Bizrate
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- Bizrate was founded in 1995 as Binary Compass Enterprises and renamed in 1998, receiving funding of $4.5 million to become the A.C. Nielsen of the Internet by providing online research and e-commerce services. - It grew from the 75th most visited site in March 1999 to the 6th most visited in June 2000. - Bizrate provides value to shoppers through price comparisons across retailers and to retailers through customer behavior analytics and advertising opportunities. - To further improve, Bizrate could launch an outlet for retailer clearances, modify bidding practices, and increase survey response rates through shorter surveys with incentives.
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Bizrate
- 1. Junko Kobayashi Natsuko Matsuda Radhika Sharma Rizwan Chand Werapattra Subpaiboon
- 2. Introduction - Founded in 1995 as ‘Binary Compass Enterprises’ - Initial funds 260,000 USD - Renamed to ‘BizRate’ in 1998 with the fund 4.5 million USD from both Mission Ventures and Media Technology Ventures - Want to become the A.C. Nielsen of the Internet - Currently, they have 2 core businesses which are online- research, and e-commerce. - Their traffic went from ranking number 75 in March 1999 to number 6 in June 2000.
- 3. SWOT Analysis Strengths - Trust from customers and retailers - Having good leaders who are passionate and got good vision - They have the good product which is the information about market - Strong retailer network - Real-time feedback from online shopper - Various categories of shoppers product - Ability to compare price from various retailers - Having the huge database of shopper’s behavior - Continuous improvement of features i.e. Toolbar, My Bizrate
- 4. SWOT Analysis Weaknesses - They try to be on 2 boats at the same time, hence, they can’t focus - Their managers are stretched to their ability both physically and mentally - Low customer response rate to the survey (8 to 10%) - The result can be manipulated through bidding and ad placement - Making the comparision more complex. Might lose customers.
- 5. SWOT Analysis Opportunities - Increasing number of online shopper - Have opportunity to attract more retailers and shoppers due to their long-term credibility - Expansion opportunity in e-commerce field
- 6. SWOT Analysis Threats - Many competitors - Continuous increasing competitors - People are becoming more concern about privacy policy.
- 7. Who are the customers? Shoppers - Online buyers - Physical Store Shoppers Retailers/ merchants
- 8. What value Bizrate gives to its customers? Shoppers - Instant price comparison from different retailers - Value for money - Variety of products - Several comparison aspects both products and service (delivery time, customer support, Etc.) - Satisfaction and confidence from online shopping and comparison - Save time to visit each online retailers
- 9. What value Bizrate gives to its customers? Retailers/ Merchants - The survey can contribute to the improvement of business (usability, customer satisfaction, etc.) - Analysis of customer behavior (Customer selection, behavior, demographic, target customer, etc.) - Advertising opportunity (bidding options, ad placement) - Instant credibility - Competitor’s analysis - Customised survey - Instant feedback from customers - The detailed research report which will require a lot of efforts for retailer to conduct.
- 10. If they change the business, what value can they add? - Bizrate Outlet - Retailers can sell the defected, out of fashion product here, and clearance sales here. - Dropping the bidding option and put them in the sponsor section (like Google) - It caused problem with Bizrate credibility - Add different sorting option such as store location - Feature for customers to compare products beyond their country - Increase the user response rate to the survey by having the short survey and give more attractive offers/ win product samples