Google Shopping Conversion Rate Increased by 60% With Price Based Bidding
85% of all purchases start online. Technology has made it much easier for customers to start and finish their purchase journey online. Pricing remains and always will be a major factor in the purchase journey.
Competitor price tracking is also integral in understanding performance and why popular product may have stopped selling. Keeping on top of pricing especially for top volume products is critical, and with the rapid pace of price changes and new entrants in the marketplace makes it difficult to keep on top of. ShoppnigIQ technology helps automate the process, allowing retailers to make faster and smarter pricing decisions which then directly impact Google Shopping campaigns.
ShoppingIQ bespoke technology allows advertisers to increase bids when their products are cheaper or when their competitor are out of stock. For Small Wallets, conversion rate was 60% higher on products which are cheaper in comparison the more expensive products. The insight is great, and actionable.
For Small Wallets, the following results were observed:
- 60% higher in conversion rate on products that were cheaper
- Greater relocation of budget on products that were more price competitive
- Price drops as little as 5p saw 20% improvement in conversion rate
- Click through rate improved by 46%
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