With the world becoming digitally connected, people have become increasingly dependent on online searches . Researches have shown that after searching for the products online , 80% of the customers would want to go immediately to the store to buy the product. In order to enhance the user experience, Google announced the following new features for the marketers on 12th Jun :
1. Affiliate Location Extension expanded to video campaigns on YouTube
For the manufacturers who sell their products through retail stores, affiliate location extensions help people in finding the near by stores/ locations which sell their products. This extension was available on search and display network.
With the increase in the online searches and buy-in-store behavior, Google has extended the affiliate location extension to video campaigns on you tube . This new feature is being considered to be potentially very impactful for retail chains. The objective of this new feature being introduced is to help the brands drive and measure foot traffic to nearby retail stores and auto dealers that sell their products. Adding affiliate location extensions to TrueView in-stream and bumper ads can increase clickthrough rate by over 15% as per Google's estimate.
2. Local Catalog Interactive Display ads to be unveiled by Google at the end of Jun
These ads have been designed in such a way that the shoppers can see the products being sold by the retailer in an easy to scroll mobile layout , cost of each product being shown and in-store-availability. Based on all this information, shoppers can eventually visit the store location . The new interactive ad format can complement the traditional print ads with the additional benefit of targeting and digital performance measurement.
With the help from click and impression-based store visits, launched by Google in March, the Local catalog ads helped France-based Boulanger, an electronics and appliance retailer to drive 20K+ store visits with a splendid return of 42 times its investment on advertisements.
3. Competitive Pricing Insights
Another very interesting new feature which Google will be coming out will be the price benchmarks in Ad words reporting. This will show the shopping advertisers how the competitors are pricing the similar products. This insight will help the advertisers in taking bidding strategy related decisions in promoting price competitive products or in troubleshooting on performance drop due to the competitors pricing.
Let's understand this better with an example. A retailer is selling his products at 50$ . With pricing insight, he finds out that the competitors are offering the same product for $65. He can choose to bid up on his product as his product is more price competitive and will be high on appeal quotient to the potential buyers.