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Investing.com -- Shares of Amplitude Inc (NASDAQ:AMPL) climbed 10.2% following the announcement of a strategic collaboration agreement with Amazon (NASDAQ:AMZN) Web Services (AWS), signaling market optimism about the company’s growth prospects. The partnership is set to expand opportunities for both entities to build solutions aimed at enhancing customer experiences across various industries.
Amplitude, known for its digital analytics platform, has entered into this agreement with AWS to jointly develop solutions that address the overwhelming amount of data organizations face without fully understanding their customers. The collaboration aims to enable companies to make data-driven decisions and improve user engagement from acquisition to retention, thus driving personalized digital experiences.
According to Nate Crook, Chief Revenue Officer at Amplitude, despite the abundance of customer data, many companies still struggle to leverage it effectively. "By deepening our collaboration with AWS, we are tapping into their global scale and platform to bring the power of Amplitude to more organizations around the world," he stated. The partnership is expected to utilize Gen AI-powered insights to help companies become more data-driven and create better products more efficiently.
The success story of Rappi, a leading Latin American "super app," illustrates the potential benefits of this collaboration. Using Amplitude’s analytics platform on AWS, Rappi managed to increase first-time orders by 10% and reduce customer acquisition costs by 30% by targeting niche audiences with tailored app experiences.
Carol Potts, General Manager, North America ISV Sales at AWS, emphasized the importance of customer obsession, saying, "Through our collaboration with Amplitude, we are making it easier for organizations to leverage Gen AI-driven analytics that not only uncover deeper user insights but also accelerate product innovation and enhance personalization throughout the entire customer journey."
The market’s positive reaction to the Amplitude-AWS partnership reflects confidence in the company’s ability to leverage AWS’s infrastructure and global reach to enhance its analytics offerings across retail, financial services, media & entertainment, gaming, and other sectors. Investors seem to anticipate that this strategic move will help Amplitude increase its market penetration and drive future growth.
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