Sofia/Bulgaria, March 1, 2024 – RBJ (Photo: SessionStack team)- Bulgarian startup SessionStack uses machine learning and artificial intelligence to turn digital experience data into actionable steps to drive conversions. The company is ready to expand in Romania after a successful pilot, which used carefully selected high-traffic eCommerce businesses, including Cocolis, a leading brand for natural and organic cosmetics. Case studies show clear progress in areas such as proactive product development, revenue protection through fraud detection, improved payment experience and data-driven optimization of traffic channels.
“I love working with SessionStackAI because the team cares about our brand as if it were their own. I always look forward to our weekly meetings to get more ‘golden insights’, as I call them – interpreted data about the problems customers encounter on our site,” says Dimitar Giulev, Co-Owner of Cocosolis.
A stable growth space for e-Commerce in Central and Eastern Europe
The CEE region is becoming an increasingly important e-commerce hub, experiencing impressive growth in recent years. In 2022, the CEE e-commerce market was expected to reach €93.84 billion, and over the past five years it has seen a compound annual growth rate (CAGR) of around 14%, which is well above the European average of West. What is even more interesting is that Romania is the 44th largest market for e-commerce, with an estimated revenue of USD 6,780.6 million by 2024, placing it ahead of the United Arab Emirates. ECDB evaluates seven markets in the e-commerce sector in Romania. The largest market, Hobby & Leisure, accounts for 27.2% of the country’s e-commerce revenue. Closely followed by Electronics with 20.2%, Fashion with 16.5%, Furniture and Homeware with 11.8%, Care Products with 9.5%, DIY with 9.0% and Food with 5.8 %.
SessionStack brings value and new insights
SessionStack is pioneering this space with its AI-enhanced analytics platform, demonstrating significant value for e-Commerce businesses on multiple fronts. Some of the findings from the pilot phase revealed:
Capturing purchase intent and facilitating new market opportunities
By analyzing website behavior and searches, SessionStackAI identified a gap in the client’s product offering. Recognizing the high purchase intent of loyal customers through site searches, SessionStackAI provided valuable insights that led the client to accelerate R&D efforts for new products. As a result, the client countered potential revenue loss and capitalized on untapped market opportunities.
Preventing loss of revenue by detecting fraudulent activities
SessionStackAI’s analysis identified customer behaviors categorized as ‘exploiting the system’, such as trying to use old coupon codes or manipulating cart contents for discounted prices. By identifying these behaviors, SessionStackAI allowed the customer to mitigate revenue loss by implementing preventative measures against fraudulent activities.
Improving User Experience and Optimizing Payment Completion
SessionStackAI’s analysis of specific form field errors and checkout page visitor behavior identified UI elements likely causing frustration and checkout abandonment. By addressing these issues, SessionStackAI has facilitated a smoother checkout process, reducing frustration signals and preventing lost revenue from unfinished orders.
Powering Traffic Channel Optimization
Using traffic and behavior analysis, SessionStackAI identified the most effective marketing channels for the client. By doing this, SessionStackAI helped the client’s marketing team focus on the channels that drive the most conversions and revenue, resulting in optimizing their marketing strategy for greater success.
Who is the platform for?
The product is particularly useful for high-traffic e-commerce sites and tech-savvy customers who expect a seamless experience, as it offers prospects for decision-making, product development and support roles, and marketing teams. A lightweight solution with zero impact on site performance and enhanced by proprietary machine learning and AI models, replaces repeated viewing of site sessions with the use of insights. This simplifies decision making and optimizes the customer experience to increase revenue.
SessionStackAI is specifically aimed at eCommerce businesses that understand the power of data for conversion optimization, but need more resources to use it – for reasons such as not having a dedicated team of analysts, for example.
What’s next for SessionStack?
The company plans to officially launch its latest SessionStackAI feature towards the end of March 2024, continuing to refine its product proposition and attract new customers. An immediate expansion into the region is underway, supported by introductions at key industry events in Central Europe and the Balkans in the coming months. In the long term, SessionStack plans to penetrate more mature markets, wanting to introduce new ways to align sales strategy with technology, increase revenue and provide a more pleasant web experience for buyers in Central and Eastern Europe.
“SessionStack has experienced significant momentum over the past six months, driven by an increase in demand from e-commerce companies looking to use their analytics data to drive revenue. By working with high-traffic online retailers, we developed SessionStackAI, an essential component of e-commerce digital teams. Using proprietary machine learning models and generative AI, SessionStackAI efficiently extracts valuable insights from vast user data, simplifying the process of conversion rate optimization and presenting profitable revenue growth opportunities.” – Alexander Zlatkov, CEO, SessionStack
