Retail brands selling on online marketplaces such as Amazon.in have a new data-driven smart bidding tool, courtesy Merkle Sokrati, a performance-marketing agency from Dentsu Aegis Network.
The smart tool is able to calculate advertising budget for every product bid each hour by combining historical data with machine learning.Changing user intents, seasonality, and sales trends usually determine these real-time bid changes, which help to stay one step ahead of the curve. With this data-driven bidding tool, retail brands with a wide product range can optimise their advertising spends across product categories to individual products.
Further, with Amazon.in being the most visited e-commerce website in India, advertising on the platform allows brands to reach high intent customers who are already looking for a product. The tool uses smart technology to optimise ad spends allocation to the 1.5 billion monthly product searches.
“Amazon is in it for the long haul and will end up redefining the industry as we know it. We have seen strong traction for Amazon advertising with our Merkle US counterparts, and we expect India to do the same. With this intelligent bidding tool, we are introducing a volume and competition tested smart bidding tool to this geography,” said Anubhav Sonthalia, CEO, Merkle Sokrati.“We believe this will become a competitive advantage for optimising Amazon's ad inventory which is still relatively new to Indian marketers. As through our history, we continue to focus on bringing high ROI solutions for our marketers.”
It is estimated that the platform presently gets 60% of all online product searches, and Merkle Sokrati clients have seen upto 20% increase in ad spend efficiencies upon implementing this tool.