Amazon started as online book store and has grown to be the worlds largest online retailer.
Teikametrics introduces Flywheel Hourly Bidder for Amazon advertising
Teikametrics have introduced a new Flywheel Hourly Bidder service for merchants who use Amazon Advertising to get their offering in front of the potential buyers. Sellers can take advantage of the 30-day free trial of the service to see whether it fits their business needs.
The new service looks at sellers individual ad target including keywords and product attire targeting (PAT) to evaluate the best bid multiple times a day. Each evaluation determines the optional bid for that target by taking into account merchants’ margins for sale and the likelihood of the buyer purchasing if they click. The evaluation is based on Teikmetrics’ understanding of the Amazon advertising that comes from managing the performance of over $150 MM of ad spend annually and millions of bids per day.
The hourly bidding algorithm uses machine-learning (ML) data model to allow Amazon sellers to adjust their bidding strategy and minimise waste advertising spend to stay intact with the changing marketplace dynamics. The new service is in line with Amazon’s recent ad policy that allows for significantly reduced lag time in reporting advertising performance data.
Teikametrics say that keywords, ad groups with high traffic and competitive auctions such as consumer electronics, household items, and apparel are among those that will benefit the most during the first few days of bidding – during which time wasted ad spend can be reduced by up to 50%. Sellers whose product keywords have fewer search activities and less dynamic advertising data history will be able to leverage information about their advertising performance to enhance their strategies.
“Amazon is quickly gaining ground on Facebook and Google as a leading online advertising channel. In a marketplace as dynamic and competitive as Amazon, reaction time is critical. Teikametrics’ hourly bidding algorithm is the first solution to enable brands to react to statistically significant changes in their Amazon ads data with hourly granularity. This is another major milestone in our ongoing mission to help brands maximize profit on Amazon. Teikametrics has managed more than $6 billion in retail sales for Amazon sellers to date. More than 2,000 clients have generated an average of 34 percent more revenue at constant marketing efficiency within 60 days of deploying Teikametrics’ ROP platform. Attendees at the Prosper Show are welcome to visit Teikmetrics at booth 312 to learn more about its platform capabilities and users’ success stories.”
– Alasdair McLean-Foreman, CEO and founder, Teikametrics
Martin Sorrel the ex head of wpp advertising estimates that over time Amazon advertising business will be worth a $100 billion per year for Amazon.