Baynote ramps up offering with Collective Intelligence Platform
Baynote has just released a major update to their service, which brings the wisdom of the crowds to online retail.
Baynote specializes in using traffic and user data in order to tailor recommendations and generate more sales. Launched in June 2006, Baynote employs this "wisdom of the crowds" approach and provides customized reporting to large companies. Today, Baynote is launching their Collective Intelligence Platform. On top of their prior capabilities, Baynote's web software now allows for automatic email customization, featuring product recommendations, based on collected data. In addition, new features for mobile, search, and customized statistics are also included in this release.
Personalized recommendations are something that has been wildly successful for sites like Amazon and Netflix in the past, however their respective systems have been highly tuned to their specific markets. Baynote hopes to provide a system that can be implemented across a variety of scenarios.
Baynote's target markets are large online retailers, enterprise, and media, but I would love to see a service like this float down to small and independent businesses. Baynote's platform covers a broad range of potential points of sale and the reach of their statistics, testing, and reporting components is extensive. It is not a new idea that we can use social recommendations to leverage the revenue potential in the long tail, however it's always good to see advances in this area.
Update: Changed to more accurately reflect target markets and launch date.