I’m sure you’ve heard the news – our team raised another $227M in an investment round led by OMERS Growth Equity based in Toronto, New York, and London, with participation from existing investors and other financial institutions including Evergreen Coast Capital, FSTQ, and IQ.
What does this really mean? We’re growing fast and we’re about to grow even faster.
We’ve seen exponential growth of our SaaS AI platform and products in the marketplace across nearly every industry, and we’ve also seen exponential demand for AI solutions that actually drive business results in the market. At a time when 7 out of 10 executives report seeing no value from AI yet, Coveo and the results our clients have achieved stand out:
- 25 percent improvement in customer satisfaction. One of the world’s largest retailers implemented Coveo and saw an immediate increase in their customer satisfaction, leading to higher revenues, upsells and customer retention.
- $18 million saved per year in case deflection. Tableau implemented Coveo AI to improve the user experience on their self-service site. Now, fewer support cases are created, translating to up to $1.5 million saved per month.
- $1.5 million in revenue generated from an internal site search campaign. One major financial services company discovered, with the help of Coveo Analytics, a major content gap on their website. This insight led to the creation of a campaign that generated $1.5 million in just three months.
- Hard cost avoidance of $500,000 per year in time saved alone. A Fortune 50 Healthcare organization leveraged Coveo to enable users to waste less time searching, and more time focusing on the task at hand by getting the right content recommendations.
While others are trying to follow us in messaging and product development, they can’t replicate results like these. Moreover, they can’t innovate as fast given Coveo is a single, native multi-tenant fully elastic cloud stack. This is about laws of physics: our 220 developers are improving a unique platform all day every day, and releasing on average 8 times a day to all our clients. No version number, no unique code branch, just an unmatched pace of innovation that drove Coveo’s leadership in the market. Hence you can expect new products, new integrations and even more innovation coming to our platform, faster.
What Sets Coveo Apart
We’ve spent the last 14 years perfecting our technology and it has paid off. Not only are we taking in every datapoint from the digital journey for the user, across all web, commerce, service and assisted journeys and channels, but we’re also providing a platform that lets customers control how they maximizing the business’ growth, margins customer experience, etc. A business using Coveo globally can control every digital experience using data and AI. This is something only Coveo can do at scale.
This is a quantum leap opportunity for enterprises struggling with digital transformation and AI initiatives today. Without the ability to connect all of your data, it’s hard to unify journeys and your AI will always be limited.
For Coveo customers, it’s a different story. Coveo AI can synthesize and weave together data from millions of interactions and recommend the next step or course of action that will highlight the opportunity that benefits both the user and the business.
Digital leaders are harnessing Coveo AI, analytics, recommendations and search today to fuel their growth. And as we move into an AI-take-all economy, it is becoming a strategic imperative. The next decade’s industry leaders will be those companies who are able to harness Data and AI to tailor every experience and achieve digital experience leadership, delivering upon the experiences that people expect.
Don’t believe me? Just listen to a few of our customers.
“In today’s competitive landscape, Coveo has been a strategic advantage for us. We have partnered with Coveo to deliver on both low-effort customer experience as well as helping us take actionable measures from the AI-driven data they provide. Coveo is helping us positively change the way we do business and serve our customers.”
— Jeff Harling, Senior Director, Global Web Self-Service, Ring Central
“Coveo gives companies like ours a competitive edge by enabling us to anticipate and meet our customer needs. With rich content navigation and powerful personalization, formica.com has seen a double-digit increase in visitors and conversions up triple digits.”
— Amy Gath, VP of Marketing, Formica
“The search for a platform was really a search for a new philosophy for how to move forward. So we were looking at things that empowered ecommerce teams to run their websites – to be the closest ones to the customers in the marketing channels that communicate what we’re doing. Coveo is a very strategic part of that.”
— Dan Cornwell, Director, eCommerce & Digital Experience, Famous Footwear
“Coveo has been a strategic partner. They helped us save $18M a year in support overhead as part of our digital transformation initiatives.”
— Dave Jobling, Senior Program Manager, User Experience, Tableau
“As a company focused on pushing the boundaries in customer experience, product value, and business outcomes, we’ve benefited from our continued partnership with Coveo, They have been a strategic asset for Xero, helping us meet both the customers’ needs as well as providing actionable data to make positive business decisions from. We are happy to see the repeated success and growth Coveo has had over the years. “
— Nigel Piper, Executive General Manager, Customer Experience, Xero
“As a company continuously transforming to meet our changing customers’ need, Coveo has been a strategic partner in serving both our customer experiences, as well as our data-led initiatives. From their Customer Success engagement model to the pragmatic value of our Coveo install, we continue to relish the collaboration and deepening partnership.”
— Peter Cook, Vice President of Digital Transformation, F5 Networks
You can go to our new customers page at coveo.com/customers to hear more stories of how Coveo enables the powerful digital experiences that customers and employees demand.
What the Future Holds for Coveo
With this funding, we are accelerating our growth, to continue furthering our industry leadership. We are rapidly expanding our Commerce solutions offerings, where we have measured amazing improvements from the use of machine learning to drive personalization and recommendations. We expect this growth to both organic and through pursuing strategic acquisition targets; for example, earlier this year we acquired Tooso to expand our AI and Knowledge Graph capabilities. This allows us to deliver world class AI Semantics and other advanced capabilities such as propensity and intent detection, natural conversation understanding, etc., all crucial to enable world-class digital experiences.
Recruitment across all areas of the business remains a priority, We’re now 500 employees strong, and actively hiring the best talent in data science and AI, at a clip of 60 new employees per quarter.
Some of our recent efforts and newer solutions have focused on digital commerce. We’ve seen incredible demand from commerce decision makers for our AI driven personalization, recommendations and search. As consumers have had their expectations raised by the likes of Amazon, Google, Netflix, Wayfair and others, digital commerce teams across industry sectors are feeling the pressure to compete. The research is very clear: the time to invest in leveraging data and AI to meet customer expectations is now. What is new is the democratization of this technology, before only accessible to big tech players, now available to every company thanks to Coveo.
Six out of 10 shoppers expect personalization as a standard-of-service, according to a survey of 3,000 shoppers – yet only 3 percent of brands report that they have full omni-channel personalization. 57 percent of customers in one study reported that they have stopped buying from a brand because a competitor provided a better experience. 70 percent of customers say connected processes — such as seamless handoffs or contextualized engagement based on earlier interactions — are very important to winning their business, according to Salesforce, but only 26 percent of brands reported having at least half of their channels connected.
It’s no longer enough to have a website, especially not a website delivering a vanilla experience or to a dozen personas. Companies need to move from persona to persons, delivering a million individualized experiences to a million people. They need to invest in a continuous, unified digital journey that can connect across all touchpoints. It’s not humanly possible without data and AI, and Coveo is already making this a reality at enterprises today.
Whether it’s as a customer, partner or employee, I invite you to join us in transforming digital experiences at enterprises, enabling all businesses to become digital experience leaders and compete in the Data-and-AI-take-all economy. I am so proud of what the Coveo team has accomplished so far, but I know the best is yet to come. As I like to tell everyone on the team at Coveo, it’s good to be us!