Notifications
You currently have no notifications!
Search
Menu
Close Menu

How can we help you?

Tell us more about your query, we'd be happy to help.
Reference:
How did you hear about us?:
 *
 *
 *

IRP v8.7.0 - Using First Party Data to Enhance Merchant Visibility and Control

More power from merchant first party data to control traffic spend and improve profitability
Author
28 March 2023 - 2 min read

Focusing on Numbers and Data in V8.7.0

IRP has been upgrading areas across the system but also investing heavily in data through the IRP Trading Terminal. Data has the longer term potential to remove subjectivity and bias from ecommerce.   

IRP Version 8.7.0 is a large software release and contains substantial updates to the Trading Terminal - including Sales Analysis, Split Tests and new Time of Day Reporting. A key focus has been to increase accuracy of data and to bring core trading data to the fore.  First Party Data empowers merchants to better control their traffic spend with increased accuracy over any third party tools. 

The focus on efficiency, controlling merchant costs and increasing sales is critical to current and future IRP platform development. 

IRP apply more intelligence to merchant data

A Focus on Profit after Cost of Traffic

In Version 8.7.0 IRP have released updates to Trading Terminal to highlight data not readily available in ecommerce - the Cost of Traffic at an individual product level. From there - the Profit on a sale after the Cost of Traffic (CPA%) can be revealed - we call this "Ecommerce Gross Profit".

IRP V8.7.0 Signals our commitment to merchant profitability

Enhancements to Trading Terminal & other key areas

IRP has increased accuracy of data and to bring Traffic Cost data to the fore. Traffic Cost data is now available historically and as a projected value for the current month. Traffic Costs can be removed from Gross Profits, at a stock, model, brand, category or overall level - to give the Ecommerce Gross Profit value in real time.

  • Sales Analysis has an improved UX with enhancements to the Power Filter, including a new ‘Active Status’ filter
  • Additional Stock and Profit columns to the Sales Analysis grid
  • New ‘Time of Day’ reporting for hour/day of week visualisation on sales, conversion and profit metrics allowing merchants to make trading decisions at a more granular level

First Party Data

This First Party approach also shows Profit Margins and "Ecommerce Profit Margins" after the Cost of Traffic. This gives merchants a deeper understanding of which products generate ROI and reveals how traffic channels and Service Providers are performing.

By combining Marketing Cloud with Shopper and Trader - this efficient First Party format can track everything the core information in real time to base decisions on the bottom line value.

Split Tests

Conversion is the key to profitability. Trading Terminal has always had basic A/B split test ability - this has now been substantially upgraded in IRP V8.7.0.

Split Testing in Trader has been reworked to be able to accurately test different Banners. As Heading and Roof banners are on every page - these play a critical role in messaging and conversion.

Split Tests can now accurately calculate the revenues, conversion rates, AOVs and all other important metrics associated with Banners. This functionality is available for Merchants running Level 1 Trader and above. Increased conversion rates increase sales - but also importantly decrease costs - leading to more net profit.

Service Marketplace

The IRP Service Marketplace is progressing in the IRP World and will soon become available in the IRP Trading Terminal. Market competition helps every participant improve - from Merchants to Ecommerce Managers to Service Providers. Competition drives innovation and performance to the benefit of all.  

What is coming next after this release?

 

Content Creation

IRP understands the creation of content is critical and IRP have been working very hard on a Content Editor that we will release soon.  This is important for ease of quality content production. 

Product Listing

Improvements to IRP Shopper continue and we’ll be bringing new UX enhancements to B2C and B2B product listings soon.

Product Subscriptions

We’ve completed product subscriptions and development work and in the final stages of testing. We’ll release more information about this soon.

 


Don't hesitate to contact your Account Manager if you have any questions about any of the features in this release.

View the full release notes here

Only First Party Data is legal and Unblockable - read more at IRP News and Events

 

- COMMENTS
You must be logged in to comment on this article. Click here to Login to the IRP World
Live Market Data
Today v Yesterday 0.13%
July 2024 v July 2023 11.99%
YTD 2024 v 2023 15.52%
Arts and Crafts 0.37%
Baby & Child 0.06%
Cars and Motorcycling 0.30%
Electrical & Commercial Equipment 0.40%
Fashion Clothing & Accessories 0.00%
Food & Drink 0.07%
Health and Wellbeing 0.03%
Kitchen & Home Appliances 0.17%
Pet Care 0.00%
Sports and Recreation 0.05%
Toys, Games & Collectables 0.19%
NORTHERN IRELAND ECOMMERCE BENCHMARKS & KPIs
NI ECOMMERCE KPIs
VIEW

Copyright © 2023 IRP Commerce. Use of this website constitutes acceptance of the IRP World Acceptable Use Policy, IRP World Terms of Use, IRP Privacy Policy and IRP Cookie Policy

IRP Commerce Limited, Concourse 3, Catalyst, BT3 9DT, UK. Company Number: NI 041856. VAT Number: GB 888249658
A Deloitte Fast 50 Company eight times: 2010, 2011, 2012, 2013, 2014, 2018, 2019 & 2020