At the recent SMX Advanced in Seattle, Google announced a host of new advertising features that are set to benefit retailers advertising on the platform.
At a keynote discussion, featuring the product lead from Google Shopping, Surojit Chatterjee at SMX Advanced, Google unveiled its plans to make advertising easier for pureplay and multichannel retailers.
Some of the new features that will be accessible to Google’s retail advertisers include competitor price comparisons, YouTube location extensions, and changes to how retailers can run local inventory and catalogue ads.
Catalogue Ads in the Google Display Network
By the end of June, Google says retail advertisers that have a physical location will be able to access the new local catalogue ad unit through the Google Display Network.
This means that retailers will be able to feature a hero image at the top of a mobile display ad followed by product cards of stock that is available locally. The product cards will reportedly be able to feature pricing and in-store availability details, where possible.
Affiliate Location Extensions for Search and Display Campaigns
Brands and manufacturers will be able to show users nearby retail locations where their products are stocked thanks to the launch of Google’s affiliate locations extension.
For instance, if a user searches for a Calvin Klein product, the affiliate location extension could give users directions to their closest Myer store. When the affiliate link is clicked, a Maps page showcasing nearby locations will appear.
If an ad gathers enough data, advertisers will also be able to see how many store visits the ad potentially attracted, by telling businesses how many people viewed a store location on the Maps page.
According to the search engine, initial tests of the affiliate location extension improved advertisers’ click-through rates by as much as 15 percent.
Google says the ad extension will be available on bumper ads displayed in YouTube videos.
Price Benchmarks on Google Shopping Campaigns
When running a Google Shopping Campaign, advertisers will be able to compare their product prices against their competitors’ price points thanks to Google’s new price benchmarks feature.
According to the global tech company, this feature will allow advertisers to use comparative data to help inform their bidding strategies on each of their advertised products. For example, Google suggests users should bid-down on the products that competing businesses are selling for a cheaper price point, and instead funnel their ad spend into their products that are more price competitive.
Google believes that a major benefit of this new feature is the data it gathers, which could potentially be used for measuring product and ad performance based on competitor price changes, and also for refining internal pricing strategies.