As we browse through a website, every click, swipe, scroll and tap tells its creators which of the items on the page is most effective, and how each of us responds to the text, images, buttons and videos that appear.
Analyzing consumer behavior on websites and within applications, and personalizing each website journey to improve usability, retention and revenues, can mean the difference between success and failure. In today’s burgeoning online marketplace, tracking online behavior and translating that data into an understanding of consumer habits will not only help a business identify the most profitable segments, but also keep customers happy so they will keep returning.
But despite billions of dollars spent annually to analyze data on people’s digital behavior, current tracking methods are unreliable and don’t get the job done.
Convizit, an Israeli startup that uses artificial intelligence to automatically collect and enrich online behavior data, promises to make the process exponentially faster, more effective and complete, unleashing the commercial power of ready-for-action digital experience data for platforms that are thirsty for this valuable information.
Every year, advertisers spend more than $80 billion to track user activity. Convizit believes it can become the single source of truth for this data, across the entire market, says CEO and Co-founder Daniel Bashari, a rare female chief executive in the world of Israeli data startups.
“We’re bringing a very, very big change,” says Bashari, who graduated from an elite technical unit of Israeli Military Intelligence. “We’re creating a new, AI-driven segment in a market that hasn’t seen significant change for a very long time.”
In addition to Bashari’s data smarts, the company also draws on the AdTech experience of CRO Steven Glanz. He sold his previous startup Crosswise to Oracle for a reported $50 million in 2016.
Companies currently collect data on website user behavior through a process called event tagging. Each online action – clicking on a button, completing a form, watching a video, scrolling or swiping – is called an “event.” By tagging each event, analysts can recreate a user’s journey through a website and then analyze the results.
This requires the manual insertion of tags in the form of snippets of code or other manual techniques, for each specific element to be tracked. These tags are designed to capture information about the consumer, products viewed and purchased, and other pertinent information to drive more business and improve customer experience.
This process is error-prone, time consuming, and difficult to maintain as websites are frequently updated. Because event-tagging is so cumbersome, most user actions are never tracked, rendering the data and the conclusions drawn from it incomplete.
Convizit uses AI to automatically capture every event on a website, providing a complete picture of user behavior. Its “intelligent auto-capture technology” tracks and analyzes every visitor interaction with no need to pre-select, code or tag the events. Its AI understands the context of each event, assigns properties, logically groups elements, and delivers the relevant data to third-party systems that analyze it. The company promises instant deployment, rich and accurate data delivered automatically, with zero maintenance.
“I have not seen anybody doing exactly what Convizit is doing,” says Matt Bramble, Chief Operations Officer and Founder at Leverage Lab, a US-based data agency and consultancy that recently introduced one of its own clients to Convizit’s technology.
“It’s capturing 100 percent of user clicks or actions,” Bramble says. “When it’s manual, we’re really just picking a few events that are important to the customer, and I would say maybe that’s 5 percent.”
Because Convizit’s algorithms understand webpages similarly to how humans see them, the company’s technology improves its automatic event capture abilities over time and adapts swiftly to website changes. This promises to cut implementation and maintenance costs, while providing companies with the flexibility to easily deploy or switch to new analytics or marketing tools.
“Convizit takes this months-long process and whittles it down to a few hours, and for the first time gives companies effortless, in-depth data for marketing, analytics and insight-generation purposes,” Bashari says. “Website owners do not need to invest any work in selecting, defining, tagging, coding or structuring events in order to make their data available or useful within all the platforms they use.”
Typically, companies with a standard e-commerce website will collect dozens of pieces of data on a customer interaction. Convizit automatically collects between 500 to 2,000, offering much more insight into a consumer’s behavior and their ultimate choices.
Other companies do not have the capabilities to offer such an automated, rich capture of the consumer experience. Some of the giants in the sector have contacted Convizit, interested in the technology. Bashari declines to disclose details, but says Convizit has no immediate plans to be acquired, and is more interested at this point in business partnerships.
The company, which was formed in 2019, generated its first revenue in the second quarter of 2022 and is now raising $5 million in equity, including an investment via OurCrowd, the Jerusalem-based funding platform.
It reached another milestone this year with the launch of its first consumer trials with Leverage Lab, Swagdrop, Conversion Maker, Auryc and inetAsia Solutions.
Convizit is currently raising an investment round via OurCrowd. For more information, click HERE: