- $6.8 million in increased e-commerce profit from improved conversions
- $8.9 million in personnel time saved on search
- $1.8 million saved from developer reallocation
SAN FRANCISCO, June 29, 2023 (GLOBE NEWSWIRE) -- Lucidworks, the leading provider of search solutions, today announced results from a commissioned Total Economic Impact™ study conducted by Forrester Consulting on behalf of Lucidworks. The study shows that Lucidworks Fusion created a significant increase in sales for e-commerce of the composite organization and positive employee time savings in workplace use cases.
“We know how important it is to drive the bottom line for our clients and create a best-in-class experience for their customers,” said Mike Sinoway, CEO, Lucidworks. “The study from Forrester Consulting demonstrates the positive impact Lucidworks Fusion and AI technology has on the digital experience for employees and shoppers.”
The study also reported the following benefits from Lucidworks Fusion:
- Net present value of $13.92 million and ROI of 391%. Composite organization investment in Lucidworks Fusion experience benefits of $17.48 million over three years versus costs of $3.56 million.
- Savings from developer reallocation of $1.8 million. Lucidworks Fusion reduced the number of experienced developers required to maintain its search application and reallocates these developers to other strategic initiatives.
- Increased ecommerce profit from improved conversion amounted to $6.8 million. Uptick in e-commerce sales leading to increased profits.
- Personnel time saved on search totaled $8.9 million. Significant time savings of up to 2.9% for personnel who use search intensively.
“We are committed to working as a trusted partner with our clients and developing new integrations with cutting-edge technologies such as generative AI and neural search,” said Sinoway. “We make search a superpower for some of the world’s largest brands and believe the study findings reaffirm the value Lucidworks provides as a software vendor and a leader in the space.”
Forrester Consulting interviewed several Lucidworks customers. The composite organization formed as part of the process showed the following additional qualitative benefits:
- Bring decision-making closer to product owners. Lucidworks Fusion provides a simple interface that allows users to manually adjust research to highlight specific results. Interviewees noted that marketing professionals quickly made changes without involving technical support.
- Improve uptime. Interviewees reported that they spent a lot of manpower on babysitting the system with previous solutions, but they still could not prevent disruptive levels of downtime. With Fusion in place, the risk of outage was reduced.
- Insight generation through more comprehensive search results. The interviewees’ ability to federate search across systems and international boundaries eliminated data silos to provide more comprehensive results.
Review the complete study here and learn more about Lucidworks at Lucidworks.com.
About Lucidworks
Lucidworks believes that the core to a great digital experience starts with search and browse. Lucidworks captures user behavior and utilizes machine learning to connect people with the products, content, and information they need. The world’s largest brands, including Crate & Barrel, Lenovo, Red Hat, and Cisco Systems rely on Lucidworks’ suite of products to power commerce, customer service, and workplace applications that delight customers and empower employees. Learn more at Lucidworks.com.
