PRINCETON, N.J., Aug. 14, 2001 (PRIMEZONE) -- Netrics, Inc. has developed an E-Commerce Search Analysis Calculator to help companies that do business on-line determine how much revenue they are losing because their customers cannot easily find what they want to buy. The calculator, available at no charge, asks the user a few questions about their Website traffic. The answers to these questions are used to calculate the approximate monthly and annual revenue losses because of search software failures.
"A mere 25 percent improvement in search effectiveness can enable a business to recapture over 60 percent of revenues lost because of failed searches," said Stefanos Damianakis, president and CEO of Netrics, Inc.
Netrics is the developer of LikeIt technology. LikeIt intuitively matches a search with items in a database, even though spelling, typographical, grammatical or syntax errors may be present in the search query.
"Customers become frustrated when they cannot find an item they want. This frustration quite often goes beyond the immediate transaction," commented Damianakis. "It carries over to the customer's attitude toward doing business with your company. Then, the best customer relationship management (CRM) tools available, and all the good intentions your company has about providing strong, personalized service to e-commerce customers, goes for naught. The bottom line --a customer that is dissatisfied with the e-business experience you offer may never come back to your site again."
The culprit in many failed e-business transactions can be as simple as search software failure.
"If a search request is not spelled correctly, or if the product name or description is not worded exactly right, then the software will most likely not find a match. Even worse," said Damianakis, "the software can make incorrect matches, adding to the user's frustration. If they happen too often, failed searches that result in lost transactions can have a devastating effect on a business."
The impact of lost revenue due to failed searches is usually much larger than the companies running e-commerce sites may believe.
"In some instances, successfully recapturing as little as 20 percent of lost revenue due to failed customer searches may mean the difference between ultimate business success and failure."
Free copies of the Netrics' E-Commerce Search Analysis Calculator are available at http://calc.netrics.com or can be obtained by writing to: E-Commerce Calculator, Netrics, Inc., 707 State Road, Suite 212, Princeton, NJ 08540, or by calling 1-609-683-4002 x215.
About Netrics
Established in 1998, Netrics is a privately held company that was founded by Dr. Peter Yianilos, a pioneer in the field of spelling and grammar correction technology. For further information on Netrics products that feature LikeIt Search, or a demonstration of how they work, visit www.netrics.com or e-mail info@netrics.com.
-0-
CONTACT: Jim Bruno & Associates, Philadelphia
Jim Bruno
215-504-9215