Algolia Named to the 2020 CB Insights Retail Tech 100 — List of Most Innovative B2B Retail Startups — for Best Cognitive Search Solution
Algolia retail customers saw a 29% increase in conversion rates on Black Friday 2020 compared to 2019; Illustrating innovation in retail technology is more critical than ever to make online buying easier
December 8, 2020, 12:00 AM Coordinated Universal Time
SAN FRANCISCO, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Algolia, the leading Search and Discovery platform, today announced its inclusion on CB Insights’ inaugural Retail Tech 100 ranking, which showcases the 100 most promising B2B retail tech companies in the world. In conjunction with this recognition, Algolia released a report of key insights seen across its 9,500+ customers whose sites are built on Algolia’s Search-as-a-Service platform.
Algolia Recognized by CB Insights as a Top Search and Discovery Solution, Enabling Retailers to Better Adapt to Changing Consumer Habits
Through an evidence-based approach, the CB Insights research team selected the Retail Tech 100 from nearly 15,000 applications and nominees, based on several factors including patent activity, business relations, investor profiles, news sentiment analysis, proprietary Mosaic scores, market potential, competitive landscape, team strength, and tech novelty. The Mosaic Score, based on CB Insights’ algorithm, measures the overall health and growth potential of private companies to help predict a company’s momentum. Algolia was named as Best Cognitive Search Solution and one of twenty companies on the list to help retailers “analyze and optimize the online customer journey for greater sales conversion rates and reduced product returns.”
“The rate of change in retail is accelerating, and the Retail Tech 100 showcases the tech companies that are changing every facet of retail - from store automation to supply chain robotics to personalized merchandise discovery. Spanning 13 distinct technology markets, they address key challenges retailers face today while also helping them adapt and be ready for changing consumer habits," said CB Insights CEO Anand Sanwal. "The honorees also underscore the fact that the best technologies driving retail transformation may come from anywhere as they hail from 21 countries ranging from Canada to Singapore to Brazil to Sweden. As we head into 2021, we are excited to see the impact the Retail Tech 100 will have on customers, retailers, and markets."
Algolia Customer Report Shows Surge in 2020 Black Friday and Cyber Monday Search Volume Over 2019
With shoppers turning to online shopping in mass this year, the time for innovation in retail search is more important than ever before. For instance, a recent look at Algolia customer data, across a cohort of retail customers, measured a 66% increase in search traffic this Black Friday compared to Black Friday 2019. In addition, there was a 56% increase in search traffic this Cyber Monday across all Algolia customers compared to search traffic for those same customers on Cyber Monday 2019. Moreover, retailers using Algolia also benefited from conversion rates that increased by 29% on Black Friday 2020 compared to Black Friday 2019, in part due to an optimized Search and Discovery experience that helps people find exactly what they are looking for quickly.
“With the recent increase in COVID-19 cases, retailers must rely heavily on their online channels this holiday season. Algolia saw a 110% increase in search queries across its retail customers in November 2020 compared to those same customers in November 2019,” said Ashley Stirrup, CMO, Algolia. “Given the growing need for solutions that improve the search and navigation experience, it’s a huge honor that Algolia’s Search-as-a-Service platform has been recognized by CB Insights. We will continue to develop leading-edge products to enable our customers to improve the online customer journey and increase conversion rates.”
For more findings from Algolia’s 2020 Black Friday and Cyber Monday report, please visit https://www.algolia.com/blog/in-search-of-a-record-breaking-holiday-season-5-key-insights-from-black-friday-2020/.
- Blog: https://blog.algolia.com/
- Twitter: https://twitter.com/algolia
- LinkedIn: https://www.linkedin.com/company/algolia/
- Facebook: https://www.facebook.com/algolia/
- Careers: https://www.algolia.com/careers
Algolia is the Search-as-a-Service platform that enables companies of all sizes to deliver fast and relevant digital experiences that drive real results. With Algolia, consumers are able to find and discover what they want easily across web, mobile and voice. Algolia allows developers and business teams to build and optimize delightful Search and Discovery experiences that increase online engagement, conversion rates and revenue. More than 9,500 companies including Under Armour, Lacoste, Birchbox, Stripe, Slack, Medium, and Zendesk rely on Algolia to manage over 95 billion search queries a month. Algolia is headquartered in San Francisco with offices in Paris, London, Tokyo, New York and Atlanta. To learn more, visit www.algolia.com.
Offleash for Algolia