Experimentation leaders Optimizely have released an exciting new feature allowing you to experiment faster than ever before. The introduction of Stats Accelerator allows results of your experiments to come in up to 300% faster through intelligent traffic optimisation. Using one of two algorithms, Stats Accelerator monitors your experiments, adjusting which traffic is served to which variation automatically.
The two algorithms used are Accelerate Learnings and Accelerate Impact.
Accelerate Learnings – Shows more visitors the variation of your experiment that is expected to reach statistical significance sooner, reducing the time of the experiment. This requires at least 3 variations.
Accelerate Impact – Shows more visitors the variation of your experiment that is leading, avoiding showing the lower quality experience. This requires at least 2 variations.
Key functions of Stats Accelerator
In the past, it may have taken you 2-3 weeks to get the data you needed. Now you can have these results in just a few days. In fact, you could even double the number of variations you want to test and get the data you need in the same amount of time.
Stats Accelerator is ideal for users who have lower traffic coming into their website. For example, you may have an existing baseline conversion rate of five percent and want to see a two percent change in conversion rate with 95% statistical significance. The visitor sample size needed for each variation would be 1,000,000 visitors. By using Stats Accelerator, you can decrease this sample size to around 333,333 visitors.
This feature is key to experiments that are time sensitive. An example of this would be an eCommerce store running Boxing Day sales for one week. This store is going to want to achieve statistical significance within a certain time frame. Stats Accelerator is going to give this eCommerce store the ability to do this, and in turn, maximise conversions.
The value gained by this new capability is extremely beneficial, not only for large businesses but small businesses too. It’s important to remember that none of this would be possible without the adaptation of machine learning. Embracing the fast advancement of artificial intelligence will see these technologies progress even further, allowing you to take full advantage of the positive outcomes and results of automation.