Benchmark Experian Q12008

Experian CheetahMail 29 Broadway, 6th Floor, New York, NY 10006 T 212 809 0825 • F 212 809 6378 www.cheetahmail.com

Quarterly Benchmark Study Q1 2008 (January, February, March)

Experian CheetahMail 29 Broadway, 6th Floor, New York, NY 10006 • T 212 809 0825 • F 212 809 6378 • www.cheetahmail.com 2

Table of Contents Executive Summary ................................................................................................................. 3 Performance Metrics................................................................................................................ 4 Conversion Metrics.................................................................................................................. 5 Bounce and Unsubscribe Metrics........................................................................................... 7 Day of Week and Time of Day Analyses ................................................................................. 8 Methodology............................................................................................................................. 9 Appendix................................................................................................................................. 10 Appendix II: Alternative Vertical Breakdowns...................................................................... 18


Executive Summary The following report details the key metrics that helped to determine the success of CheetahMail’s clients’ email programs over the fourth quarter (Q4) of 2007. In summary, the following trends were noticed: Open and Click metrics held steady across the board

Clicks as a percentage of opens improved by a half of a percentage point. All Industry Average total and unique clicks improved by 2.9% and 2.6% Total and unique open rates declined by a negligible 1.7% and 1.1% over last quarter

Average Order Size continued to rise notably while other transactional metrics held

steady Average Order Size rose again this quarter, advancing by nearly $11 to $209, for an

improvement by 5.5% Transaction rates declined by 0.01 percentage points Transactions as a percentage of clicks fell by half a percentage point ROI remained at $0.17

Bounces decreased by seven tenths of a percentage point, while unsubscribes

increased by 0.04 percentage points

The All Industry Average bounce rate this quarter declined by 16.8%, from 4.2% to 3.5% The average unsubscribe rate increased by 24.4%, from 0.18% to 0.22%


Performance Metrics

All Industry Average total and unique open rates, at 22.3% and 15.6%, changed minimally compared with last quarter. Individual verticals also changed very little, with the Publisher vertical’s gains of 3.6 and 1.9 percentage points in total and unique opens (improvements by 15.8% and 11.1%) representing the largest changes. Travel & Entertainment climbed by 7.8% and 7.4%, gaining 1.8 and 1.2 percentage points.

All other verticals changed by no more than 3.6%. This quarter’s All Industry open rates are about 10% below the average quarterly open rates across 2007 (24.7% total, 17.3% unique), and about 21% below the average quarterly rates across 2006 (28.2% and 19.9%).

All Industry Average total and unique click rates, at 5.1% and 3.5%, also changed minimally over last quarter, increasing by only 2.9% and 2.6%. The Publisher vertical climbed by 2 and 1.2 percentage points in total and unique clicks, while all other verticals changed by no more than a third of a percentage point in either measure. The All Industry click rates this quarter are 8.3% and 7.4% below the average quarterly

click rates for 2007 (5.5% total, 3.8% unique), and 25.7% and 22.6% below the average quarterly rates across 2006 (6.8% total, 4.6% unique). The clicks per opens metric has been notably stable for the last two years. The All Industry rate this quarter, at 21.8%, is only 2.3% above last quarter, 1.6% above the average quarterly rate for 2007 (21.5%), and 0.6% below the same average for 2006 (22%). The Publisher and Travel & Entertainment verticals showed the most improvement over last quarter, increasing by 19.4% and 14% respectively and gaining 3.3 and 2.4 percentage points. All of the other verticals changed by no more than 1 percentage point.

Q1 2008: Open Rates by Vertical

31.0%

13.9%

23.5%

20.6%

26.3%

25.3%15.6%

19.2%

15.3%

16.5%

10.7%

19.4%

15.0%

22.3%

0% 5% 10% 15% 20% 25% 30% 35%

Business Products & Services

Cataloger

Consumer Products & Services

Multi-Channel Retailer

Publisher

Travel & Entertainment

All Industry Average

Total OpenUnique Open

Source: CheetahMail an Experian Company; Professional Services Department

Q1 2008: Click Rates by Vertical

4.9%

2.9%

5.2%

5.4%

6.0%

5.6%3.5%

3.9%

4.0%

3.6%

2.1%

3.3%

3.1%

5.1%

0% 1% 2% 3% 4% 5% 6% 7%


Cataloger



Publisher


All Industry Average

Total ClickUnique Click



Conversion Metrics

Changes in transaction rates were minor for all verticals this quarter, with the All Industry Average rate falling 0.01 percentage points over Q4 2007. The greatest changes over last quarter were the decline of Consumer Products & Services by 0.03 percentage points and the rise by 0.02 percentage points for Business Products & Services. However, this quarter’s All Industry rate is 8.2% above the average

