Visual Web Optimizer, one of the leading company is A/B testing, has unveiled a new statistic engine named SmartStats which is using Bayesian statistics. VWO reduces average A/B testing time by up to 50% with a combination of mathematical algorithms and intensive computing resources.
The company has adopted Bayesian method of A/B testing which is designed directly to help marketers increase their revenue as statistics can be hard to understand, and Frequentist statistics (traditional approach) is even more complex.
The Bayesian approach is a form of advanced statistics which is used by financial institutions to pick smarter stock trades. Even Google is using it to improve their search and advertising solutions.
The new Bayesian-based SmartStats will power the website optimization of Visual Web Optimizer’s more than 4,000 customers across industries like eCommerce, SaaS, Education, Health and more. Some of its clients include Target, SAS, Sears, Tinkoff Bank, Virgin Holidays, Flight Centre, etc.
The base price of the subscription to use the new SmartStats starts at $59 per month. However, the company is offering 30 days free trial to anyone who is interested in trying out this new service.
Paras Chopra, Visual Web Optimizer’s Founder and CEO said,
We at VWO have always aimed to be an innovator in the industry – we were the first to popularize ‘visual’ form of A/B testing, the first to introduce heatmaps into A/B testing. And now, with SmartStats, we’ve again pioneered a new way of approaching testing and optimization. SmartStats helps marketers optimize their websites for revenue, rather than mathematical rigorousness. Instead of saying ‘I’m pretty sure I’m right’, with SmartStats we want our customers to be comfortable saying ‘It’s OK if I’m wrong and don’t lose money, but if I’m right, there’s a goldmine of additional revenue’.
Chris Stucchio, Visual Web Optimizer’s Director of Data Sciences said,
The question that businesses want answered is ‘what is the probability that page A is better than its variation B’. That’s not a simple question to answer – we have a whole rack of computers working on how to answer it. This question can only be answered with Bayesian statistics.
VWO is a subsidiary of Wingify, which was founded by Paras Chopra in 2010 and is headquartered in Delhi. The company provides testing and optimization tool allowing enterprises to create A/B tests and geo-behavioral targeting campaigns. It also acquired a company named Concept Feedback in 2014.