CommerceIQ, the algorithmic platform that helps consumer brands win in e-commerce, today announced a strategic API integration with Criteo’s Retail Media solution to expand its omnichannel advertising offering. CommerceIQ’s customers can now optimize their retailer search advertising across Criteo’s ecosystem of retailers and marketplaces. With 63% of online sales attributed to omnichannel growth, capturing consumer attention when they are searching for products regardless of retail platform is critical to growing overall market share.
CommerceIQ’s platform ties together multiple functions – sales, advertising, supply chain operations – and drives large-scale automated decision-making across the e-commerce operation. The platform leverages a single source of truth that connects different data sets, and generates insights and recommendations that feed AI-led automations. On the advertising front, CommerceIQ goes beyond ROAS, translating omnichannel search and display advertising dollars into profitable and sustained market share growth.
With the Criteo integration, CommerceIQ is introducing a proprietary metric to the market called “Search Rank Index” (SRI) which tracks the search ranking of individual SKUs on important keywords and automatically adjusts bids based on the SRI, as opposed to just bidding on pre-specified keywords. Combined with Criteo’s AI-powered personalization, CommerceIQ’s SRI allows for automated, efficient optimizations to be done in real time, all with the goal of driving incremental and profitable sales for brands.
“We are thrilled to welcome CommerceIQ to our API Partner Program,” said Geoffroy Martin, EVP and GM, Growth Portfolio at Criteo. “Retail media is critical for any brand seeking to maximize product sales and grow market share. We are excited to enable CommerceIQ customers to drive better commerce outcomes across the world-class retailers and marketplaces that leverage Criteo technology.”
“CommerceIQ’s integration with the Criteo API enhances the strategic value of their solution beyond Amazon to other omni-channel retailers,” said Leonard Glick, Director of Marketing & Business Intelligence at Spectrum Brands, Inc. “Leveraging CIQ’s platform in additional online marketplaces gives us an edge in maximizing our retail media investments to grow discoverability, drive incremental revenue and contribution margin.”
Specific features on CommerceIQ’s platform helps brands maximize share of voice by identifying the right shelves and automatically adjusting bids to win top placements. CIQ Advertising also optimizes ad spend by dynamically allocating spend away from low profit, low inventory products based on traffic and buying patterns. Instead of a handful of manual and weekly optimizations, CommerceIQ enables brands to automate thousands of advertising decisions on a daily basis to drive share of voice growth and ad efficiency. In fact, brands that adopt this capability benefit from 20% increase in share of voice, 40% more incremental sales and 15% improvement in ad efficiency on average.
“Rather than just optimizing for short term clicks and conversions, retail media can be used to capture new customers and grow organic search rankings,” said Himanshu Jain, Vice President of Product Management and Analytics. “If brands focus on growing share of voice, connecting ad spend with retail metrics like in stock rates and profitability, they will unlock a key enabler for profitable market share growth in e-commerce. Our integration to Criteo lights up this capability across the entire omnichannel ecosystem, while optimizing and automating decision-making at significant scale.”
The company’s previous offerings involved self-service capability for Amazon only and a tech-led managed services for the other retail channels. With today’s announcement, CommerceIQ extends the retail aware advertising engine that was perfected on Amazon to trusted retailers in the Criteo Retail Media ecosystem.
mindtalks.ai ™ – mindtalks is a patented non-intrusive survey methodology that delivers immediate insights through non-intrusively posted questions on content websites (web publishers), mobile applications, and advertisements (ads). The conversation is just beginning !, click here to sign-up and connect with other mindtalkers who contribute unique insights and quality answers on this ai-picked talk.