quarterly rate for 2007 of 0.12%, and 5.5% above the average rate for 2006 of 0.13%. The Business and Consumer Products & Services verticals’ rates this quarter are respectively 47.4% and 27.5% above their average quarterly rates across 2007 (0.22% and 0.21%). The All Industry Average transaction rate as a percentage of clicks (4.4%) fell a mere half a percentage point as compared with last quarter. This metric has been relatively stable for some time, with this quarter’s rate only 1.7% above the average quarterly rate for 2007 of 4.3%, and only 4.2% below the same average for 2006 of 4.6%. Consumer Products & Services improved by 14.4% this quarter whereas Travel & Entertainment, Multi-Channel Retailers and Catalogers declined by 27.8%, 25.4% and 14.8% respectively. Consumer Products & Services has improved markedly over time, with a rate this quarter (7.3%) that is 32.5% above its average quarterly rate for 2007 of 5.5%, and 62.7% over its average across 2006 of 4.5%. On the other hand, Multi-Channel Retailers has declined, with a rate this quarter 18% below its average quarterly rate across 2007 of 3.2%, and 30.1% below its rate across 2007 of 3.7%.

Average Order Size continued to climb this quarter, with the All Industry Average advancing by nearly $11 to $209, an improvement by 5.5% over Q4 2007. This rate is 8.1% above the average quarterly order size across 2007 of $195, and 9.6% above the average across 2006 of $190. The increase in order sizes this quarter is largely concentrated in the Multi-Channel Retailer and Consumer Products &

Q1 2008: Transaction Rates by Vertical

0.03%

0.33%

0.11%

0.27%

0.08%

# N/A

0.13%

0.00% 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35%


Cataloger



Publisher


A ll Industry Average


Historic Average Order Size

$160

$170

$180

$190

$200

$210

$220

Q2: 2006 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q4: 2007 Q1: 2008Source: CheetahMail an Experian Company; Professional Services Department


Services verticals, which rose by $18 and $10 respectively, improving by 6.8% and 10% over last quarter.

The All Industry Average revenue per email delivered (ROI) remains at $0.17 this quarter. This rate matches the average rate across all quarters of 2007, and is 2 cents below the average quarterly rate for 2006. Business Products & Services’ precipitous rise this year tapered off, settling at $0.51, 4 cents below last quarter’s $0.55. Travel & Entertainment’s rate increased by a penny to $0.07; this is a penny below the average for this vertical across all quarters of 2007. All other verticals declined by 2 or 3 cents.

Historic Revenue over Email Delivered

$0.15

$0.16

$0.17

$0.18

$0.19

$0.20

$0.21

Q2: 2006 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q4: 2007 Q1: 2008



Bounce and Unsubscribe Metrics

The All Industry bounce rate this quarter improved by 16.8%, falling seven-tenths of a percentage point to 3.5%. This rate is an improvement by 20.8% over the average quarterly rate for 2007 (4.5%) and by 27.9% over the same average for 2006 (4.9%). Every vertical either remained the same (Business Products & Services at 6.2%) or decreased. The Publisher, Consumer Products &

Services and Travel & Entertainment verticals improved the most, declining by 1.7, 1.5 and 1.2 percentage points respectively.

The All Industry Average unsubscribe rate, at 0.22%, represents an increase by 24.4% over last quarter, returning us to the previous quarter’s level. This rate is 0.01 point above the average quarterly rate for 2007 (0.21%) and an improvement of 0.01 point over the average for 2006 (0.23%). The only vertical to improve this quarter was Publishers, which declined by 7.3%. The Publisher and Multi-Channel Retailer

verticals’ rates are 0.09 and 0.02 percentage points better than their respective average quarterly rates for 2007 (0.19% and 0.22%). Compared to their average quarterly rates for 2006, Travel & Entertainment improved by 0.05 points, and Publisher and Multi-Channel Retailer improved by 0.02 points.

