New pricing feature released in Bidbrain
Speqta AB (publ) ("Speqta") a leading provider of SaaS solutions in online advertising, is excited to announce the release of a powerful new functionality designed to empower e-commerce businesses, via its platform Bidbrain*. This innovative feature allows online retailers to gain insight into how their pricing against competitors affects their advertising, enabling them to optimize their strategies for enhanced performance.
In September Bidbrain* released a feature that offers customers the ability to gauge how their product prices stack up against those of their competitors, along with other essential Google Shopping performance metrics.
Pricing insights together with bidding performance
This cutting-edge feature provides users with a comprehensive report, displaying their current product prices alongside the best prices found on competitors' websites, complete with a comparison metric that indicates whether the price is lower or higher. Bidbrain has previously reported on their study that if prices are up to 10% more expensive than competitors’, the conversion rate is halved.
Bidbrain's AI bidding campaigns for Google Shopping will now automatically incorporate the price data, harnessing the relationship between price competitiveness and conversion rate to optimize bidding strategies for users.
Real-time updates and insights thanks to multiple data sources
To provide users with the most comprehensive and accurate pricing data, Bidbrain has partnered with various data suppliers in addition to sourcing data from the Google Merchant Center. This extensive data coverage ensures that a wide range of products can be evaluated effectively.
The price data is updated daily, enabling Bidbrain users to have real-time insights into how their product pricing correlates with their performance metrics, including conversion rates. By leveraging this data, customers can strategically allocate their budgets to products with competitive prices and higher predicted conversion rates. Furthermore, there are plans to automate this process further within the Bidbrain tool, enhancing efficiency and ease of use.
Global Availability
The price data is available for the following countries: United States, United Kingdom, Sweden, Denmark, Norway, and Germany. To access this feature, customers will require GTIN (Global Trade Item Number) values for their products.
Chief Product Officer at Bidbrain and BrightBid Pontus Wiehager comments
"Our new price feature equips e-commerce businesses with a powerful tool to make informed pricing decisions and optimize their advertising strategies. By seamlessly integrating this functionality into Bidbrain, we are committed to empowering our customers to succeed in the highly competitive online retail landscape."
CEO for Bidbrain and BrightBid Gustav Westman comments
"We are obsessed with providing better results for our customers. Pricing is key for ecommercers, and this release is a manifestation of that obsession. We are building the independent ad-spend platform, and I’m proud of the team doing it."
* Bidbrain will be integrated with the BrightBid service to offer customers both shopping and text ads in the same tool, for advertising on both Google and Bing. For more information about this feature and other services offered by Speqta, please visit www.bidbrain.com and www.brightbid.com
Contact
Fredrik Lindros
CEO Speqta AB (publ)
+46 723 10 66 66
www.speqta.com
About Speqta
Speqta is an Adtech company that offers traffic generating services using data and AI. The company has three services: The Affiliate network Shopello, the SaaS service Bidbrain, and the SaaS service BrightBid. Speqta is listed on Nasdaq First North Premier Growth Market in Stockholm under the ticker “SPEQT”. Redeye AB is the company’s Certified Adviser.