September 30, 2005
Are you a merchant that advertises on a number of shopping comparison engines? Want to be featured on ComparisonEngines.com? In October, I’m going to start posting interviews with a number of merchants…want to participate? Just email brian at comparisonengines.com.
September 30, 2005
From MSN Shopping Insider via the SEW Blog…
“Attribute extraction was one of the biggest investment areas we made for our new site, and we’ve now grown our selection so significantly, the next step is to give our users more and more tools to help them narrow down the list of items to the things that they’re really looking for. To help them do that, we now have category-specific refinements in over 300 categories. ” – Chris Jolley, Group Programming Manager MSN Shopping
Read more at MSN Shopping Insider.
September 29, 2005
Preston Wily from SewellDirect, wrote a smart piece about minimum bid amounts on the shopping comparison engines and how the artificial price floors are detrimental to consumers. You should definitely check it out.
September 29, 2005
I don’t have time to edit, so excuse the grammatical errors and the typos…
I basically went off on feeds. I tried to drive home the point that feeds are the most important aspect of this marketing channel. Feeds are not as easy to create as YSM ads or Adwords ads. They take time and effort. Each shopping comparison engine has different requirements for the feed. Each shopping comparison engine has lots of optional data – you’ll be tempted to just do the basics, but the more information you provide, the better.
I guarantee you that your feed will not be correct the first time. Common mistakes include using a carriage return in the feed, using HTML in the feed, incorrect image URLs, and the list goes on and on and on. Especially with Froogle, you will be extremely frustrated. Just don’t forget that the feed is critical. It is your opportunity to tell the world about your products…tell the world that your company is the best. It’s worth spending time on to get correct. This is also why working with someone to create the feed can make a lot of sense.
-Use every field offered – imagine that all fields are marked required…the more information you provide, the more complete a roadmap of your products you’re giving the comparison engines, which in turn allows more consumers to find your products and click on your listings.
-Submit promotions through the comparison engines. Just remember to take the promotions down in a timely manner. Consumers don’t like to be told one price and then be told another higher price a minute later.
-Submit coupons (to the engines which allow this)
-Use the extra services – add a logo, add your phone number, make sure to put up the review surveys
-Always include a quality image in your feed (unless you sell lingerie…seriously, you will get way to many ‘curiosity’ clicks)
As with any marketing channel, tracking is essential. Most of the shopping comparison engines have tracking capability built into their systems – a little piece of invisible code (containing a pixel) that you can put on your checkout/confirmation page, but at some point (after you’re working with 5 engines) this gets a little out of hand. Also, using these pixels affords the comparison engines insight into how well you’re doing which in turn could push them to raise click prices. An alternative is to use your log analyzer program (Omniture, WebTrends, etc.) to track statistics.
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September 28, 2005
Here are some points from my ChannelAdvisor Summit presentation:
What’s the Fuss all About? (Why are shopping comparison engines a hot topic?)
Three perspectives on this:
First, from the consumer perspective, shopping comparison engines are all about convenience. As opposed to having to click from merchant to merchant on Google or Yahoo!, the shopping comparison engines have organized their data in such a way that in a couple clicks, consumers can make an informed buying decision.
Second, from the retailer perspective, the shopping comparison engines are more targeted than general search which should lead to a higher conversion rate. This targeting comes in two ways: 1) Yahoo! and Google don’t know what question you’re asking while shopping comparison engines do. If you do a search for refridgerator on Yahoo!, you could be looking for information on a manufacturer recall, a manual, a price, a service center, a replacement part, etc. If you do a search for refridgerator on a shopping comparison engine, though, there are only a couple specific questions you could be asking (Where can I buy this product? Is this a good product to buy? Is the merchant reputable? How much should I pay for this product). 2) The shopping comparison engines have categorized/normalized the world…while placement under a specific feature set of refridgerators might not bring you a ton of clicks, it will increase your conversion rate).
Third, from the investor perspective, shopping comparison engines are at the nexus (Grrr. I think I spelled it ‘nexis’ in my presentation) of a lot of ‘hot’ areas, namely: eCommerce, PPC, vertical search, and international expansion.
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September 28, 2005
Ok, I have to applaud ChannelAdvisor.
First, I was extremely impressed with the ChannelAdvisor team. Everyone from the company seemed intelligent, engaging, and passionate. It reminded me of my early days at VarsityBooks.com (now VarsityGroup) where the team was like a family. Is it the the North Carolina buttermilk biscuits & gravy? The hiring practices? Scot, Michael, what’s the secret?
Second, the conference itself was very well organized and packed with high quality speakers (I’ll fill you in on my presentation in a bit). While I’d be pissed if I had to manage another PPC account for a client, I was impressed with the MSN adCenter demo. It’s not a game changing event, but MSN is at least moving in the right direction. Jupiter was well represented by the usual suspects…shocking to hear that eCommerce is growing. I enjoyed hearing the analysts perspective – Jeetil Patel (Deutsche Bank), Mark Maheney (Citigroup Smith Barney), and Shawn Milne (FBR) spoke about eBay, Amazon, Yahoo!, Google, and some smaller players (I’ll post some of their comments later today).
Finally, the attendees of the conference just seemed to get it. I’ve been doing internet marketing/business development for 10 years…I’ll toot my horn a bit and say that I’m pretty damn good at it, too. So I like to have conversations that challenge me…that put me out of my comfort zone. Also, I like to learn new and innovative practices from others. While this doesn’t happen every interaction, it definitely occurred the majority of the time at the ChannelAdvisor Summit.
September 27, 2005
Heard at the ChannelAdvisor Summit…
-Trent hinted that there will be features introduced through the Merchant Account Center (MAC) that will “change the game.”
-SDC has the highest conversion and rate on return: Merchants earn nearly $18 on every dollar spent with SDC vs. $4 with Google (Netplus)
-90% of the top 300 merchants in the US are on SDC
-Generated 300m paid leads to over 6,000 merchants in 2004
-Delivering the industry’s best conversion to sale; buyers, not browsers
-We process feeds 2-3 times today, that frequency will go up [as merchants demand it]
-SmartBuy gets 3x the traffic and 3x the conversion to sale
Data Feed Problems
-No post-processing platform
-Minimum filtering capabilities
-Not “Smart” (there’s no connection btw sales data and data feed)
-No taxonomic enhancements (you’re not improving the categories – there’s no standard)
-No data improvements (engines need clean product descriptions and product names)
Data Feed Tactics
-”Invest” today. Don’t wait.
-Feed delivery time (know when the sites process feeds)
-Essentials (stock, pricing, tax, shipping)
-Filtering by price
-Right product, right place, right time
-Marketing message by product
-The data feed platform is one of the single most important investments in a performance based marketing environment.
-Merchants that are constantly testing and analyzing are the retailers that are the most successful
-The merchants that work closely with SDC have better success (stay in touch with SDC)
SKU Level Bidding – “It’s on the list”
Data Feeds – “We frequently find that merchants can get some of the products up, but not all. We then crawl those sites to help them out.”
Pricing pressure b/c of Shopping Comparison Engines – “Some of these merchants just can’t survive with their tactic to lower their prices below costs.”
Why the #1 player in the space? – “Consumer experience. Organic traffic is #1 driver”