Following a seven-month beta programme, checkout and form analytics tool, Formisimo, has announced it will be switching to a paid model.
Formisimo analyses consumer actions as they navigate through a checkout process or online form. Reports are available on where customers are struggling, what is causing them not to buy or enquire, and where the pain points are.
If the conversion rates seen by users of the platform are anything to go by, the beta has surely been viewed as a success. Formisimo tracked close to 40 million user interactions, during this time users saw an average boost in checkout and form completion of 76%.
One main draw to Formisimo is that it can predict when abandonment is likely to occur. The platform then uses social media channels to engage with the customer to provide assistance or dynamically change the form so it becomes easier for said user.
Along with the usual bug fixing that takes place in a beta period, Al Mackin, founder of Formisimo, revealed that a lot of work went into improving the platforms artificial intelligence before its full launch.
“Our seven months in beta have given us a chance to perfect Formisimo and draw in huge volumes of data that makes our scoring and predictive technology more accurate,” explains Mackin.
“The latest data shows that only 33% of visitors who start a checkout process or form end up completing it – demonstrating a significant opportunity for online businesses to boost conversion rates.”
US businesses suffering most
Manchester-based Formisimo revealed that the US had the worst conversion rates for online checkouts and forms. Only 17% of starters ended up completing a purchase after starting the payment process.
Users of the platform in the US and UK saw the biggest increases in conversion rates from November to December. UK companies notched up an impressive 93% increase in conversion during the two months.
Not the beta period is over paid plans start at £19.99/$29.99 per month, but there is still a limited free option available. Mid-sized businesses pay £79.99/$129.99 per month. The company says it can tailor plans depending on the required features and monthly views incurred.