Customer Revenue Optimization
Invaluable was going through a significant transition when the company first approached HS2. The Board had recently brought in a new CEO to focus on increasing revenue, primarily through transactions. Invaluable’s engineering team was already stretched thin—it was focused on a new, long-term platform to pave the way for the future and had little time to work on the existing site. At the same time, Invaluable’s long-time CTO had decided to step down to seek other opportunities. With the company’s technology portfolio consisting of over a dozen applications on eight different development platforms, the departure of the CTO (and the potential for others to follow suit) increased the risk of losing knowledge and continuity. Invaluable needed a strategic partner that could increase velocity and address key business risks.
HS2 provided a multi-faceted Customer Revenue Optimization team to dive in and deliver several quick wins to improve revenue. The first area we tackled was the request-for-authorization (RFA) process. Bidders are required to register for each auction in which they wish to bid, and the original process was long, complicated and resulted in a lot of abandonment/incomplete registrations. Working with the Invaluable design team, we implemented a much simpler and more efficient RFA process.
After completing the modified registration flow, the HS2 team moved on to implementing a major new area of business for Invaluable: Timed Auctions. This feature enabled auction houses to provide online-only auctions, similar to eBay, in addition to their live auctions.
The simplified RFA project led to an increase of more than 10% in auction registrations within the first month of release. That number continued to increase over time with further analysis and refinement.
The Timed Auctions feature created a market that did not exist previously and now accounts for 10-15% of auctions available on Invaluable.