Performance marketing paltform, Criteo, best known for its programmatic display product ad retargeting capabilities, is expanding into search. The new product, Criteo Predictive Search, is aimed at bringing predictive optimization to Google Shopping campaigns.
Google Shopping continues to grow, with same store sales increasing between 30 and 50 percent over the past year, according to Channel Advisor. Recent research by Engel Research Partners, commissioned by Criteo, found Google Shopping now accounts for 21 percent of the average retailer’s digital marketing budget. While there has been significant innovation on the engine side, Jason Lehmbeck, General Manager of Search at Criteo, said in an interview that retailers are looking for partners to help turn the added complexity that’s come with this innovation into more sales. A lot of the tools just haven’t kept up, he said.
Criteo Predictive Search is designed to automate the entire optimization process for Google Shopping campaigns without increasing the retailer’s cost per order. It uses machine learning to identify opportunities for better matching and bidding opportunities down to the product level. Every aspect of the campaign from structure to remarketing to bids is modified automatically through the system. The predicitve technology, in part, learns from Criteo’s existing access to and analysis of over 1.2 billion users it delivers advertising to per month for over 4 billion SKUs.
Roughly 30 retailers, including Telefora, Camping World and Revolve, have been testing the product in closed beta. Criteo says early testers have seen as much as a 22-49 percent lift in revenue at constant cost. The product is priced on a revenue share model, and there are no annual contracts or charges as a percentage of spend.
Criteo Predictive Search is launching in the US on Tuesday, with more markets to follow in 2017. It does not encompass Local Inventory Ads at this time.
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Author: Ginny Marvin