Optimizely, the digital experience platform (DXP) provider, revealed the results of a commissioned Total Economic Impact™ (TEI) study conducted by Forrester Consulting on behalf of Optimizely. The study found that over three years, a composite firm realised 370% return on investment (ROI), US$9.84 million net present value (NPV) and $1.1 million in savings due to increased developer productivity as a result of deploying the company’s DXP.
What were the findings of Optimizely’s survey?
Adopters of the DXP could also see $2.2 million in savings of subscription fees through retired tools. To help arrive at an average return on investment and subsequent financial analysis, Forrester Consulting interviewed five decision-makers who are Optimizely DXP customers.
Prior to implementing the DXP, interviewees noted that their organisations lacked significant experimentation capabilities, struggled with legacy content management solutions (CMS), and devoted significant manual effort to maintaining integrations vital to their website.
This resulted in less-than-optimal web visitor experiences and lost potential revenue. But when firms adopted Optimizely DXP, they achieved faster, more frequent experiments, easier management of integrations and content, and improved revenue through more conversions.
According to the CIO of a $200m North American fashion firm included in the interview process, “Since using Optimizely, our conversion is higher…we about doubled in conversions and we attribute that directly to the new platform.” The same respondent said, “Everything is working better with Optimizely. It’s like going from a Hyundai Pony 1982 to a Mercedes.”
Among key results identified in the study:
Forrester Consulting found customers improved site stability, personalization and organisation of content, and experimentation, which resulted in doubled conversion rates and improved average order size.
Optimizely delivered $617,600 in savings through pre-built support for integrations and ability to pick up pre-existing integrations, providing significant time savings equal to three developers.
Customers saw 75% time savings for developers and marketing personnel on deploying, updating, and organising content.
Customers also experienced two hours of time savings per experiment, reducing time and effort needed from developers, and increasing the total number of experiments from 300 to 500 over three years.
What do the findings mean for businesses?
“A cohesive digital experience is essential for businesses to survive and requires organisations to innovate without boundaries. We believe the Forrester TEI study emphasises the direct, provable ROI and impact that a cohesive DXP, such as Optimizely’s, has on an organisation, along with incalculable benefits like enabling a higher number of experiments and a more robust, reliable digital experience,” said Justin Anovick, Chief Product Officer at Optimizely.
Forrester Consulting’s study determined other benefits of Optimizely’s DXP offering, including improved adaptability during crises, like diverting traffic to digital storefronts during the global COVID-19 pandemic, and flexibility to realise additional business opportunities.
The study states, “Optimizely improving a firm’s digital experience can enable them to obtain more revenue from digital channels. This provides more options for firms hoping to shift more and more of their business online as opposed to physical brick-and-mortar locations.”
To learn more, download a complimentary copy of Optimizely’s TEI study.