Today, more retailers than ever are using Google Shopping ads to promote their products to consumers. Fierce Retail reports that over 80 percent of retailers are investing a portion of their ad spend into Google Shopping ads.
And why not?
This year alone, Google Shopping is responsible for generating more than 85 percent of clicks among consumers looking to make a purchase on Google. And that number is poised to grow as more consumers shop online.
For many brands and retailers, this presents both an opportunity and a challenge.
An opportunity in the sense that having your products priced competitively increases your chances of generating clicks and growing sales on your website. A challenge in the sense that staying on top of price changes for each merchant on each product can be impossible to do at scale and on a regular basis.
So, what’s a brand or retailer to do?
We’re excited to announce the launch of our daily price insights on Google Shopping. Our goal is to make it easier for brands and retailers to stay better informed and be more responsive to changes that take place in the retail landscape.
Introducing Daily Price Insights on Google Shopping
With products and prices changing daily on Google Shopping, brands and retailers can use Wiser’s insights to get a picture of what the comparison shopping landscape looks like today and keep a pulse on how it changes over time.
Benefits For Retailers
Our daily price insights will allow retailers to make improvements to their business in a number of ways.
If you’re a retailer, our daily price insights can equip you with information you need to make more informed pricing decisions across your products at scale, and help you mitigate against the risks of being uninformed by:
- Being aware of who’s promoting your same products at scale – and at what price
- Keeping an eye out for new entrants into the market
- Identifying how competitors’ prices are changing each day
- Deciding where to make adjustments in price
In short, we’re helping make your ad spend more efficient and supporting your efforts to increase sales and grow margins by providing you with data to make more timely and responsive decisions.
Benefits for Brands
For brands, it means a more automated approach to how you monitor and ensure retailers are pricing your products in a way that’s consistent with your price position in the market.
- Being aware of who’s selling your products – and at what price
- Keeping an eye on which products retailers are prioritizing in their ad spend – can give insight into which products are selling best
- Identifying which, if any, sellers are promoting your products that are not authorized to sell them
It’s not enough anymore to manually spot check price changes across competitor sites, or just limit coverage to a few websites. Given how quickly consumer tastes are changing and how rapidly the retail landscape is evolving, brands and retailers need to be more proactive in how they go-to-market. Wiser can help. Get in touch to learn how Google Shopping data can improve your pricing strategy.