Historic Bounce Rates

3.4%

3.6%3.8%

4.0%

4.2%

4.4%

4.6%

4.8%

5.0%

5.2%

5.4%

Q2: 2006 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q4: 2007 Q1: 2008


Historic Unsubscription Rates

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

Q2: 2006 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q4: 2007 Q1: 2008



Day of Week and Time of Day Analyses

Tuesdays and Thursdays regained their status as the most popular days to send email, increasing by 9.3% and 4.8% respectively. Wednesday held its position and Monday and Friday declined by 5.4% and 6.5%. Sunday advanced notably by 9.3% while Saturday fell by 18.4%. Open rates held steady on Wednesday but rose on all other days, with Friday and Saturday increasing by 7.3% and 6.2%. Clicks improved

across the board, with Sunday, Friday and Saturday climbing by 23.8%, 23.7% and 20.9%. Sunday continues to outperform other days, with open and click rates of 22.7% and 6.9%.

Cheetahmail’s clients increased their rate of sending emails most notably for the period from midnight to 4:00AM, with send volume rising by 15.1% for a gain of 3.4 percentage points. Next was the improvement by 2.3 points between 8 am and 12 noon, followed by a drop of 2.2 percentage points between 8 pm and midnight.

Open and Click Rates by Day of Week

8% 8%

15%17%18%

18%16%

7% 6%

14%

18%18%20%

15%

0%

5%

10%

15%

20%

25%

Sun Mon Tue Wed Thu Fri Sat

Sent Volume Q4 Sent Volume Q1Unique Opens Q4 Unique Opens Q1Unique Clicks Q4 Unique Clicks Q1

Sent by Time of day

Q4: 2007

Q1: 2008

0%

5%

10%

15%

20%

25%

30%

35%

40%

0:00 - 3:59 4:00 - 7:59 8:00 - 11:59 12:00 - 15:59 16:00 - 19:59 20:00 - 23:59


Methodology All data has been aggregated by month, quarter, and industry and analyzed within the following verticals:

Business Products & Services Cataloger Consumer Products & Services Multi-Channel Retailer Publisher Travel & Entertainment Note: We have suspended reporting of the Non-Profit vertical for the time being and will resume when we

determine that our client base may appropriately represent that sector. Specific industry numbers are based upon non-weighted averages across all companies within the industry to illustrate an accurate measure of average company performance. The metrics included in this study are defined as follows:

Total Opens: All opens recorded for the mailing including multiple opens by the same subscriber

Unique Opens: The number of unique subscribers that have opened an HTML-

formatted message

Total Clicks: Every click on a tracked link, including multiple clicks by a given subscriber

Unique Clicks: The unique subscriber-link combinations, i.e. each unique link clicked

on by each subscriber

Transaction Rates: Overall percentage of transactions as related to delivered messages (transactions / (sent - bounced)). This metric only includes data for clients who have implemented CheetahMail’s Track to Purchase functionality

Transaction Rates as a Percentage of Clicks: Percentage of transactions compared

to the number of unique clicks (transactions / unique clicks). This metric only includes data for clients who have implemented CheetahMail’s Track to Purchase functionality

Average Order Size: Average total amount for each transaction. This metric only

includes data for clients who have implemented CheetahMail’s Track to Purchase functionality

Revenue Over Email Delivered: Average amount earned for each delivered email

(total order / (sent - bounced))

Bounce Rates: The percentage of subscribers that did not receive a mailing because their email addresses hard bounced (bounce / sent)

Unsubscribe Rates: This reflects the total number of subscriptions lost as a result of

users unsubscribing from the mailing (unique unsubscribers / (sent - bounced))


Appendix

Historic Open Rates

Total

Unique

15%

17%

19%

21%

23%

25%

27%

29%

Q2: 2006 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q4: 2007 Q1: 2008


Historic Click Rates

Total

Unique

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

Q2: 2006 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q4: 2007 Q1: 2008Source: CheetahMail an Experian Company; Professional Services Department

