Verity Launches New E-Business Portal Technology - Verity K2 Catalog Turns Browsers Into Buyers
Strategic Alliance Partners for K2 Catalog also Announced
SUNNYVALE, CA. - 2001-01-29 - Verity, Inc. (NASDAQ: VRTY), a leading provider of infrastructure software that powers enterprise and e-commerce portals as well as e-business applications, today announced the immediate availability of Verity® K2 Catalog. The new K2 Catalog technology is designed to help solve the long-standing abandonment problem faced by e-merchants - that is, when customers are unable to find products they are looking for, they leave a site before ever completing a single transaction. To combat this, K2 Catalog provides Verity's partners with access to industry-leading search and navigation capabilities, along with adaptive personalization, virtually unlimited scalability and reliability and rapid e-business integration.
Verity K2 Catalog -- one of the most powerful e-business portal technologies on the market -- was developed to allow online shoppers to quickly and easily find what they want from e-commerce sites. Among the innovations incorporated into Verity K2 Catalog is its Intelligent Merchandising feature, which enables e-merchants to guide customers to the products they seek. This feature allows sites to more closely replicate the "physical" bricks-and-mortar experience where shoppers easily find similar and related products in adjoining shelves or aisles. The result? Higher sales volumes and increased customer loyalty to sites employing the K2 Catalog.
"With over a decade of experience, Verity is a proven leader in portal infrastructure software - making us uniquely positioned to deliver high-performance, scalable solutions that enable e-merchants to more readily turn online visitors from casual browsers into buyers," said Anthony Bettencourt, Verity's president. "With the introduction of Verity K2 Catalog, we can now support searches for both structured and unstructured data, yielding a more intuitive customer experience in which even novice users can easily find the products they seek. Verity K2 Catalog can truly boost any e-merchants' bottom line by enabling their site visitors to more quickly find exactly what they are looking for -- dramatically increasing the volume and value of their site transactions."
In making the announcement today, Verity also confirmed support for Verity K2 Catalog from several strategic partners, including Agency.com, BroadVision and Excara. "We are currently working with Verity's industry-leading technology, the K2 Toolkit. The K2 architecture provides the scalability, precision, and fault-tolerance necessary for our customer's high-growth online businesses," said Tim Appnel, Director of Technology, Global Marketing for Agency.com. "With the addition of Verity K2 Catalog based on the K2 architecture, we are excited to be able to bring new features such as parametric search and advanced navigation and viewing of content to our customers."
According to Sameer Shah, product manager for SiteStuff.com, a commercial property operations and management Web site, "Our mission is to enable real-estate professionals to automate purchasing and eliminate traditional inefficiencies, allowing our customers to save time, money and to gain better control of their purchasing processes. Specifically, we help property managers and building engineers spend less time managing procurement and more time focusing on their clients' requests and their properties' maintenance needs. Having reliable and high-performance technology is critical to our success. Verity K2 Catalog is an ideal solution for us, " Shah continued. "It will allow us to easily categorize, display, and personalize product information so that it is intuitive for our customers. By enabling users to find exactly what they are looking for, Verity will assist us in fulfilling our mission, and ultimately benefit our customers."
Verity K2 Catalog supports Solaris 2.6 / 7.0 / 8.0, Windows NT 4.0 and Windows 2000 and is available now directly from Verity. Pricing for Verity K2 Catalog starts at US$65,000. Consulting services for the Verity K2 Catalog are also available.
About Verity K2 Catalog
Verity K2 Catalog combines Verity's unique K2 technology with business rules to allow online merchants to build extremely profitable and enterprise-strength e-commerce sites. Verity K2 Catalog capabilities include:
▪ Intelligent Merchandising. Search, navigation and view are the fundamental capabilities required by e-commerce sites in order for shoppers to find the products and information they are looking for -- because if you can't find it, you can't buy it. Verity is the indisputable market leader in search and navigation technology, providing advanced capabilities for automatic, precise knowledge retrieval. In addition, Verity incorporates human-oriented business rules through features such as Intelligent Classification, which lets e-merchants organize the way products are presented and described on the site for the overall benefit of the online shopper. In-store merchandising techniques such as shelf-placement, end-of-aisle promotions, and other best-business merchandising practices can be utilized as easily on an online site as they are in a physical store.
▪ Profitable Site Stickiness. Through features such as smart correction of user error, parametric search, and relevancy ranking, visitors have an experience searching for online items that mirrors that of walking through a physical store or talking to a live human being. Verity's advanced technology has as its core a full-text search engine rather than simply a structured database system. This means that shoppers can combine "free text" search along with concepts and combined terms such as "white blazer," plus "size 8" plus "Armani style collar," instead of using just simple, individual terms. This capability results in more precise and accurate search results and provides the best buying experience for both the sophisticated and novice online shopper, ultimately enticing those shoppers to stay longer and buy more.
▪ Adaptive Personalization. By combining the right set of computer categorization and human business rules, Verity K2 Catalog provides an advanced personal shopping experience based on customers' preferences, affinity and requests. Specific products can be promoted based on preferences a shopper indicates through their search and browsing behavior.
Verity's Adaptive Personalization allows merchants to build sites that provide the most personal experience for online shoppers -- thereby increasing customer satisfaction, loyalty, and browser-to-buyer conversion rate. One of the features of Adaptive Personalization is Adaptive Ranking, which analyzes group behavior to automatically tune search results for maximum user satisfaction. Customers will find that the items they seek are consistently ranked at the top of the list.
▪ Rapid e-Business Integration. Verity has designed Verity K2 Catalog so that it fits within existing e-commerce portal initiatives, ensuring easy integration and leverage of current investments in order to decrease time-to-market and implementation costs. In addition, only Verity K2 Catalog gives administrators the control and flexibility necessary to deliver the organized, relevant information users need without costly administrative overhead or expensive content repurposing.
▪ Unlimited Growth. Because Verity K2 Catalog provides high availability, performance, and scalability, merchants can provide a 24X7, complete personal shopping experience no matter how many people are shopping at the site at the same time.
About Verity
Verity is a leader in infrastructure software that powers corporate portals used for sharing information within an enterprise, e-commerce portals for online selling and market exchange portals for B2B activities. Business portals provide personalized information to employees, partners, customers and suppliers.
Verity products are used by 53 of the Fortune 100 and by more than 1,000 corporations worldwide. The markets Verity serves are comprised of e-commerce merchants, e-businesses, market exchanges, government agencies, online service providers, Internet publishers and software developers. Verity customers include Adobe Systems, American Greetings, AT&T, BroadVision, CDNOW, Chapters, Cisco, CNET, Compaq, Dow Jones, Edgar Online, Ernst & Young, Fairmarket, Financial Times, Globe and Mail, Home Depot, Lotus, NewsEdge Corporation, SAP, Siemens, Snap.com, Sybase, Time New Media and Timex.
This press release contains forward-looking statements relating to Verity and the expected benefits of implementing Verity K2 Catalog. . Actual results are subject to risks and uncertainties, including the risks that the product will not perform as anticipated due to technical difficulties. Risks relating to Verity and its products are set forth in its Form 10-K and other reports filed with the Securities and Exchange Commission.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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