The e-commerce industry is constantly advancing because of new technologies. And, for the past decade or so, those changes have been guided by Artificial Intelligence and Machine Learning.
Today, we have Fredrik Lindros on board to talk about the benefits of using artificial intelligence for Google Shopping optimization. Nowadays, AI is par for the course when it comes to marketing, and if you don’t have something powerful and efficient to back up your play, you might just find yourself straggling in comparison to your competitors!
So, join us as we discuss how AI-based technologies can allow you to fly smoothly through Google Shopping auctions, all while providing you with insights on how to improve, and giving you the tools that you need to optimize your product feed for maximum effectiveness.
Let’s start with an introduction! Please tell us a little bit about yourself and what you do.
Fredrik Lindros: I’m the CEO of a listed company that we call Speqta (SPEQT). It was founded in 2003 (although it went by a different name back then), and our focus lies in understanding and simplifying shifts in how consumers make decisions and giving e-retailers the tools that they need to succeed via innovation. As for me personally, I studied finance and marketing at the Stockholm School of Economics, but my passion has always laid in new technology.
What are the mainstays of your business?
Fredrik Lindros: As a company that is largely motivated by our passion for innovation and a drive for change, Speqta has three distinct trends that we watch very carefully:
- Technological advancement, whether you want it to or not, will continue to change the way businesses are built and operated. That’s the price of competing during such times.
- In order to keep growing as a company, one must not put a limit on their marketing. Instead, to push for maximum growth at all times, a percentage of all sales or profit should be used for constantly generating new business.
- The digital migration, as some have begun to call it, is well on its way. Turning over all that we used to know about retail, marketing, and consumer behaviors and moving it towards the online space.
These are the trends that we at Speqta focus on, and also what led us to do the kind of work that we do. Above all else, our goal is to continue pushing the envelope on how e-retailers can use technology to generate new business more effectively.
Now, can you tell us a bit about your newest product launch? What is Bidbrain™?
Fredrik Lindros: Bidbrain™ was released as a closed-beta launch at the end of last year. It’s an updated version of our previous bidding optimization model, Shopello Bidbrain – designed for advanced bidding and feed optimization for retailers that want to make the most out of their Google Shopping campaigns. It’s a product that we’re incredibly proud of, especially after our preliminary testing showed that it is highly successful at what it does!
How does Bidbrain’s AI work?
Fredrik Lindros: Bidbrain’s ‘brain’ (its AI) is capable of managing and analyzing endless amounts of data — more than any regular human can handle (or, even, a thousand Einstein’s, if you want to get really specific about it.) Much like most AI-based technologies, its algorithm will always be faster and more superior than even a team of marketers can manage on their own.
Put simply, here is what Bidbrain’s AI can do for you when it comes to advanced bidding:
- AI clustering of historical data for discovering the best bidding strategies
- ‘Sweet spot’ identification with advanced cluster-bidding functionalities
- Advanced simulations for validating the potential of bid-success
- Bidding modifiers for optimum performance
What else does Bidbrain™ have to offer outside of its AI?
Fredrik Lindros: Our main goal with Bidbrain™ was definitely to provide a smarter alternative when it comes to advanced and automatic bidding on Google Shopping ads. With its ability to parse through all sorts of parameters (be it the different brands, different consumer devices used, time, date, geography, and every other parameter that makes up the different bid cluster possibilities), its program was definitely built to come up with the best possible bid outcomes. But, in order to fully be able to optimize one’s Google Shopping campaigns, we knew that there was a need for more.
Hence, why Bidbrain™ is also capable of the following product feed optimization functionalities:
- Error adjustments for clean processing
- ‘Scrapes’ your site to add relevant information to listings
- ‘Scrapes’ competitors’ sites and the internet to add relevant information to listings
- Rewrite or add titles to your listings to maximize conversions
- Custom labels not limited to five, for smarter AI bidding
And so on! These functions not only improve bid-success but also raise the quality score of your product feed and boost CTR — thus, increasing traffic and conversions.
And lastly, for those who might be curious about trying it out. How does one start using Bidbrain™?
Fredrik Lindros: Despite its advanced functionalities, Bidbrain™ is not all that difficult to use. In fact, it only takes roughly three steps to start:
- First, provide your Google Ads ID, your product feed, and your target ROAS or COS%.
- The AI will then begin to optimize your feed and set it up for advanced bidding.
- And, finally, you can start your first 45 days with Bidbrain, whereupon you can run a program that will lead you, step-by-step through the process.
And through it all, you’ll be able to see exactly how things are going — the data will go straight to your Google Ads account. Allowing you to get full insights into the progress of your campaigns. Which, based on our early testing, can increase your sales ranging from +20-50% or potentially reduce your CoS% or ROAS at a given amount of sales.