SmartStats Helps Online Businesses Make Smart Business Decisions With More Intelligent Results
NEW YORK, Oct. 1, 2015 /CNW/ - Wingify, one of India's leading product companies and a global leader in the A/B testing space, today unveiled its new statistics engine, SmartStats, which uses Bayesian statistics to power their flagship product VWO (Visual Website Optimizer). With SmartStats, VWO manages to reduce the average A/B testing time by up to 50% with a combination of advanced mathematical algorithms and intensive computing resources.
(Logo: http://photos.prnewswire.com/prnh/20151001/767251 )
Abandoning traditional statistical methods, which are better suited for scientists trying to prove a hypothesis, VWO has adopted a Bayesian method of A/B testing designed directly to help marketers increase their revenue.
Statistics can be hard to understand, and Frequentist statistics (the 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 and even by Google to improve their search and advertising solutions.
The new Bayesian-based SmartStats will power the website optimization of VWO's 4,000+ customers across industries like e-Commerce, SaaS, education, health and more. Some of VWO's clients that will benefit from this include Target, SAS, Sears, Tinkoff Bank, Virgin Holidays and Flight Centre.
Learn more about SmartStats at vwo.com/bayesian-ab-testing
Paras Chopra, VWO'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, VWO'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."
How does SmartStats deliver more intelligent answers in lesser time?
The key feature making SmartStats faster is that it makes a different tradeoff than normal testing tools. If Variations A and B have a 50% chance of being equal, and a 50% chance of B beating A, SmartStats will declare B to be a smart decision - by choosing B you won't lose and you might win. Traditional A/B testing tools will say 'continue the test, we are uncertain if B is a winner'.
With SmartStats, VWO now offers a very sophisticated and powerful testing tool within the reach of online businesses. Running Bayesian statistics requires massive computing power and VWO is commoditizing a powerful technology by offering it on all subscription plans; the base plan starts at $59 per month. Anyone can try out VWO for free for 30 days.
VWO is the world's easiest A/B testing tool that helps businesses improve their websites by tracking visitor behavior, testing improvement ideas and targeting visitors for personalization. VWO is used by more than 4,000 businesses such as Target, Disney, Sears, Tinkoff Bank and Flight Centre amongst others. Visit https://vwo.com.
For further information: Media Contact: Mohita Nagpal, firstname.lastname@example.org, +91-9873027024