Historic Transaction Rates

0.10%

0.11%

0.12%

0.13%

0.14%

0.15%

Q2: 2006 Q3: 2006 Q4: 2006 Q1: 2007 Q2: 2007 Q3: 2007 Q4: 2007 Q1: 2008



Total Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8

Business Products & Services 35.7% 29.9% 30.7% 36.1% 35.3% 33.3% 32.1% 31.0% Cataloger 16.6% 16.3% 15.6% 15.6% 14.3% 14.7% 13.6% 13.9% Consumer Products & Services 29.9% 31.3% 29.3% 31.6% 28.0% 25.7% 23.5% 23.5% Multi-Channel Retailer 24.9% 24.0% 24.5% 24.4% 21.3% 20.8% 20.3% 20.6% Publisher 33.4% 34.4% 34.4% 28.9% 23.2% 24.9% 22.7% 26.3% Travel & Entertainment 30.1% 27.4% 29.1% 28.2% 26.7% 32.4% 23.5% 25.3% All Industry Average 28.2% 27.5% 27.0% 27.2% 24.8% 24.3% 22.6% 22.3%

Unique Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Click to Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8



Total Click

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Unique Click

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Transaction to Click

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8

Business Products & Services 11.5% 12.8% 6.2% 7.1% 6.5% 13.0% 10.8% 10.5% Cataloger 4.3% 4.9% 6.2% 4.8% 5.3% 4.7% 6.0% 5.1% Consumer Products & Services 5.3% 4.1% 4.3% 3.5% 5.6% 6.6% 6.4% 7.3% Multi-Channel Retailer 3.7% 3.3% 3.8% 3.0% 3.3% 2.8% 3.5% 2.6% Publisher -- -- -- -- -- -- -- -- Travel & Entertainment 3.8% 2.0% 2.4% 1.7% 1.9% 2.0% 2.6% 1.9% All Industry Average 4.6% 4.6% 4.7% 3.9% 4.4% 4.2% 4.9% 4.4%


Transaction

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Revenue per Email Delivered

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8

Business Products & Services $ 0.10 $ 0.14 $ 0.14 $ 0.18 $ 0.15 $ 0.44 $ 0.55 $ 0.51 Cataloger $ 0.17 $ 0.14 $ 0.16 $ 0.13 $ 0.15 $ 0.13 $ 0.14 $ 0.12 Consumer Products & Services $ 0.12 $ 0.10 $ 0.15 $ 0.12 $ 0.12 $ 0.19 $ 0.16 $ 0.15 Multi-Channel Retailer $ 0.26 $ 0.20 $ 0.22 $ 0.19 $ 0.18 $ 0.16 $ 0.19 $ 0.15 Publisher -- -- -- -- -- -- -- -- Travel & Entertainment $ 0.12 $ 0.10 $ 0.13 $ 0.10 $ 0.10 $ 0.08 $ 0.06 $ 0.07 All Industry Average $ 0.21 $ 0.17 $ 0.19 $ 0.17 $ 0.17 $ 0.16 $ 0.17 $ 0.17

Average Order

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8



Bounce

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Unsubscribe Rate

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Total Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8



Unique Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Click to Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Total Click

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8



Unique Click

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8



Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Transaction

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8




Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Average Order

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Bounce

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Unsubscribe Rate

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8



Appendix II: Alternative Vertical Breakdowns In an attempt to offer more relevant context for our Benchmark numbers, we have evaluated all participating clients and classified them into a set of more granular verticals. We hope this alternative view of the traditional data for this quarter will provide more specific insight and help you better understand how your program compares to your category. We believe that each client was placed in the most relevant vertical to their business, though some clients were assigned to multiple categories. Vertical Definitions

Offline Point of Sale: Retailers who do not have ecommerce and instead use email to

drive in-store purchases Online Point of Sale: Retailers who almost exclusively or exclusively use email to drive

subscribers to their websites to make purchases Luxury: Comprised of retailers that sell high-end merchandise exclusively or almost

exclusively Apparel & Accessories: Shoes, bags, belts, apparel and sportswear

retailers/merchants are all represented in this vertical Department Stores: Retailers offering a variety of merchandise and services organized

in separate departments Specialty Product: Retailers who sell a particular product line or category of products Private Label: Merchants who sell their own private label merchandise Multi-Brand: Merchants who sell multiple brands Financial Services: Includes banks, lending institutions, financial consultants, and

financial publishers Telecom & Technology: This represents retailers and service providers of technology

products and telecommunications equipment Travel: All methods of travel are represented in this vertical including land, air and sea Entertainment: This includes all entertainment media such as music, movies,

television, radio, and interactive We will continue to analyze, refine and expand this research in future studies. We welcome your feedback and hope that you find this to be a useful addition to our benchmark reports.


