E‑commerce managers looking for extra insight into their websites’ performance may be interested to learn of recent developments at Keen IO.
Having scooped a creditable $2.35 million in funding, the company is now offering customers a toolkit that enables reporting through building customized analytics products.
In essence it works like this: Keen IO’s application programming interface (API) provides a range of functions that help developers refine and profile all the disparate information that’s flying round at the backend. Customers can source, store and visualize it in any way they want, which should mean that companies have a degree of extra flexibility that’s difficult to attain with out-of-the-box solutions.
If his recent remark that you “can’t rely on out-of-the-box parts for everything” is anything to go by, co-founder and CEO Kyle Wild obviously thinks so. He went on to outline exactly why: “One of my favorite examples is a smartwatch. Nobody is going to make an out-of-the-box smartwatch analytics product, it’s just too fragmented.”
Very creditable, but e‑commerce analysts with their fingers on the pulse will be wondering exactly how much time and money this approach can save their organization. The answer, according to Wild, is that many customers check in with Keen IO when they are toying with building their own analytics tools, but realize that doing it with Keen’s toolkit is faster – and in the first instance at least – cheaper. Other customers may have pre-built a system but call in Keen when it begins to break down.
To demonstrate the product’s all-round chops, Wild cites the example of tracking conversion funnels. Designed to track the navigation path of users on a website, these are difficult to analyze without the provision of the requisite tools. Using the Keen IO API, developers could create an appropriate funnel using relatively simple code – a boon for web content managers charged with the responsibility of judging the relative effectiveness of different parts of the site.
A beta version of the software was launched in 2012 and the company started to charge customers after only four months in 2013. Subsequent growth has seen it edge closer to profitability in what seems like a very short window. Seed funding was supplied by Amplify Partners and Rincon Venture Partners, with contributions from Pelion Venture Partners, 500 Startups, XG Ventures, Jason Seats and Lauren Siebert.