Understanding how to optimize your organization’s digital experience to improve conversions can be difficult—and without a behavioral data platform, it’s next to impossible.
In a commissioned Total Economic Impact™ study, Forrester Consulting found that Fullstory provides tangible, revenue-driving customer insights for an enterprise retailer, a composite organization based on interviewed customers—which total a significant $8.4 million in gains for the organization.
In this post, we’ll walk through how the study was performed and break down four of the key findings.
Ready to dive into the full study? Access your copy here.
Building blocks of the TEI study
To conduct the Total Economic Impact study, Forrester interviewed four Fullstory customers to gain an understanding of their pain points before Fullstory, their ongoing use cases, and how they’ve benefited after implementing Fullstory. The participating customers are located in the North America, Australia, and EMEA, making this study relevant and valuable for organizations evaluating DXI around the globe.
To paint a clear overarching picture of the business value Fullstory adds, the four interviewed customers were compiled into one composite organization for the purposes of the study.
When looking at TEI, it’s important to consider the digital maturity of the customers involved. Organizations with lower maturity are more likely to discover “low-hanging fruit” when they begin their digital experience optimization journey—which could artificially inflate the value of their DX solution.
On the other hand, the interviewees that make up Fullstory’s TEI composite organization were already higher on the digital experience maturity scale. Because Fullstory’s product insights are broad, reliable, and action-oriented, the composite organization saw a significant three-year 451% ROI despite their already-high digital maturity.
4 quantified benefits of Fullstory’s Digital Experience Intelligence
1. $6.8 million in gains for customer conversions over 3 years
Based on the study, the organization more quickly identified and delivered the features needed to improve the digital experience.
The ability to access near-immediate analytics layered with qualitative session replay insights means the composite organization can address technical issues and resolve friction more quickly. Overall, the organization was able to do these things five times faster than with their previous digital analytics solution.
2. Save $441,000 from tech stack consolidation
Fullstory’s robust quantitative and qualitative experience analytics provides many organizations an opportunity to do away with point solutions and legacy product analytics tools. The unified capabilities found in Fullstory’s DXI enabled the composite organization to reevaluate their existing tech stack, downgrading and decommissioning elements of their previous toolkit. The savings from this amounted to $441,000 over three years.
3. $511,000 gained through increased productivity
When each team at an organization can access the same set of complete, reliable digital experience data, cross-functional collaboration becomes easier and more efficient. Fullstory’s simple user interface also promotes increased adoption across teams, ensuring that the organization can benefit from having a single source of truth for digital experience data.
Streamlining processes led to faster, smarter decision making for the composite organization, ultimately resulting in a 15–25% gain in productivity for design, product, and technical teams compared to its previous solution.
4. Preserve $669,000 in revenue by reducing occurrences of fraud
Analytics and data garnered through Fullstory’s Digital Experience Intelligence can help security operations teams detect suspicious customer behaviors and patterns.
By leveraging DXI in this way, the composite organization was able to better understand potential malicious orders and audit prior suspicious incidents, ultimately preventing 4,000 fraudulent events each year. By mitigating just 10% of annual fraud incidents through DXI, the composite organization preserved nearly $670,000 in revenue over three years.
This is just a tiny peek inside the complete Forrester Total Economic Impact study of Fullstory. Download the study here to explore the rest of the findings on how DXI brings tangible value to enterprise organizations.
