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|Articles - March 2012|
|Friday, March 02, 2012|
BY LINDA BAKER
Amazon.com makes about $19,000 a minute on product recommendations: personalized suggestions that direct customers to products they might covet in addition to what they intended to buy. Now a Portland company is democratizing product recommendation services by developing faster, cheaper solutions accessible to midsize retailers. Launched in 2009, 4-Tell (“foretell”) creates software that functions like “a really good salesperson at the store,” says CEO Ken Levy, who, along with co-founder Ken Lofgren, came up with the concept after entering a Netflix competition to improve movie rental recommendations. Existing recommendation services typically take three months to integrate into a retailer’s website, with contracts of about $50,000 annually. By contrast, 4-Tell’s software takes only a few hours to integrate, and the company bills monthly, starting at $49, says Levy. The automated service also updates constantly “based on all past behaviors of shoppers, your past behavior, and what you’re doing at this moment.” A virtual company, 4-Tell employs seven full-time workers in Portland, the Gorge and Southern California. Gross revenues clocked in just under $1 million last year, and many of the company’s 100 customers, which include Columbia Sportswear, report sales increases of 10% to 25% after using the recommendation service. “At the end of day, we’re providing value to our customers,” Levy says. “That’s what’s exhilarating.”
Software for retailers
4-Tell has raised more than $1 million from 19 angel investors, including two online marketing professors from the Wharton School of Business; Keiretsu Forum, a national angel investment network; and Bruce Davis, CEO of Beaverton-based Digimarc, where CEO Ken Levy worked as senior director of technology and market development from 2000-2004. It was awarded $120,000 from the Gorge Angel Investors Network competition and $25,000 from the Portland Seed Fund.
Levy aims to grow 4-Tell into a “major force” in five years, with $80 million in annual revenue and 150 employees. The e-commerce platform-provider market is consolidating, he says. “So it’s likely we’ll be acquired.”
Thursday, July 10, 2014
BY TOM COX | OB BLOGGER
Tom Cox interviews Dr. Mark Goulston, author of Just Listen, Discover the Secret to Getting Through to Absolutely Anyone.
Monday, June 30, 2014
Oregon Business magazine won two silver awards for excellence in writing in the National American Society of Business Publication Editors Western region competition.
Wednesday, July 02, 2014
BY JESSICA RIDGWAY | OB WEB EDITOR
Dress for Success Oregon promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools.
Thursday, July 31, 2014
BY MARY SPILDE | OB GUEST CONTRIBUTOR
Faced with the aftermath of the “great recession,” increasing concern about the environment and dwindling family wage jobs, we have some very important choices to make about our future.
Wednesday, August 20, 2014
By Kim Moore | OB Editor
The 2015 survey launched this week. It is open to for-profit private and public companies that have at least 15 full- or part-time employees in Oregon.
Wednesday, August 27, 2014
Tom Cox interviews Pete Friedes, author of "The 2R Manager," about becoming a Best Boss.
Friday, August 15, 2014
In this week's poll, we asked readers: "Who should pay for the troubled Cover Oregon website?" Here are the results.
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