July 16, 2008 ChannelAdvisor Announces Acquisition of Richfx
ChannelAdvisor Announces Acquisition of Richfx
Acquisition Helps Internet Retailers Offer Increased Usability, Improve Conversion Rates with Fewer Clicks via Rich Media Applications
Research Triangle Park, NC – July 16, 2008 – ChannelAdvisor, the leading provider of e-commerce channel management solutions, today announced the acquisition of RichFX, further increasing its multi-channel offerings to online retailers. A leader in the rich media image space, RichFX’s rich media solutions have been helping retailers design, implement and manage effective rich media across online channels since its inception in 1997.
The combined companies will offer three new rich media products for Internet retailers with proven abilities to increase website usability and improve conversion rates with fewer clicks. ChannelAdvisor’s myRichFXÃ¢â€žÂ¢ is a hosted rich media platform that enables retailers to quickly implement and manage enterprise-scale rich media image, catalog and circular solutions including:
- RichImageÃ¢â€žÂ¢ – The Rich Imaging solution allows retailers to manage their digital assets and add dynamic merchandising to their e-commerce products. In addition to standard zoom and pan functionality, comprehensive merchandising solutions are possible such as builders, configurators and more.
- RichCatalogÃ¢â€žÂ¢ – For retailers that have a printed catalog, the catalog can now be brought online with a much richer and integrated experience. Consumers can click through the RichCatalog experience directly into the e-commerce site.
- RichCircularÃ¢â€žÂ¢ – For retailers with regional circulars, RichCircular brings the regional circulars online. Buyers can now search, click and view multiple regional circulars and then buy the products online or order them for in-store pick-up.
RichFX has over 200 retailers as customers, including over 45 that are included in the coveted Internet Retailer 500 list. RichFX’s customer list includes Wal-Mart.com, Disney, Saks, Lillian Vernon, Men’s Wearhouse and Brooks Brothers. RichFX customers report a 10%+ increase in online conversion when their online merchandising is enhanced via one of the RichFX offerings.
“MyRichFX provided a cost effective way to help me dramatically increase clicks and conversion rates,” said Anthony Johns, Web Merchandising Manager of Lillian Vernon. “I was amazed at the platform’s usability and flexibility right from the start. The rich media experts proved that they cared about my results with insights and tips after the sale, and provided personal attention throughout the implementation and incorporation processes. A great overall business decision.”
“As we’ve worked with thousands of retailers to manage their e-commerce channels, we have become convinced of the advantages of conversion enhancement technologies,” said Scot Wingo, CEO of ChannelAdvisor. “We are constantly looking for ways to open up more multi-channel functionality to our customers to help them succeed. With rich media’s ability to enhance website interactivity and attract more conversions, RichFX appeared to be a natural extension of ChannelAdvisor Complete core capabilities.”
ChannelAdvisor plans to aggressively offer rich media solutions to its existing customer base. In addition, ChannelAdvisor will extend its ChannelAdvisor Complete e-commerce solutions for search, comparison shopping engines and marketplaces to the existing RichFX customer base. Several integration points are being developed as well. ChannelAdvisor is also working on solutions tailored to SMB and mid-tier internet retailers. Before the ChannelAdvisor/RichFX combination, world-class rich media Internet solutions were out of reach for mid-tier and SMB retailers.
Eoin Townsend, RichFX CEO, will join ChannelAdvisor as General Manager and Vice President of the RichFX business unit.
“At RichFX, we’ve been dedicated to finding innovative ways to help our customers increase conversion rates. That’s why partnering with a company like ChannelAdvisor who is equally committed to customer care seemed to be a perfect fit” said Eoin Townsend, General Manager and Vice President of ChannelAdvisor. “We see this combination as an ideal opportunity to apply our understanding of the elements of enhanced conversions with a like-minded focus on expert services to increase the multi-channel sales opportunities for our customers.”
To learn more about the new rich media Internet solutions, ChannelAdvisor will host a webinar for existing ChannelAdvisor customers and prospects on Wednesday, July 23 at 3:00 pm EDT. To sign up, visit www.channeladvisor.com/richmediawebinar.