Retail Online Integration - Last week, Facebook announced the launch of a new advertising unit called product ads, which enable marketers to advertise multiple products at once on the social network.
So you’ve got a great shopping experience on your webstore: a navigable, clean storefront; beautiful product pages; lightning-quick response time, and a shopping cart that just begs to have items dropped in it. But what about all the shoppers getting just to the brink of purchase and then, for whatever reason, falling out of the conversion funnel? An estimated 71% of shopping carts are abandoned, leaving trillions of revenue dollars on the table. Retargeting is a great way for retailers to recapture would-be conversions while their product offerings are still fresh in the minds of online shoppers.
Facebook has already capitalized on its large user base to offer retargeting ads via 3rd party providers through Facebook Exchange (FBX). Facebook is now improving upon their retargeting offering and making it more retailer-friendly with their launch of Dynamic Product Ads.
Let’s be clear: Bing Product Ads is still the (much) smaller brother to Google Shopping. Bing Shopping has been the kid that dreams big and does his best to follow his big bro’s lead, but is just too small to make the varsity squad.
Bing Product Ads will never be Google Shopping, we’re not making that claim. However, Bing Shopping is showing some fight – making moves to get out of big bro’s shadow and growing enough to stand toe to toe with other referral ad programs.
I’ve been mulling over a question, along with many retailers: “where is Amazon heading?” Amazon has been the top online retailer in the US for a number of years now, and just like a good mystery novel, figuring out the next steps requires some sleuthing.
New marketplaces are emerging, seemingly more and more often now. Thinking about this trend, I mentioned that Amazon should have a very large number of Prime Members now, which I incorrectly guessed at 50-60 million. On the tenth anniversary of the Prime program, Amazon recently confirmed they have 40M current Prime members, which is still incredibly huge, and a big jump from the tens of thousands that signed up initially. Impressively, 80% are still numbers showing a low attrition rate. Digging deeper, one of the details that stood out is that Amazon “boosted its worldwide paid membership 53 percent last year — “50 percent in the U.S. and even a bit faster outside the U.S.”
I am excited to announce that today, CommerceHub signed a deal to acquire Mercent, the Seattle-based retail technology company that specializes in optimizing retailers’ digital marketing efforts. The deal is expected to be finalized in January 2015, subject to customary closing conditions.