Recommend, this same level of behavioral-driven personalisation is immediately accessible to any team.
"Delivering a more relevant experience through personalisation is a key driver of growth, but traditional manual or demographic approaches don't scale. A company could have millions of combinations of customers, content, and offers -- it's just not possible to know exactly which to present to each customer at any given time without machine learning," said Justin Bauer, EVP of Products at Amplitude. "With Amplitude Recommend we are bringing behavioral data and machine learning to personalisation for the first time. We believe this is the key to removing the obstacles to make personalisation work, at scale, without requiring an army of expensive technical resources."
"Over the past 2 years Amplitude has grown to play an integral role in enabling Culture Trip to become a more data-driven organisation at its heart. The intuitive interface and near real-time data pipeline has put data into the hands of decision-makers across the company exactly when they need it. It has enabled a culture of experimentation - where product features, content and promotional campaigns can be measured and optimised on a continuous basis - with minimal input from our central data teams. This has freed up their time to do multi-source, depth analysis that is not possible to self-serve. This approach has meant more data at both a tactical and strategic level." - Andy Jones, Head of Business Insights and Analytics at Culture Trip .
Powered by the Amplitude Behavioral Graph, Recommend intelligently adapts and personalises each customer’s experience across any digital product or touchpoint in real time, based on their behavior or the behavior of customers that act in similar ways. Machine learning algorithms and predictive models enable teams to understand the drivers of specific outcomes. For example, gaming service Jumbo Interactive used Amplitude to understand the preferences of customers who recently purchased. With Recommend, they instantly created Amazon-style recommendations across channels tailored to each users' unique behaviors, resulting in a 158% increase in checkout conversions.
The Amplitude Digital Optimization System and Amplitude Recommend are generally available today. For more information:
● Explore the Digital Optimization System
● See Amplitude Recommend in action
Amplitude is hosting its inaugural Digital Disruptors Summit, a half-day virtual event, on June 3, 2021. Amplitude will showcase its Digital Optimization System to empower every digital team to be digital disruptors, and will be joined by Amplitude customers and industry leaders, including Sue Cho, Head of Lifecycle Marketing, Calm, who will talk about their journey as a digital disruptor. To learn more and reserve your spot, register here.
About Amplitude
Amplitude is the Digital Optimization System. Powered by the proprietary Amplitude Behavioral Graph, the Digital Optimization System enables organisations to see and predict which combination of features and actions translate to business outcomes - from loyalty to lifetime value - and intelligently adapt each experience in real-time based on these insights. Amplitude is the brain behind more than 45,000 digital products at over 1,000 enterprise customers and 23 of the Fortune 100, helping them innovate faster and smarter by answering the strategic question: “How do our digital products drive our business?” Learn more at www.amplitude.com .
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