Below are some of the statistics that we found most relevant and interesting when we further segmented our regular benchmark verticals:

The Travel and Entertainment alternate verticals both increased in total opens by 42%,

climbing 11 and 5 percentage points respectively, and Telecom and Technology gained 2.6 points, an increase by 8%. Department Store fell 6.3 points in total opens, a decline by 29%.

The Travel and Entertainment alternate verticals also showed the most notable change

in click rates, gaining 1.3 and 1.4 percentage points in unique clicks and 4.2 and 2.5 points in total clicks, while All Industry rates changed negligibly. Financial Services fell 1 percentage point in total clicks, while all other alternate verticals moved by less than 1 point in both metrics.

Clicks as a percentage of opens presented the same pattern, with the Travel and

Entertainment verticals showing the most movement, rising 1.8 and 5.4 points and improving by 10.4% and 35.6% respectively. Department Store rose 1 percentage point, climbing by 3.9%, and Online Point of Sale fell 1.1 percentage point, at a rate of 5.3%. All other verticals changed by less than 1 percentage point.

The Private Label segment declined markedly in transactions, falling by 0.1 percentage

points. The next largest movements were an increase by 0.02 points for Online Point of Sale and decreases by 0.02 points for Department Store and Apparel & Accessories. All other alternate verticals changed by no more than 0.01 percentage points.

The decline in transactions as a percentage of clicks was concentrated in Private Label

and Entertainment, which declined by 1.1 percentage points, followed by Department Store and Apparel & Accessories, which fell by 1 and 0.7 points respectively. All other segments changed by no more than half a percentage point.

The gain in Average Order Size this quarter is concentrated in the Travel, Department

Store, Specialty Product and Online Point of Sale alternate verticals, which rose by $25, $17, $16 and $15 respectively, at rates of 15.1%, 4.8%, 14% and 12.9% over last quarter. At the same time, Apparel & Accessories declined $26, by a rate of 10.1%.

While overall revenue per email delivered (ROI) remained unchanged over last quarter

and our regular industry verticals showed changes of no more than 4 cents, our alternate verticals reveal more useful insight: Travel and Specialty Product increased by 6 and 5 cents respectively, at rates of 33.4% and 76.1%, while Private Label, Apparel & Accessories and Luxury declined by 7, 6 and 5 cents respectively, at rates of 37.7%, 28.3% and 20.6%.


Offline Point of Sale Online Point of Sale % Total Opens 22.2% 14.8% % Unique Open 16.2% 11.2% % Total Clicks 6.5% 3.2% % Unique Click 4.0% 2.3% % Transactions -- 0.18% Revenue Per Email Delivered -- $ 0.18 Average Order Size -- $ 130.40 % Bounce 6.0% 1.9% % Unsubscribe 0.29% 0.18% Luxury Apparel/Accessories Department Stores Specialty Product % Total Opens 18.5% 17.8% 15.5% 19.2% % Unique Open 14.1% 13.4% 12.0% 14.2% % Total Clicks 5.7% 5.3% 4.4% 4.3% % Unique Click 4.3% 3.9% 3.2% 2.9% % Transactions 0.05% 0.09% 0.12% 0.21% Revenue Per Email Delivered $ 0.20 $ 0.16 $ 0.32 $ 0.19 Average Order Size $ 474.44 $ 231.07 $ 374.68 $ 131.36 % Bounce 1.8% 1.8% 1.3% 1.9% % Unsubscribe 0.22% 0.17% 0.16% 0.21% Private Label Multi-Brand % Total Opens 19.8% 17.8% % Unique Open 14.5% 13.3% % Total Clicks 5.1% 3.7% % Unique Click 3.5% 2.7% % Transactions 0.12% 0.11% Revenue Per Email Delivered $ 0.11 $ 0.12 Average Order Size $ 150.45 $ 140.49 % Bounce 2.3% 1.8% % Unsubscribe 0.22% 0.17% Financial Services Telecom & Technology Travel Entertainment % Total Opens 38.0% 35.2% 37.2% 17.0% % Unique Open 23.5% 23.2% 21.1% 12.5% % Total Clicks 6.5% 5.7% 9.5% 4.7% % Unique Clicks 4.6% 4.0% 4.8% 2.9% % Bounce 8.8% 6.2% 5.7% 8.8% % Unsubscribe 0.25% 0.23% 0.10% 0.31%


