Lizer Group, one of the World’s 20 Hottest Startups according to CNBC and the only Swedish company on their list is moving its base to the Nordic Innovation House in Silicon Valley as part of the acclaimed TINC program
The company targets the massive problem of low online conversion. With only 2% of online store visitors completing a purchase and with an average new customer acquisition cost of $41 it is obvious that conversion should be the primary concern for online retailers.
It’s simple math, if you increase the conversion from 2% to 3%, you are looking at a 50% increase in sales, says Founder of Lizer Group Karl Lillrud
It’s a huge market and low conversion used to be an accepted norm. But with increasing competition and an even larger share of the retail market migrating online it has simply become unsustainable. Consumers’ behavior online differs so much from their offline behavior that basing conversion methods and technology on the same patterns will not get you to the envisaged goal. The ecommerce model is built on low tech methods which have not been updated since they were first ported from physical stores to the online platform and attempts to improve conversion tend to be short term focussed and hurt long term business prospects.
As founder of one of the first Nordic online retailers, Karl identified the problem of low conversion at an early stage and set out to develop a strategy to overcome it. Several years later, this resulted in Lizer Group and a psychology and pattern based algorithm that enables insight into online consumer behavior on a completely new level with a drastically different method compared to conventionally applied models.
Tools based on the algorithm like the company’s newly launched consumer application Pricelizer (available for download in App Store and Google Play) allows the company to understand consumers’ preferences on a detailed level whilst giving consumers the opportunity to shop smarter online. With this data collection ability, Lizer Group has set out to establish a link between onlines stores and consumers which will facilitate much more informed pricing and marketing strategies.
Seasonal clearances with 40% discount on all items simply don’t make sense. In the ecommerce world that we are crafting, the sales manager will know what discount each product requires to reach desired sales volumes.
The global interest in understanding online consumers and the services we provide assures us that even as we are building up a new market segment we are working in the right direction and being based in Silicon Valley improves our growth prospects in a way that we feel cannot be found currently in Sweden.”
Initially, the team in Palo Alto will consist of Karl Lillrud and his business partner Fredrik Bolander but the idea is to over time establish a permanent base in the region with additional team members.
Pricelizer solves the problem for any consumer windishopping online.
By enabling the consumer with a smart bookmarking service called wishtracking you can save any product from any store with 1 mouse click.
Then just wait and we will let you know when the price drops on any product found online.
For image material go to https://brandisty.com/pricelizer
CEO and Founder
+4673 313 36 00