Bidnamic - unlocking the full potential of Google Shopping
by Startacus Admin
The lowdown on Bidnamic, the startup that's combining advance machine learning with human expertise to help retailers to maximise revenue and profitability from Google Shopping.
Anyone who uses adverts to try to market anything from products to services will be familiar with the struggle of trying to determine the best locations to place those adverts, and with matching the high impressions lead into…10 clicks and 0 sales. It’s disheartening, it wastes money, and the fact that we get no feedback on what it is that stops people taking that jump from seeing the advert to buying is frustrating. It would be good to have a little help.
Leeds-based e-commerce startup Bidnamic has created a Google Shopping marketing platform to help make advertising a little easier. By taking human experience and expertise and combining it with machine learning, the platform’s algorithms can predict the best bids to put on each click on a Google Shopping advert.
The platform does this uniquely for each product, using its purchase intent understanding to raise visibility of the product as customers search for it. This helps combat the hike in ad costs created by competition, which otherwise circumvents profitability even when the ads work, and maximises revenue for the lowest cost. The machine learning element is always learning, 24/7, and analyses thousands of data points and optimises them, and you can view its insights, search terms, and much more in the dashboard.
In May, Bidnamic announced that it had raised £4 million in a Series A round led by growth equity investor Gresham House Ventures. This funding will go towards accelerating growth and expanding into the US.
Their track record is impressive, with their case studies showing big improvements for brands. Oh Polly’s revenue increased by 661% after using Bidnamic, Portuguese Treasures saw 268% increase in conversions, and Ernest Doe saw a 595% revenue increase, and these are only a few of their hundreds of brands utilising Bidnamic. We look forward to seeing what this £4 million injection does for the startup.
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Published on: 29th June 2022
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