BW2041 NOV 28,2000 2:59 PACIFIC 05:59 EASTERN
( BW)(MN-NET-PERCEPTIONS)(NETP) Best Buy to Use Net Perceptions'
In-depth Reporting and Analysis to Help Drive Merchandising Decisions
Business Editors/High-Tech Writers
MINNEAPOLIS--(BUSINESS WIRE)--Nov. 28, 2000--
Best Buy Expands Relationship with Net Perceptions to Include Full
Suite of Intelligence Products
Net Perceptions, Inc. (Nasdaq:NETP) today announced that Best Buy
Co., Inc. (NYSE:BBY) has licensed its full suite of retail
intelligence products to provide behavioral-based analytics and
sophisticated recommendations and forecasts for advertised items and
store displays. The technology will be deployed across the company's
more than 400 retail stores. Earlier this year, Best Buy began
implementing Net Perceptions E-commerce Analyst solution to provide
ongoing merchandising analysis of its Web site, www.BestBuy.com(TM).
"Net Perceptions intelligence products offer a level of insight
into advertising and purchase behavior that we think could be woven
into a customized solution for Best Buy," said Flora Delaney, director
of Marketing Processes for Best Buy. "We think it represents a
worthwhile competitive advantage. We'll be able to precisely pinpoint
which products are our best draws and how they perform in conjunction
with other products and promotions. We expect their solutions will
allow us to make our internally developed merchandising forecast
application even more efficient and effective."
Best Buy's use of the Net Perceptions' Advertising Advisor product
will allow the giant retailer to identify which products drive the
most profitable transactions and enhance their internal development to
plan merchandising activities accordingly. The Ad Advisor software
combined with the retailer's insight into process and technology
application offers the potential to significantly increase store
visits, revenue per transaction and transaction margin, while
improving the forecasting of advertised items.
"Best Buy is one of the first retailers in the world to have
access to this level of insight into its advertising performance,"
said Steven Snyder, Net Perceptions President and CEO. "Once
integrated onto their proprietary application, Best Buy can use Net
Perceptions solutions to make more sophisticated and informed plans
for its advertising and promotional activities across it's entire
enterprise."
For the first time Net Perceptions Advertising Advisor allows
retailers to replace the typical guesswork and intuition used in
planning print advertising and promotions with objective, fact-based
recommendations and predictions that they need to make better
decisions for their print advertising circulars and in-store product
placement. The results are promotions that consistently maximize
incremental traffic, transactions, revenue, and margins at every level
- while reducing expenses and avoiding costly margin erosion and
over-promotion.
The Net Perceptions E-commerce Analyst is a scalable, strategic
reporting and analysis solution optimized for the unique needs of both
Web channel marketers and merchandisers. It discovers customer,
product, and promotion relationships and identifies the most
profitable customers and products where it counts - at the transaction
level. Analyzing at this level of detail provides the information
necessary to optimize customer acquisition and retention, promotion,
and merchandising activities. Developed specifically for retailers,
Net Perceptions E-commerce Analyst ensures that the reports and
analyses address relevant, real-world business problems. Net
Perceptions will be introducing an enhanced version of this solution
that will encompass not only Web, but also in-store, catalog and call
center analysis as well in early 2001.
About Best Buy
Minneapolis-based Best Buy Co., Inc. is the nation's largest
volume specialty retailer of consumer electronics, personal computers,
entertainment software and appliances. The Company operates more than
400 retail locations in 41 states, and online at
http://www.BestBuy.com.
About Net Perceptions
Net Perceptions, a leading provider of precision merchandising and
personalization infrastructure software, is the innovator and
preeminent supplier of software solutions that allow companies to
translate knowledge into profitable business action. Its Commerce
Solutions and Knowledge Solutions products enable companies to
capitalize on business information and optimize product assortments,
pricing, customer relationships and intellectual capital. Customers
include market leaders such as bestbuy.com, J.P. Morgan, JC Penney,
Kmart and The Children's Place. The company is based in the U.S. and
has offices in six other countries. For more visit
http://www.netperceptions.com or call 800-466-0711.
Net Perceptions and its logo are registered trademarks of Net
Perceptions, Inc. All other trademarks are the property of their
respective owners.
This news release contains forward-looking statements that involve a
number of risks and uncertainties. Among the important factors that
could cause actual results to differ materially from those indicated
by such forward-looking statements are the company's limited operating
history, delays in product development, development of the Internet
market, changes in product pricing policies, competitive pressures,
and the risk factors detailed from time to time in the company's
periodic reports and registration statements filed with the Securities
and Exchange Commission.
--30--sh/ms*
CONTACT: Net Perceptions, Minneapolis
For more information, media only:
Jacqueline Hanson
(952) 842-5063, (800) 466-0711
jhanson@netperceptions.com
or
Phil Soucheray
(952) 842-5025
psoucheray@netperceptions.com
KEYWORD: MINNESOTA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE HARDWARE
INTERNET SOFTWARE