Total Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8

Offline Point of Sale 24.4% 26.4% 26.1% 28.7% 26.0% 25.0% 24.2% 22.2% Online Point of Sale 20.8% 19.8% 19.0% 17.9% 15.3% 15.3% 14.5% 14.8% Luxury 29.2% 28.7% 27.8% 24.6% 22.3% 24.6% 17.8% 18.5% Apparel & Accessories 21.4% 21.3% 21.1% 21.1% 18.9% 18.6% 17.6% 17.8% Department Store 17.2% 17.1% 17.9% 17.7% 16.6% 16.9% 21.7% 15.5% Specialty Product 21.3% 22.3% 21.9% 22.8% 20.9% 20.8% 19.6% 19.2% Private Label 23.6% 25.1% 24.9% 25.4% 22.5% 22.1% 19.8% 19.8% Multi-Brand 20.0% 19.6% 19.0% 19.5% 18.2% 18.6% 18.5% 17.8% Financial Services 49.9% 48.8% 49.1% 53.3% 45.3% 47.4% 39.8% 38.0% Telecom & Technology 30.9% 32.4% 33.4% 37.9% 37.9% 34.4% 32.6% 35.2% Travel 33.7% 32.0% 33.8% 31.6% 31.3% 38.2% 26.2% 37.2% Entertainment 16.9% 16.3% 16.6% 18.9% 16.4% 13.6% 11.9% 17.0% All Industry Average 28.2% 27.5% 27.0% 27.2% 24.8% 24.3% 22.6% 22.3%

Unique Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Click to Open

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8



Total Click

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Unique Click

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8



Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8 Offline Point of Sale -- -- -- -- -- -- -- -- Online Point of Sale 7.0% 7.1% 7.4% 6.6% 8.4% 9.1% 8.4% 8.8% Luxury 2.1% 1.3% 2.1% 1.6% 1.8% 1.5% 1.9% 1.4% Apparel & Accessories 2.9% 2.8% 3.6% 2.7% 3.1% 2.6% 3.6% 2.9% Department Store 4.3% 4.2% 5.1% 4.5% 4.7% 4.5% 5.1% 4.1% Specialty Product 5.3% 5.4% 6.2% 4.8% 5.4% 5.1% 6.8% 6.6% Private Label 6.3% 5.1% 5.9% 4.6% 4.9% 5.0% 5.5% 4.5% Multi-Brand 3.8% 4.4% 5.3% 3.9% 4.5% 4.2% 5.3% 4.8% Financial Services -- -- -- -- -- -- -- -- Telecom & Technology 3.3% 1.6% 2.3% 1.6% 5.2% -- -- -- Travel 4.7% 2.5% 2.7% 2.2% 2.3% 2.4% 2.5% 2.8% Entertainment 1.1% 0.8% 1.4% 0.9% 1.1% 1.2% 2.0% 0.9% All Industry Average 4.6% 4.6% 4.7% 3.9% 4.4% 4.2% 4.9% 4.4%


Transaction Rate

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8

Offline Point of Sale -- -- -- -- -- -- -- -- Online Point of Sale 0.20% 0.16% 0.15% 0.14% 0.15% 0.19% 0.16% 0.18% Luxury 0.08% 0.07% 0.09% 0.07% 0.07% 0.05% 0.06% 0.05% Apparel & Accessories 0.13% 0.11% 0.13% 0.11% 0.11% 0.09% 0.11% 0.09% Department Store 0.16% 0.15% 0.17% 0.15% 0.14% 0.13% 0.14% 0.12% Specialty Product 0.13% 0.13% 0.15% 0.12% 0.13% 0.18% 0.22% 0.21% Private Label 0.17% 0.12% 0.18% 0.14% 0.14% 0.23% 0.21% 0.12% Multi-Brand 0.10% 0.11% 0.12% 0.10% 0.10% 0.10% 0.11% 0.11% Financial Services -- -- -- -- -- -- -- -- Telecom & Technology 0.03% 0.03% 0.03% 0.02% 0.06% -- -- -- Travel 0.04% 0.05% 0.05% 0.04% 0.04% 0.04% 0.03% 0.05% Entertainment 0.03% 0.02% 0.03% 0.02% 0.02% 0.02% 0.03% 0.02% All Industry Average 0.13% 0.12% 0.13% 0.11% 0.11% 0.13% 0.14% 0.13%


Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8

Offline Point of Sale -- -- -- -- -- -- -- -- Online Point of Sale $ 0.29 $ 0.17 $ 0.17 $ 0.15 $ 0.15 $ 0.16 $ 0.16 $ 0.18 Luxury $ 0.41 $ 0.30 $ 0.36 $ 0.31 $ 0.27 $ 0.22 $ 0.26 $ 0.20 Apparel & Accessories $ 0.27 $ 0.20 $ 0.24 $ 0.20 $ 0.20 $ 0.16 $ 0.22 $ 0.16 Department Store $ 0.42 $ 0.42 $ 0.41 $ 0.40 $ 0.35 $ 0.33 $ 0.35 $ 0.32 Specialty Product $ 0.13 $ 0.11 $ 0.15 $ 0.11 $ 0.12 $ 0.14 $ 0.14 $ 0.19 Private Label $ 0.18 $ 0.13 $ 0.19 $ 0.16 $ 0.15 $ 0.18 $ 0.18 $ 0.11 Multi-Brand $ 0.13 $ 0.11 $ 0.13 $ 0.10 $ 0.11 $ 0.10 $ 0.14 $ 0.12 Financial Services -- -- -- -- -- -- -- -- Telecom & Technology $ 0.05 $ 0.04 $ 0.05 $ 0.04 $ 0.04 -- -- -- Travel $ 0.15 $ 0.15 $ 0.19 $ 0.16 $ 0.16 $ 0.14 $ 0.07 $ 0.13 Entertainment $ 0.02 $ 0.01 $ 0.03 $ 0.01 $ 0.01 $ 0.01 $ 0.02 $ 0.01 All Industry Average $ 0.21 $ 0.17 $ 0.19 $ 0.17 $ 0.17 $ 0.16 $ 0.17 $ 0.17

Average Order

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8 Offline Point of Sale -- -- -- -- -- -- -- -- Online Point of Sale $ 168.13 $ 125.67 $ 120.86 $ 150.77 $ 145.80 $ 117.13 $ 115.50 $ 130.40 Luxury $ 531.90 $ 448.65 $ 442.86 $ 451.76 $ 446.29 $ 460.40 $ 470.02 $ 474.44 Apparel & Accessories $ 241.00 $ 205.59 $ 217.16 $ 215.19 $ 223.63 $ 211.85 $ 257.02 $ 231.07 Department Store $ 336.00 $ 358.48 $ 331.77 $ 343.61 $ 326.88 $ 351.97 $ 357.35 $ 374.68 Specialty Product $ 132.00 $ 118.76 $ 118.79 $ 121.20 $ 127.49 $ 118.45 $ 115.26 $ 131.36 Private Label $ 178.89 $ 177.08 $ 164.20 $ 168.78 $ 163.57 $ 159.29 $ 148.38 $ 150.45 Multi-Brand $ 139.08 $ 129.68 $ 122.86 $ 140.82 $ 150.33 $ 130.36 $ 142.17 $ 140.49 Financial Services -- -- -- -- -- -- -- -- Telecom & Technology $ 218.00 $ 207.06 $ 238.35 $ 255.69 $ 211.47 -- -- -- Travel $ 385.93 $ 285.45 $ 258.12 $ 368.88 $ 366.20 $ 315.46 $ 162.66 $ 187.20 Entertainment $ 66.67 $ 46.19 $ 51.35 $ 33.90 $ 37.40 $ 38.18 $ 44.71 $ 40.99 All Industry Average $ 205.87 $ 187.84 $ 192.22 $ 193.60 $ 200.41 $ 188.05 $ 197.97 $ 208.78


Bounce

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8


Unsubscribe Rate

Q2:

200

6

Q3:

200

6

Q4:

200

6

Q1:

200

7

Q2:

200

7

Q3:

200

7

Q4:

200

7

Q1:

200

8
