5 ways AI can boost ecommerce sales and profits
How can you get your ecommerce products right in front of targeted, highly-interested customers?
Looking for the most successful ways to integrate Google Shopping into your marketing strategy to boost your business in 2023?
Hoping to avoid common CPC mistakes?
On March 29th and 30th, I hosted a webinar with Malin Blomberg, CEO of Bidbrain and Google Shopping expert.
Malin spoke about the pros and cons of Google Shopping ads and how you can improve your ROAS (Return on Ad Spend) while working smarter than your competition.
Here is a summary of the webinar. To access the entire presentation, fill out the form.
Key takeaways: 5 ways to use AI for Google Shopping ads
- Optimize Title & Dates. It’s not just about bid levels; It’s also about data quality.
- Optimize your campaigns. Use Profit on Ad Spend (POAS) or multiple audiences of ROAS for better performance.
- Collect more click data. Activate the long-tail keywords of products to increase your sales by using AI.
- Always bid higher. Use impression share to dominate a category or niche.
- Match best price. Use price difference data to match competitor best prices or use it to stop bidding on products that aren’t converting.
1. Use AI to optimize titles and dates
The more data you put into your titles, the better the AI engine can match your products to the converting search terms.
Traditional text ads allow you to locate specific search terms and bid on the ones you want.
AI can help you find the best titles for your products.
[Find out what we mean] Access the webinar immediately →
Look at the data planes
An AI tool or automated scraping engine can come in handy to add product-level data and help the AI engine match your products to the right converting search terms in much more detail.
To make sure you’re using good data, do the following:
- Check that all mandatory attributes are included in your feed.
- Check your product titles and use AI to optimize for higher converting search terms.
- Use high-quality images and more data for granular bidding.
2. AI can optimize your campaigns
Most ecommerce stores might set a ROAS target for their entire product lines, but there are better alternatives that you can consider.
Instead you should:
- Use POAS to optimize your campaigns.
- Use AI tools to set different ROAS per gross margin group.
[Discover how] Access the webinar immediately →
3. AI can collect more click data
If your products don’t have the clicks or the data, you can use AI with Tier Logic.
With Tier Logic, AI can take low-click data and push it up to get a higher tier of clicks that you can use to optimize your campaigns.
[Find out how Tier Logic works] Access the webinar immediately →
So when working with low-click data, keep the following in mind:
- Use algorithms and AI to activate the end of the lineup.
- Collect more click data to increase AI predictability.
- Shift products up in tiers to get more sales with more products.
4. Keep bidding higher with AI
Consistently bidding “X” times higher than your competitors gives you a stock advantage.
With a tool that looks at impression share, Google Shopping’s version of market share, you can increase your sales by increasing your bid costs.
If you use AI to do this, you can look at competitors and their bids, so you can always bid higher and come out on top.
Some notes on impression share:
- Always bid x% higher than the competition to be visible. The whole time.
- Overuse only if you’re willing to take the risk.
[Increase ecommerce sales and profit with AI] Access the webinar immediately →
5. Use AI to get the best price
How you price your products is critical to your conversion rates.
Usually, more conversions happen when you’re priced at the same level or better than your competitors.
Since prices are constantly changing, the AI can do the heavy lifting by adjusting bids accordingly.
This also allows you to stop bidding on products that don’t convert.
When working with price differentials, consider the following:
- Pricing differences have a big impact on conversion rates. (<10% halves the conversion rate).
- Either work hard on product pricing versus competitors.
- Adjust the offer prices accordingly to the pricing of your competitors.
[Slides] Google Shopping: 5 ways AI can boost ecommerce sales and profits
Here is the presentation:
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