Overview
- Updated On:
- 16. August 2022
Description
Competition on Amazon is rising. The average cost per click (CPC) more than doubled from $0.61 in 2018 to $1.24 in 2022. With the increased CPC but a conversion rate that stagnates at around 10% the acquisition costs rose esp. for new to brand customers. In addition the different ad formats are getting more and more complex. To make sure advertisers are not wasting money, regular training and a lot of internal resources are needed to stay on top. Working with an agency or software solution takes some load off and increases top line sales and the effectiveness of ads. With the introduction of the Schedule feature, over 2,000 advertisers from BidX are now able to improve their RoAS by an additional 16%. The system therefore increases and decreases the bids and budgets throughout the days and times of a week. The benefit: Through increased visibility in conversion rate peak times the RoAS is improved tremendously.
Since its introduction at the beginning of this month already more than 400 advertisers have started to benefit from the advantages the BidX Schedule feature is providing.
Address: 101 Avenue of the Americas 8th floor
City: New York
Area: North America
Zip: 10013
Country: United States
Property Id: 32579
Technology: AI Marketing Automation (SaaS)
Name of the Retailer I Brand where the solution is installed: BidX Schedule
Name of the solution / product: BidX Schedule
Retailer or Brand Website: https://bidx.io
For customers or employees (front- or backend): Customers
Hardware, software or service: Software
Live since: 01.04.2022
Description of the project goal / motivation [max. 500 characters]: Costs are rising: Not only leads an increased amount of Amazon sellers to increased CPCs in an ad auction, but also the supply chain challenges over the past months made it necessary to increase the efficiency of every dollar which is spent to remain competitive. Meanwhile many sellers generate half of their sales through paid advertising. Dayparting of ads provides a great solution to reduce the customer acquisition costs and increase the competitive advantage. This reduction is mainly achieved through an increase in conversion rates. The system increases bids and time during which it is more likely that a conversion will occur and reduces the bids and budgets otherwise.
Project scope / implementation activities [max. 500 characters]: The Schedule feature is part of the extensive advertising automation that BidX provides. To start with the implementation, a seller has to register a BidX account and connect it to the Amazon Advertising Console (for advertising data) and the Selling Partner API (for organic sales data and order reports). The system then will be able to process the data and to provide a heat map of the most relevant times throughout the week. In the first version the selection of times as well as value to increase or decrease is a manual process, but will get automated in the upcoming version.
Innovation [max. 500 characters]: The BidX Schedule feature is the only one of its kind worldwide which works across different time zones. The feature went through extensive testing over the last two years to make sure that it scales with the amount of data and reliably executes the actions which need to be done. The function also allows to schedule ads for sales events as deal of the day, Prime Day or Black Friday. In an upcoming version organic and paid rankings as well as stock, best seller ranks and reviews will get taken into account.
Implementation approach / costs [max. 500 characters]: The BidX software can be used and accessed by all Amazon sellers. A seller will receive an extensive 1-to-1 onboarding for the feature to make sure their strategy aligns with their setup. BidX starts from as low as $149 per month.
Potential for replication [max. 500 characters]: Since this feature is built to scale and it is used in a Software as a Service product it has a very high potential to get replicated to all Amazon sellers who feel overwhelmed with the current challenges and who want to grow and scale their business.
BidX Schedule
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