Global software company MikMak has unveiled several enhancements and upgrades to its MikMak 3.0 platform, establishing it as a key player in commerce intelligence enablement.
This builds on the company's record growth in 2023, following the acquisition of analytics software business, Swaven, and the addition of the Shoppable Media and Brand Analytics product lines from competitor ChannelAdvisor, which has positioned MikMak at the forefront of global gross merchandise volume (GMV) and media impressions.
These enhancements come in response to research into the issue of shopping cart abandonment, a problem that exists across the whole eCommerce industry, wherein an average of 70% of potential transactions are left incomplete.
MikMak has tackled the major bottleneck of slow and complicated checkout processes with a new feature named 'Direct Add to Cart.' Shoppers can now select a product and instantly send it to the retailer's cart with a single click from any type of media or brand platform. This improvement offers a more efficient way to expedite purchases compared to existing options.
Other notable upgrades include the introduction of ‘Commerce Recipe’ and ‘Bundling’ functions. These tools give brands the opportunity to expedite sales, establish new partnerships, and enable customers to make faster purchases.
While partnerships and advancements continue to fuel the progress of MikMak 3.0, 2024 is set to see an expanded product portfolio featuring new AI-powered predictive analytics tools, further attribution abilities, and additional data partnerships. These updates will provide brands with increased data to mitigate walled gardens and privacy regulations.
MikMak has also formed a partnership with Circana, a global advisor on consumer behaviour, to offer digitally influenced offline sales reporting. Coupled with the platform's new shoppable recipe capabilities and 'Direct Add to Cart' feature, brands will gain insights into how digital marketing influences their offline sales lift, facilitating the implementation of strategies to convert shoppers in an increasingly competitive economic climate.
Michael Quinn, Senior Vice President of Global Media at Circana, highlights the value of this partnership, "Understanding the relationship between omnichannel marketing, online sales, and offline sales has long been a challenge for brands."
"We’re thrilled to partner with MikMak to bring this solution to their impressive roster of brand partners. MikMak and Circana’s new analytics capabilities enable actionable insights into offline sales, justifying their digital marketing strategies, and strengthening relationships with retailers."
Reflecting on these advancements, Rachel Tipograph, CEO and Founder of MikMak, stated, "Our newest partnerships and advancements to MikMak 3.0 address the need to make products more discoverable, unlock a deeper understanding of markets and consumers, and reveal crucial offline sales data."
"Brands can make informed decisions about their marketing and advertising dollars. Our strategic partnership with Circana ensures brands remain at the forefront of the eCommerce insights landscape and stay ahead of the competition."